Form 10B & Form 10BB Applicability, Due Date and Format

The Central Board of Direct Taxes (CBDT) vide Notification Number 7/2023 (dated 21 February 2023) has notified new audit reports in Form 10B and Form 10BB, for charitable trusts, religious trusts and other institutions. To ensure compliance with newly amended regulations, understanding the applicability of the forms is the basic requirement.

When Form 10B is applicable?

Form 10B is required to be filed if any one or more of the following circumstances exist:

• Total Income is more than five crore rupees without effect of sections 11, 12 and sub-clauses (iv), (v), (vi) and (via) of section 10(23C) of Trust/Institution Registered under 12AB / 10 (23C)
• The organization has received any foreign contribution during the previous year (even if the income is less than five crore rupees)
• The income of the trust or institution is applied outside India during the previous year (even if the income is less than ₹ 5 crore and the organization has not received any foreign contributions).

When Form 10BB is applicable?

A registered trust or institution under Section 12AB or under Section 10(23C) which does not fall under any of the above criteria must file an audit report in Form 10BB.

Form 10BB is applicable if the following criteria are met:

• Total Income of Trust/Institution Registered under 12AB / 10 (23C) without effect of sections 11, 12 and sub-clause ​​(iv), (v), (vi), (via) of section 10(23 c) up to five crore rupees.
• The trust or institution has not received any foreign contributions during the previous year;
• The trust or institution has not invested any of its income outside India during the last year.

Due Date:

Form 10BB or Form 10B is required to be filed on or before the specified date referred to in section 44AB of the income tax act i.e. one month before the due date for filing of return u/s 139(1).

In other words, the applicable form shall be filed on or before the 30^th day of September of the assessment year. For Financial year 2022-23 the due date is 30-09-2023.

Vide CBDT Circular No. 16/2023 in 225/177/2023/ITA-II dated 18.09.2023 issued. The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23 has now been extended to 31-10-2023. Hence, Form 10B or 10BB can be submitted up to 31-10-2023.

Format of Form 10B 

Format of Form 10BB

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