Income Tax:
Trusts/Institutions were required to get their books audited and furnish audit report in accordance with section 10(23C) and 12A(1) and accordingly new Form 10B for those Trusts/institutions whose total income is exceeding Rs. 5 crores; or receive any foreign contributions during the previous year and new Form 10BB for other trusts/institutions, which were notified w.e.f FY 2022-23 and supposed to be filed before 31st October 2023, for claiming exemption under Section 10(23C). Since FY 2022-23 was the first year for new notified Fomr 10B and 10BB, many trusts/institutions have filed wrong forms, instead of filing Form 10B as per the applicability, they have filed Form 10BB and vice versa. In accordance with Section 119 of Income Tax Act 1961, CBDT is allowing to file the correct form filed before 31st March 2024, to those trusts/institutions who have filed Form 10B or 10BB for FY 2022-23 on or before 31st October 2023.
