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