Regarding Applicability of New Form 10B & 10BB for A.Y. 2023-24

This query is : Resolved

ni30 (Querist)
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14 December 2023 I have filed IT return of Education Institution u/s 10(23)(C)(iiiad) for A.Y. 2023-24 as the receipt of such institution is less then the 5Cr.

My concern is that whether i have to file audit report form 10BB for claiming exemption u/s 10(23)(C)(iiiad) because as per new amended rules 16CC and 17B, 10BB is required to file by those institution whose receipt are not more then 5 Cr.

Please guide

Asha Kanta Sharma online

Asha Kanta Sharma

(Expert)
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17 January 2024 From A.Y. 2023-24 onwards, re-notified Form 10B shall be applicable where any of the below mentioned conditions are satisfied-

The total income of auditee, without giving effect to the provisions of below mentioned clauses/sections, as applicable-
sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10
sections 11 and 12 of the Act,
exceeds rupees five crores during the previous year

Auditee has received any foreign contribution during the previous year
Auditee has applied any part of its income outside India during the previous year.
For more details, Rule 16CC and Rule 17B of Income tax Rules, 1962 may be referred.

https://www.incometax.gov.in/iec/foportal/help/all-topics/statutory-forms/popular-form/form-10B-faq#:~:text=2023%2D24%20onwards%3F-,Resolution%3A,Rule%2016CC%20and%20Rule%2017B.