CBDT asking inputs on 10B
Stakeholders,
cast
your
view by June 5, 2019
CBDT
issues Draft Notification for Amendment of Form No 10B of the Income-tax Rules,
1962, Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions
for applicability of Sections 11 and 12 of the Act. One such condition under
clause (b) of sub-section (1) thereof is that where the total income of the
trust or institution computed without giving effect to Section 11 and 12
exceeds the maximum amount not chargeable to Income-Tax in any previous year,
its accounts for that year have been audited by an accountant as defined in the
Explanation below sub-section (2) of Section 288.
It
further provides that the person in receipt of the said income, furnishes along
with the Return of Income for the relevant Assessment Year, the Report of such
Audit in the Prescribed Form duly signed and verified by such accountant and
setting forth such particulars as may be prescribed.
Accordingly,
vide Income-tax (2nd Amendment) Rules, 1973 w.e.f. April 1, 1973 Rule 17B and
Form 10B were inserted in the Income-tax Rules, 1962 (the Rules) for this
purpose. Rule 17B of the Rules provides 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 also provides for filing of “Statement of
particulars” as Annexure.
As
the Rule and Form were notified long ago, there is a need to rationalise them
to align with the requirements of the present times. In view of the above, the
Rule and Form are proposed to be amended by way of substituting, (a) Rule 17B
with a new Rule 17B; and (b) Form No 10B with a new Form No 10B.
The
Draft Notification proposing the above amendments has been formulated and
uploaded on Income Tax India’s website for inputs from stakeholders and general
public. The inputs on the Draft Rules may be sent electronically by June 5,
2019.
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