New Tax Audit Reports (TAR) for Trusts Societies, Institutions, Universities on Form 10B & Form 10BB

New Tax Audit Reports Format for Trust, Societies, Institutions, Universities on Form-10B & Form-10BB

CENTRAL BOARD OF DIRECT TAXES - Notification No. 7/2023 dated 21.02.2023

1) These rules may be called the Income-tax Amendment (3rd Amendment) Rules, 2023.

(2) They shall come into force from the 1st day of April, 2023.

The report of audit of the accounts of a fund or institution or trust 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 shall be OR under sub-clause (ii) of clause (b) of sub-section (1) of section 12A, in-

Form No. 10B where-

(I) the total income of such fund or institution or trust or university or other educational institution or hospital or other medical institution, without giving effect to the provisions of the sub-clauses (iv), (v), (vi) and (via) of the said clause or sections 11 and 12 of the Act exceeds rupees five crores [Rs. 5,00,00,000] during the previous year; OR

(II) such fund or institution or trust or university or other educational institution or hospital or other medical institution has received any foreign contribution during the previous year; OR

(III) such fund or institution or trust or university or other educational institution or hospital or other medical institution has applied any part of its income outside India during the previous year;

(b) Form No. 10BB in other cases.

For Further Queries and in Person discussions, please write to-

Suresh Wadhwa, LL.B., FCA
Office Tele: +91- 9717 00 2510 | 87006-04006 | Email: [email protected]

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