Form 10CCB

Relevant Statute

• Section 80-IA, Section 80-IB, Section 80-IC of the Income tax Act, 1961
• Rule 18BBB of the Income-tax Rules, 1962

Legal Provision

• Applicable to assessees claiming deduction for eligible businesses under sections 80-IA, 80-IB (excluding multiplex theatres, convention centres and rural hospitals) and 80-IC.
• Requires an audit report from a Chartered Accountant in Form 10CCB.
• A separate report is required for each undertaking or enterprise claiming deduction, accompanied by its Profit & Loss Account and Balance Sheet.
• The report must be accompanied by the relevant agreement/approval with the Central/State Government or the local authority for carrying on the eligible business.
• Only entries relevant to the specific eligible business need to be completed; others may state “not applicable”.
• An audit report is required for every year in which a deduction is claimed.

Applicable For

• Assessee who claims a deduction under Section 80-IA, Section 80-IB and Section 80-IC.

Pre-requisite While Filing the Form

• The audit report shall:

• Be furnished separately for each undertaking or enterpriseclaiming deduction;
• Be accompanied bythe Profit and Loss Account and Balance Sheet of each undertaking as if it were a separate entity.

Due Date

• One month before the due datefor filing the return of income under Section 139(1);

How to file it

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