The Income Tax Department has released the Form 10B utility on August 24, 2023.
“Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of Income tax act,1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.”
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1. What is Form 10B?
Form 10B enables a taxpayer to file an audit report if the taxpayer has applied for or is already registered as charitable or religious trust / institution by filing Form 10A. Form 10B is accessed by the CA added by the taxpayer under the My CA service and is assigned the relevant form.
2. Who can use Form 10B?
CAs who are registered users on the e-Filing portal can access Form 10B. Further, the CAs must be assigned the form by the taxpayer in order to access, edit, review and submit it.
3. When is Form 10B required to be filed?
When the total income of a trust or institution is computed without giving effect to Sections 11 and 12 and exceeds the maximum amount not chargeable to income tax in any given financial year, the accounts for the year has to be audited by a CA. This requires, on or before the specified date referred to in Section 44AB, the report of such audit in Form 10B duly signed and verified by the CA.
5. What is the process of filing Form 10B?
Form 10B is assigned to CA by a taxpayer. The CA can upload and e-Verify the form using a registered, active and valid DSC. The taxpayer then has to accept the request and e-Verify the same using DSC or EVC to complete the submission process.