Form 10B: Big Update of Income Tax Return For Form 10B

On August 24, 2023, the Income Tax Department introduced the Form 10B utility.

This form pertains to the "Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of the Income Tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution."

The Form 10B Utility Released by the Income Tax Department

On August 24, 2023, the Income Tax Department introduced the Form 10B Utility. This utility serves the purpose of submitting audit reports for charitable or religious trusts/institutions that are registered under Section 12A of the Income Tax Act, of 1961.

1. What is Form 10B?

Form 10B is a tool that allows taxpayers registered as charitable or religious trusts/institutions (after filing Form 10A) to submit an audit report. The form is accessible to the Chartered Accountant (CA) assigned by the taxpayer through the My CA service.

2. Who can use Form 10B?

Registered CAs on the e-filing portal can use Form 10B. However, they need to be designated by the taxpayer to access, modify, review, and submit the form.

3. Do I have to file Form 10B online?

Absolutely, starting from Assessment Year (AY) 2020-21, it's mandatory to submit Form 10B exclusively through the online mode.

4. How do I go about filing Form 10B?

To file Form 10B, the taxpayer assigns it to a Chartered Accountant (CA). The CA can upload and electronically verify the form using their registered, active, and valid Digital Signature Certificate (DSC). The taxpayer then needs to accept the request and complete the submission process by electronically verifying it using a DSC or Electronic Verification Code (EVC).

5. When is Form 10B required to be filed?

If a trust or institution's total income surpasses the non-taxable threshold, calculated without considering Sections 11 and 12, an audit by a CA is necessary. The Form 10B audit report, signed and verified by the CA, must be submitted by the specified date mentioned in Section 44AB.

Also Read: What is the deadline for submitting an income tax audit report

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