The Central Board of Direct Taxes ( CBDT ) has issued a reminder regarding trusts and institutions that may have inadvertently submitted their Audit Reports on or before October 31st 2023 in the wrong format. Specifically, if Form No. 10B was mistakenly furnished when Form No. 10BB was required, or vice versa,shall submit the correct audit form by 31st March 2024.
According to CBDT Circular No. 2/2024 dated 5th March 2024, trusts and institutions in such situations are granted the opportunity to rectify their errors. They are allowed to submit the Audit Report in the correct applicable Form (either 10B or 10BB) on or before the deadline of 31st March 2024.
The circular stated that “ ….in exercise of its powers under section 119 of the Act hereby allows those trusts I institutions which have furnished audit report on or before 31st October, 2023 in Form No. lOB where Form No. 10BB was applicable and vice-versa, to furnish the audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section l2A of the Income-tax Act, 1961, in the applicable Form No. lOB I 10BB for the assessment year 2023-24, on or before 31 st March, 2024.” The concerned s
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