Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  SC Holds Landowners Who Accept Compensation Settlements Cannot Later Seek Statutory Benefits  ||  Supreme Court: Endless Investigations and Long Delays in Chargesheets Can Justify Quashing  ||  Delhi HC: Arbitrator Controls Evidence and Appellate Courts Cannot Reassess Facts  ||  Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint  ||  Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint  ||  Delhi HC: Economic Offender Cannot Seek Travel Abroad For Medical Treatment When Available In India  ||  SC: Governors and President Have No Fixed Timeline To Assent To Bills; “Deemed Assent” is Invalid  ||  SC: Assigning a Decree For Specific Performance of a Sale Agreement Does Not Require Registration    

CBDT allows certain trusts/institutions to furnish the audit report on or before 31st March, 2024- (Press Information Bureau) (05 Mar 2024)

MANU/PIBU/0230/2024

Direct Taxation

Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the 'Act') or any trust or institution registered under section 12AA/12AB of the Act is exempt, subject to fulfilment of certain conditions specified under various sections of the Act.

One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption, is, that it is required to get its accounts audited and furnish the audit report in the prescribed Form No. 10B / 10BB before the specified date.

It has come to the attention of the Central Board of Direct Taxes (CBDT) that in a number of cases trusts / institutions have furnished audit report in Form No. 10B, where Form No. 10BB was required to be furnished for the A.Y. 2023-24. Similarly, in a number of cases trusts / institutions have furnished audit report in Form No. 10BB, where Form No. 10B was required to be furnished for the A.Y. 2023-24.

It is stated that, non-furnishing of audit report in the prescribed form would result in denial of exemption in such cases, as it is one of the conditions which is required to be satisfied for claim of exemption. The denial of exemption on this account may result in creation of tax demand.

In view of the above, the CBDT has allowed those trusts / institutions which have furnished audit report on or before 31st October, 2023 in Form No. 10B where Form No. 10BB was applicable and vice-versa, to furnish the audit report in the applicable Form No. 10B / 10BB for the A.Y. 2023-24, on or before 31st March, 2024.

CBDT Circular No. 2/2024 in F.No.370142/6/2024-TPL dated 05.03.2024 has been issued. The said Circular is available on www.incometaxindia.gov.in.

Tags : AUDIT REPORT   FURNISHING OF   DATE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved