A trust or institution is required to get its account audited if the total income of the trust or institution, computed without giving effect to sections 11 and 12, exceeds the maximum amount not chargeable to income-tax in any previous year. Rule 17B of the Income-tax Rules, 1962 provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No. 10B besides providing the Audit Report provides for filing of "Statement of particulars" as Annexure.
Said rule & form were notified long ago in the year 1973. Thus, Central Board of Direct Taxes (CBDT) has released draft notification proposing amendment to Rule 17B & Form 10B in order to rationalise them to align with the requirements of the present times.
The stakeholders and general public are requested to provide inputs on draft Form no. 10B electronically at niraj.kumar82@nic.in by June 5, 2019.
Notification F No 370142/6/2019-TPL, dated 21-05-2019
Refer:taxmann.com
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