Income Tax Department released FAQs for filling Form 10B

The Income Tax Department has released Frequently Asked Questions (FAQs) on filling of Form 10B.

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

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. Whereas Form 10BB is for educational and medical institutions that operate under Section 10(23C) of the law.

FAQs on filling of Form 10B

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

Form 10B notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards i.e. for A.Y. 2023-24 and upcoming years.

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

Yes, old Form 10B is also available on portal and is applicable till Assessment Year 2022-23 only.

For filings upto Assessment Years 2022-23, Form 10B 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 10B” 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 10B 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 below mentioned clauses/sections, 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.

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

Please Follow the below steps for filing Form 10B:

Step-1: Taxpayer can assign Form 10B (AY 2023-24 onwards) to CA, from E-file form mode —->.

Step-2: CA can check the assignment in “For your action tab” under worklist—>

Step 3: CA can either accept or reject the assignment—–>

Step 4: In case CA accepts the assignments, he/she needs to upload the JSON along with PDF attachments under offline mode of filing—–>

Step 5 : Once CA submits the JSON with valid attachments, taxpayer either has to accept/reject the form uploaded by CA through the Worklist’s “For Your Action” tab

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 due date for filing of Form 10B (A.Y. 2023-24 onwards)

The due date of the form is on or before the specified date referred to in section 44AB i.e. one month prior to the due date for furnishing the return of income under sub-section (1) of section 139 of income tax act, 1961.

Question 7: How offline utility for new form 10B can be downloaded?

Visit Home | Income Tax Department-> Go to download section——> Income tax forms——> Form 10B (A.Y.2023- 24 onwards) —–> click on form utility.

Alternatively, this CA can access this path by clicking on download button under offline utility option at the time of uploading form.

Note: Please make sure you always use the latest version of utility, available on E-filling portal to download and upload the json.

Question 8: What are the modes available to verify the form 10B on system?

Modes of verification for Form 10B (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 9: What is the meaning of “foreign contribution” as mentioned in Question No. 3 in reference of re-notified Form 10B?

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 10: How to provide records for Schedules having Table i.e. “Add Details” option and “Upload CSV” option together?

For the Schedules having “Add details and “Upload CSV” both options together, please note the following:-

a) For number of records upto 50: Either of table or CSV option can be used. In both cases, data will be reflected in table.

b) For number of records more than 50: Only CSV option can be used. The data will appear as CSV attachment only.

c) While using upload CSV option, followings steps to be followed:-

“Download Excel template →Add Records →Convert Excel template into .csv file →upload csv file.”

d) Whenever a CSV file is uploaded, it will overlap the existing records/data, if any. Old records will be deleted and records uploaded through latest CSV will prevail.

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