Audit Alert: Navigating the Tax Exemption Maze with Forms 10B and 10BB


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	Blog Categories All Computax Helping Videos (1) Audit Alert: Navigating the Tax Exemption Maze with Forms 10B and 10BB Category: Income tax, Posted on: 25/03/2024 , Posted By: Team Modern Tax Consultants Visitor Count:308 📢 Attention Trusts and Institutions! 🏫🏥 Are you a trust, university, educational institution, or medical institution seeking income tax exemption? Here’s what you need to know! 🧐 Income Tax Exemption Essentials 💼 Under the Income-tax Act, 1961, certain trusts and institutions can enjoy tax exemption, but conditions apply! To claim your exemption: Get Audited: If your income exceeds the non-taxable limit, you must audit your accounts. 📊 Submit the Right Form: Depending on your income and activities, you’ll need to file either Form No. 10B or 10BB. 📝 What’s New? 🆕 Forms 10B/10BB: Introduced by Notification No. 7/2023 on 21st February 2023. Effective Date: Applicable from 01.04.2023 for the assessment year 2023-24 onwards. Due Date: Initially, it was 31st October 2023. Oops! Wrong Form? 😱 If you’ve submitted Form 10B instead of 10BB or vice versa, don’t worry! The CBDT has got your back: Correction Window: You can correct your submission until 31st March 2024. Refer: CBDT Circular 2/2024 dated 05th March 2024 for detailed guidance. Action Required 🏃‍♂️💨 Make sure to submit the correct audit report form for AY 2023-24 by 31st March 2024 to maintain your exemption status. 🛡️ Don’t miss out on your exemption due to a form mix-up! Check, double-check, and submit the right one! ✅ For more details, refer to the official circular and ensure compliance. Stay informed, stay exempt! 🌟 Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose. Add a Comment Name: Your Comment: View Comments (0)

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