Some trusts, institutions, and funds faced challenges in submitting their reports in the correct form. As a result, the CBDT has granted these entities an extended deadline to file their audit reports in Form 10B/10BB by 10 November 2024.
The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting income tax audit reports for specific taxpayers to November 10, 2024. This extension applies to trusts, institutions, funds, and other entities required to file their audit reports using Form 10B/10BB. The CBDT made this announcement through an official order on October 7, 2024.
Who Qualifies for the Extended Deadline?
According to the Ministry of Finance, the following taxpayers are eligible for the extended deadline:
- Trusts, institutions, and funds that need to submit audit reports via Form 10B or Form 10BB.
- Other taxpayers, such as individuals with business or professional income subject to a tax audit under section 44AB, were required to submit their audit reports using Forms 3CD, 3CA, and 3CB by the extended deadline of October 7, 2024.
The order clarifies that some trusts, institutions, and funds faced challenges in submitting their reports in the correct form. As a result, the CBDT, under section 119 of the Income Tax Act, has granted these entities an extended deadline to file their audit reports in Form 10B/10BB by November 10, 2024.
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Previous Extension for Tax Audit Filing
Earlier, the CBDT, through Circular No. 02/2024 dated March 5, 2024, had allowed certain trusts, institutions, and funds that had mistakenly filed their audit reports in either Form 10B or Form 10BB (when the other form was applicable) to rectify the error. These entities were granted time until March 31, 2024, to resubmit the correct audit reports for the assessment year 2023-24 under the relevant provisions of section 10 and section 12A of the Income-tax Act, 1961.
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How to File Form 10B on the Income Tax e-Filing Portal
To ensure a smooth filing process for Form 10B (applicable for the FY 2022-23, AY 2023-24), the Income Tax Department has provided a clear step-by-step guide on its website. Here’s how taxpayers can file their audit reports:
- Assign Form 10B to CA: Taxpayers can assign Form 10B to their Chartered Accountant (CA) through the e-Filing portal.
- CA’s Action: The CA can check the assignment under the “For Your Action” tab in their worklist.
- Acceptance or Rejection: The CA can either accept or reject the assignment.
- Form Upload: If accepted, the CA must upload the required JSON file along with PDF attachments using the offline mode.
- Taxpayer’s Approval: Once the CA submits the form, the taxpayer needs to either accept or reject the uploaded form via the “For Your Action” tab.
Verification Process for Tax Audit Reports Filed Using Form 10B
Once the Form 10B is filed, it must be verified by the taxpayer. According to the tax department’s FAQ, verification can be done using the following methods:
For Chartered Accountants (CAs): Only the Digital Signature Certificate (DSC) option is available for uploading Form 10B.
For Non-Corporate Taxpayers: Both DSC and Electronic Verification Code (EVC) options are available for accepting the uploaded form.
For Companies: Only the DSC option is allowed to accept the form uploaded by the CA.
By adhering to these guidelines, trusts, institutions, and funds can ensure compliance with the extended audit report submission deadline of November 10, 2024.
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