CBDT Further Extends Due Date for Filing Audit Report in Form 10B/10BB for AY 2023-24 to Nov 10, 2024

F. NO.173/ II S/2024-ITA-1, dated 07-10-2024

The income of charitable trusts or institutions registered under section 10(23C) or 12AA or 12AB of the Income-tax Act, 1961 is exempt from income-tax subject to fulfilment of various conditions. One such condition is getting its accounts audited and furnishing the audit report in the prescribed Form on or before the specified date. The prescribed forms are, namely, Form 10B and Form 10BB.

Previously, Form 10BB was to be used when the income was computed under section 10(23C), while Form 10B was used when the income was calculated under sections 11, 12, and 12A of the Act. However, from Assessment Year (AY) 2023-24 onwards, the rules for submitting these forms were modified, effective from 01-04-2024. Instead of being determined by the applicable tax regime (Section 10(23C) or Section 11/12A), the choice of form now depends on factors such as receipt and application of income by the trust or institution, including foreign contributions and application of income outside India.

Following these changes, the CBDT found that many trusts or institutions had mistakenly filed Form 10B where Form 10BB was required, and vice versa. Since non-furnishing of audit report in the prescribed form would result in denial of exemption, the CBDT vide Circular No. 02/2024, dated 05.03.2024 intially extended the due date for furnishing the audit report in correct form to 31st March 2024 if the trust or institution has already filed the audit report on or before 31st October to 2023.

Various representations were received that taxpayers could not file the audit report in the prescribed form for AY 2023-24. In order to provide relaxation to the taxpayers, the CBDT has further extended the due date for furnishing the audit reports in Form 10B/10BB from 31st March 2024 to 10th November, 2024.

Click Here To Read The Full Notification