Form 10B in Excel Format
What is Form 10B: Form 10B is an audit Report applicable on a fund or trust or institution or any university or other education institution or any hospital or other medical institution, under Section 10(23C) and Section 12A of the Income Tax Act, 1961 in India. Form 10B needs to be filed by such organizations annually along with their income tax returns. The form contains details of the auditors, the financial statements of the organization, and the auditor’s observations on the financial statements. The auditor is required to verify the information provided in the form and provide their opinion on the accuracy of the financial statements. Download Form 10B in Excel Format at end of this article.
It is important to note that Form 10B is a legal document and must be filed accurately and in a timely manner to avoid penalties and legal issues.
Requirement for filing from 10B
Form 10B is required to be filed by a person who is responsible for auditing the accounts of a trust or institution that is eligible for tax exemption under Section 11 of the Income Tax Act, 1961. The purpose of the form is to provide details of the income and expenditure of the trust or institution and to certify that the accounts have been audited in Income Tax Act.
Specifically, Form 10B is required to be filed by the following entities:
- Charitable or religious trusts that are registered under Section 12A of the Income Tax Act and are claiming exemption under Section 11.
- Educational institutions that are claiming exemption under Section 10(23C)(iiiad) of the Income Tax Act.
- Hospitals that are claiming exemption under Section 10(23C)(iiiae) of the Income Tax Act.
The form must be filed on an annual basis along with the income tax return of the trust or institution. Failure to file Form 10B may result in penalties or other consequences under the Income Tax Act.
Form 10B or Form 10BB applicability under Section 10(23C) and Section 12A: The audit reports of a trust or institution which is required to be furnished under Section 12A(b)(ii) shall be in Form 10B or Form 10BB.
Form 10B is applicable in any of the following conditions: –
- Total Income of the such organisation (as mentioned above) exceeds INR five crores during the previous year without giving effect to the provisions of the sub-clauses (iv), (v), (vi) and (via) of the said clauses or
- Such organisation has received any foreign contribution during the previous year or
- Such organisation has applied any part of its income outside India during the previous year.
In any other cases Form 10BB is applicable.
CBDT modify the Form 10B for Rule 16CC and Rule 17B – Form of Report of audit prescribed under Section 10(23C) – Audit Report in case of charitable or religious trusts etc. – Notification No 07/2023 dated 21-02-2023. The report requires the auditor to certify information which was previously only o reporting in the IT return. Also, various standard reporting clauses which are applicable to other assessees under tax audit regime have now been made part of the auditor’s report in Form 10B.
Tables of Form 10B: –
- Basis Details
- Legal
- Registration Details
- Objects
- Commencement of activities
- Details of Place where book of accounts and other documents have been maintained
- Advancement of General Public Utility
- Business Undertaking
- Business Incidental to Objects
- TDS on receipts
- Voluntary Contributions
- Income to be Applied
- Application of Income
- Section 115BBI
- Other Income
- Capital Assets
- Application of Income out of different sources
- 13(10) and 22nd proviso to Section 10(23C)
- Expenditure Incurred for Religious Purpose
- Person referred to in 13(3)
- Specified Violation
Apart from above tables following schedule need to prepare if applicable
- Schedule Corpus – Details of Corpus
- Schedule FC – Details of Foreign Contribution
- Schedule LB – Details of Loan and Borrowing
- Schedule Int App – Details of Income Applied outside India
- Schedule DI – Details of deemed application under Explanation 1 to sub-section (1) of section 11 and deemed income under sub-section (1B) of Section 11
- Schedule DA – Details of accumulated income taxed in earlier assessment years as per sub-section (1B) of section 11
- Schedule AC – The details of accumulation
- Schedule ACA – Details of accumulated income taxed in earlier assessment years under sub-section (3) of section 11
- Schedule SP-a – Whether any part of income or property of the auditee is lent, or continues to be lent, to the specified person during the previous year ?
- Schedule SP-b – Details of land, building or other property of the auditee which is, or continues to be, made available during the previous year for use of the specified person, during the previous year:
- Schedule SP-d – Details of the services of the auditee are made available to the specified person during the previous year?
- Schedule SP-e 1 – Details of any share, security is purchased by or on behalf of the auditee from the specified person during the previous year?
- Schedule SP-e 2 – Details in case of other property being immovable:
- Schedule SP- f 1 – Details of any share, security sold by or on behalf of the trust or institution to a specified person during the previous year?
- Schedule SP – f 2 – Details in case of other property being immovable:
- Schedule SP – g – Details of any income or property which is diverted during the previous year in favour of any specified person
- Schedule – h – Details of any funds that are, or continue to remain, invested in any concern during the previous year in which the specified person has a substantial interest.
- Schedule Other Law Violation
- Schedule TDS disallowance: Details of amounts inadmissible amount disallowable under thirteenth proviso to clause (23C) of section 10 or subsection (1) of section 11 read with sub-clause (ia) of clause (a) of section 40.
- Schedule 40A(3): Details of amount is disallowable under thirteenth proviso to section 10(23C) or Explanation 3 to sub-section (1) of section 11 read with sub-section (3) of section 40A
- Schedule 40A(3A): Details of Amount disallowable under thirteenth proviso to section 10(23C)/sub-section (1) of section 11 read with subsection (3A) of section 40A
- Schedule 269SS: Details of loan or deposit or any specified sum taken, exceeding the limit specified in section 269SS during the previous year
- Schedule 269ST: Details of amount received exceeding the limit specified in section 269ST, from a person in a day; or in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person during the previous year?
- Schedule 269T: Details of repayment of any amount being loan or deposit or any specified advance exceeding the limit specified in section 269T, during the previous year?
- Schedule TDS / TCS
- Schedule Statement of TDS/TCS
- Schedule Interest on TDS/TCS
Click here to download Form 10B in excel format
Date of filing form 10B
Form 10B is a form required to be filed by a person who is responsible for auditing the accounts of a trust or institution that is eligible for tax exemption under Section 11 of the Income Tax Act, 1961
The due date for filing Form 10B is generally the same as the due date for filing the income tax return for the trust or institution, which is typically July 31st of the relevant assessment year. However, the due date may be extended by the Income Tax Department if the trust or institution is required to undergo a tax audit or if there are any other extenuating circumstances.
It’s important to note that the due date may change from time to time, so it’s always best to check the latest updates from the Income Tax Department or consult with a tax professional for specific guidance on filing deadlines.
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