Audit report of Trust

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For the AY 2023-24, trusts with gross receipts up to 5 crore need to determine the correct audit report. Form 10BB is generally required if the trust's total income (before specific deductions) is up to 5 crore, no foreign contributions were received, and no income was applied outside India during the previous year. Otherwise, Form 10B is likely the appropriate filing.

Subhash Jain

Subhash Jain (Querist)

16 August 2023 Which Audit report to be filed for AY 2023-24 for trust having gross receipts up to 5 crore, 10B or 10BB ?

TIA

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

16 August 2023 Form 10BB is required if all of the following criteria are fulfilled:

The total income of the trust or institution [whether registered under 12AB or 10(23C)] without giving effect to the provisions of sections 11 and 12 or Section 10(23C) (iv), (v), (vi), (via) of the Act, is up to Rupees five Crore;
The trust or institution has not received any foreign contribution during the previous year;
The trust or institution has not applied any part of its income outside India during the previous year.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

10 September 2024 Good Luck.

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