Income Tax Update: CBDT releases Utility of Form 10B to File Audit Reports of Institutions Registered u/s 12A

The Central Board of Direct Taxes (CBDT) has released the utility of Form 10B to file the audit reports of the institutions registered under Section 12A of the Income Tax ACt, 1961 on 24th August 2024.

“Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of 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.”

Form 10B

Form 10B is to be furnished by a charitable or religious  trust or institution that has been registered under Section 12A or who has submitted an application for registration by filing Form 10A.

Form 10B is an audit report which is provided by a CA upon nomination by the taxpayer. Form 10B can be accessed and submitted in the online mode only and it is to be filed on or before the specified date referred to in Section 44AB, i.e., a month prior to the due date for furnishing the Return of Income under sub-section (1) of Section 139.

Form 10B has five sections that the CA needs to fill before submitting the form. These are:

1. Annexure I
2. Annexure II
3. Annexure III
4. Verification
5. Attachment

Prerequisites

1. Taxpayer and CA are registered users of the e-Filing portal
2. Status of PAN of taxpayer and CA is Active
3. Taxpayer has added CA for Form 10B through My CA service
4. Valid, registered and active Digital Signature Certificate (DSC) of the CA
5. Taxpayer must have applied for registration or already obtained registration as charitable or religious trust / institution under section 12A by filing Form 10A and accordingly Form 10B is made available under the login of the taxpayer

Download the Utility here.

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