Form 10B

Relevant Statute

• Section 10(23C)(iv), (v), (v), (via) and Section 12A(1)(b)(ii) read with Sections 11 to 13 of the Income-tax Act, 1961
• Rule 16CC and Rule 17B of the Income-tax Rules, 1962

Legal Provision

• Applicable to funds, institutions, trusts, universities, educational institutions, hospitals or medical institutions covered under sections 10(23C)(iv)/(v)/(v)/(via) or section 11, where:
  • total income (before exemptions) exceeds Rs. 5 crores, or
  • any foreign contribution is received, or
  • Any part of the income is applied outside India.
• Requires audit of accounts by a Chartered Accountant one month before the due date under section 139(1), and electronic filing of the audit report in Form 10B by that due date.

Applicable For:

• Trusts, institutions, universities, hospitals, and funds covered under Section 10(23C)(iv),(v),(v),(via), or Section 12A

Effective From

• Form 10B was substituted by the IT (3^rdAmendment) Rules 2023, w.e.f. 01-04-2023. Earlier, Form was introduced by the IT (Second Amendment) Rules 1973, w.e.f. 01-04-1973

Pre-requisite While Filing the Form

• Balance sheet and Income and Expenditure Account for the relevant assessment year

Due Date

• One month prior to the due date of furnishing the return of income under Section 139(1)

How to file it

• Form No. 10B is to be filed online at https://www.incometax.gov.in/iec/foportal/