Due date extended for filing form 10B/10BB and Form ITR-7
CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24.
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023.
The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is also extended to 30.11.2023.
Overview
Form 10B is filed by the charitable institutions and religious trusts operating under Section 12AB of the Income Tax Act, 1961. On the other hand, Form 10BB is filed by the educational and medical institutions operating under Section 10(23C) of the I-T Act.
Overview
Form 10B is an audit report which is provided by a CA upon nomination by the taxpayer. Form 10B can be accessed and submitted in the online mode only and it is to be filed on or before the specified date referred to in Section 44AB, i.e., a month prior to the due date for furnishing the Return of Income under sub-section (1) of Section 139.
Prerequisites for availing this service
1)Taxpayer and CA are registered users of the e-Filing portal
2)Status of PAN of taxpayer and CA is Active
3)Taxpayer has added CA for Form 10B through My CA service
4)Valid, registered and active Digital Signature Certificate (DSC) of the CA
5)Taxpayer must have applied for registration or already obtained registration as charitable or religious trust / institution under section 12A
About the Form
Form 10B has five sections that the CA needs to fill before submitting the form. These are:
Annexure I
Annexure II
Annexure III
Verification
Attachment
Annexure I
The Annexure I section is where the details of the income for charitable or religious purposes is outlined.
Annexure II
In the Annexure II section, details of income or property for the benefit of persons referred to in Section 13(3) is outlined.
Annexure III
The Annexure III section concerns the details of previously held investments in which persons referred to in Section 13(3) have a substantial interest.
Verification
The Verification page is where the CA provides assurance of all details provided in the form.
Attachment
The Attachments page allows attaching documents and files as per the inputs provided by the CA.
How to Access and Submit
You can fill and submit Form 10B through the following method:
Online method – through the e-Filing portal
Follow the below steps to fill and submit Form 10B through online mode.
For CA to file Form 10B (Online Mode)
Before the CA can login and access the form, the form has to be assigned to the CA by the taxpayer. The process for assigning forms to CA can be viewed in the My CA user manual.
Step 1: Log in to the e-Filing portal with valid CA credentials.
Step 2: Click Pending Actions > Worklist to view all the forms assigned to you by taxpayers
Step 3: You can accept or reject (by providing a reason that will be sent to the taxpayer) the forms assigned to you. Accept Form 10B from the list against the relevant taxpayer.
Step 4: In the Worklist, click File Form against Form 10B.
Step 5: Verify the details and click Continue.
Step 6: On the Instructions page, click Let’s get Started.
Step 7: Fill all the required details and click Preview.
Step 8: On the Preview page, click Proceed to e-Verify.
Step 9: Click Yes to submit.
On clicking Yes, you will be taken to the e-Verify page. Verify the form using DSC.
On successful validation, email and SMS communication is sent to the taxpayer who can further accept or reject Form 10B.
