CBDT Prescribes New Form Of Report Of Audit For Trust, University, Educational Institutions, Hospital, Medical Institutions

The Central Board of Direct Taxes (CBDT) has announced the new Forms 10B and 10BB that charitable or religious trusts, institutions, universities, or other educational institutions are required to submit in accordance with Sections 10(23C) and 12A of the Income Tax Act.

The Board has notified the Income-tax Amendment (3rd Amendment) Rules, 2023, which will take effect on April 1, 2023.

Form 10 B relates to audit reports under Section 12A of the Income-tax Act, 1961, in the case of a fund, trust, or institution, any university or other educational institution, or any hospital or other medical institution.

The report of the audit of the accounts of a trust or institution that is required to be furnished under subclause (ii) of clause (b) of sub-section (1) of Section 12A shall be in Form No. 10B. Form No. 10B shall include the total income of a trust or institution, without giving effect to the provisions of sections 11 and 12 of the Act, that exceeded Rs. 5 crores during the previous year; or such trust or institution has received any foreign contribution during the previous year, or such trust or institution has applied any part of its income outside India during the previous year.

Form 10BB prescribes for an audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and section 12A(1)(b)(ii) of the Income-tax Act, 1961, in the case of a fund, trust, or institution, or any university or other educational institution, or any hospital or other medical institution, which is required to be furnished under clause (b) of the tenth proviso to clause (23C) of section 10 or trust or institution which is required to be furnished under section 12A(b)(ii).

Notification No. 7/2023

Date: 21.02.2023

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