What is Form 10B?
Form 10B enables a taxpayer to file an audit report if the taxpayer has applied for or is already registered as charitable or religious trust / institution by filing Form 10A. Form 10B is accessed by the CA added by the taxpayer under the My CA service and is assigned the relevant form. Form 10B is to be furnished by a trust or institution that has been registered u/s 12A or who has submitted an application for registration by filing Form 10A. 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.
2. Prerequisites for availing this service
-
Taxpayer and CA are registered users of the e-Filing portal
-
Status of PAN of taxpayer and CA is Active
-
Taxpayer has added CA for Form 10B through My CA service
-
Valid, registered and active Digital signature certificate (DSC) of the CA
-
Taxpayer must have applied for registration or already obtained registration as charitable or religious trust / institution under section 12A by filing Form 10A and accordingly Form 10B is made available under the login of the taxpayer
Q. 2 Who can use Form 10B?
CAs who are registered users on the e-Filing portal can access Form 10B. Further, the CAs must be assigned the form by the taxpayer in order to access, edit, review and submit it.
Q.3 When is Form 10B required to be filed?
When the total income of a trust or institution is computed without giving effect to Sections 11 and 12 and exceeds the maximum amount not chargeable to income tax in any given financial year, the accounts for the year has to be audited by a CA. This requires the person to furnish the receipt of the said income along with the return of the income, the report of such audit in Form 10B duly signed and verified by the CA.
4 Is it mandatory to file Form 10B online?
Yes, with effect from AY 2020-21, it is required that Form 10B is mandatorily filed in the online mode only.
Purpose
Audit Report u/s 12A(1)(b) has to be filed by a charitable or religious trust or institution who has been granted registration under Section 12A or which has submitted an application for registration by filing Form 10A.The Audit Report is required to be filed if the total income of the entity for the relevant previous year has exceeded the maximum amount which is not chargeable to tax, to claim exemption under Sections 11 and 12 of the Act.
The accounts of such trust or institution must have been audited by an accountant as defined in the Section 288(2) of the Act. The report of such audit at present is required to be furnished 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.
Form 10B is accessed and submitted by a registered CA upon nomination by a taxpayer.
DISCLAIMER- These materials are public information and have been prepared solely for educational purposes. These materials reflect only the personal views of the author and are not individual legal advice.
It is understood that each case is fact specific and that the appropriate solution in any case will vary. Finally, the owner will not be accountable for any loses injuries or damages from the exposures or usage of this information.