FAQs on Form 10BB released by Income Tax Department

The Income Tax Department has released Frequently Asked Question(FAQs) on Form 10BB.

Recently, Tax Department also extends the due date of Filing Income Tax Form 10B and Form 10BB for FY 22-23 via issuing Circular. The Due date of these forms extended till 31st Oct 2023.

Form 10BB is for educational and medical institutions that operate under Section 10(23C) of the law. Whereas Form 10B is for charitable institutions and religious trusts that operate under Section 12AB of the Income Tax Act, which is an Audit Report Form.

FAQs on filling of Form 10BB

Question 1: From which Assessment Year re-notified Form 10BB is applicable?

Form 10BB notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards

Question 2: Is Form 10BB which was being filed prior to issuance of Notification No. 7/2023, still available on e-Filing portal?

Existing Form 10BB is available on portal and is applicable till Assessment Year 2022-23 only.

For filings upto Assessment Years 2022-23, Form 10BB is available on e-Filing portal and can be accessed at–

“e-File —–> Income Tax Forms —-> File Income Tax Forms —> Persons not dependent on any Source of Income—-> Form 10BB” for assignment to CA.”

or

Alternatively, the form can be assigned using “My CA” functionality as well.

Question 3: When is an auditee required to file Form 10BB notified vide Notification No. 7/2023?

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

(I) The total income of auditee, without giving effect to the provisions of mentioned clause/section, as applicable-

a) sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10.

b) sections 11 and 12 of the Act, exceeds rupees five crores during the previous year.

(II) Auditee has received any foreign contribution during the previous year

(III) Auditee has applied any part of its income outside India during the previous year.

For all other cases, re-notified Form No. 10BB shall be applicable.

For more details, you may refer Rule 16CC and Rule 17B of Income tax Rules, 1962.

Question 4: What is the process to file Form 10BB (A.Y. 2023-24 onwards) on e-Filing portal?

Following are the steps for filing Form 10BB (A.Y. 2023-24 onwards):

Step 1) Taxpayer login: Assign Form to CA. Form can be assigned in either of two ways-

a) e-File —–> Income Tax Forms —-> File Income Tax Forms —> Persons not dependent on any Source of Income—-> Form 10BB (A.Y. 2023-24 onwards)

b) Authorised Partners—–> My Chartered Accountant (CA) —–> Add CA (if not added)—-> Assign Form 10BB (A.Y. 2023-24 onwards).

Step 2) CA Login: CA to accept the assignment and upload the Form through the Worklist’s “For Your Action” tab.

Step 3) Taxpayer login: Taxpayer to accept the form uploaded by CA through the Worklist’s “For Your Action” tab.

Please ensure that the form is uploaded and accepted before the specified date referred to in section 44AB i.e. date one month prior to the due date for furnishing the return of income under sub-section (1) of section 139 to avoid any delayed filing consequences.

Question 5: Who is an “auditee” as referred in Question No. 3 above?

Any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub – clauses (iv), (v), (vi) or (via) of clause (23C) of section 10 of the Act or any trust or institution referred to in sections 11 or 12 of the Act shall be referred as “auditee” in this form.

Question 6: What is the meaning of “foreign contribution” as mentioned in Question No. 3 in reference of re-notified Form 10BB?

For Rule 16CC and Rule 17B, the word “foreign contribution’’ shall have the same meaning assigned to it in clause (h) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010).

Question 7: What is the due date for filing of Form 10BB (A.Y. 2023-24 onwards)?

Form 10BB shall be filed before the specified date referred to in section 44AB i.e. one month before the due date for filing of return u/s 139(1).

Question 8: When is filing of Form 10BB (A.Y. 2023-24 onwards) considered to be completed ?

Filing of form is considered to be completed only when taxpayer accepts the form uploaded by CA and verifies the same with active DSC or EVC registered on e-filing portal.

Question 9: What modes of verification are available for Form 10BB (A.Y. 2023-24 onwards)?

Modes of verification for Form 10BB (A.Y. 2023-24 onwards):

• For CAs, only DSC option is available for uploading of Form.
• For taxpayers (auditee) other than companies, both DSC and EVC options are available to accept the form uploaded by CA.
• For Companies, only DSC option is available to accept the form uploaded by CA.

Question 10: I have filed Form 10BB last year. Which form, either 10B or 10BB is required to be filed for A.Y.2023-24 or succeeding assessment years?

Income-tax Amendment (3rd Amendment) Rules,2023 has amended Rule 16CC and Rule 17B. Irrespective of the fact, which form was filed in the previous assessment years, applicability of the Form 10B and 10BB from A.Y. 2023-24 onwards shall be decided on the basis of amended Rule 16CC and Rule 17B.

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