The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax audit reports for trusts, institutions, and funds to November 10, 2024. The extension is due to cases where trusts, institutions, and funds failed to file the audit report in the correct form.
Who benefits from the extension?
Trusts, institutions and funds have time until November 10 to file audit reports via Form 10B or 10BB.
Individuals with business or professional income, who are audited under Section 44AB of the Income Tax Act, can file their reports using Form 3CD, 3CA, and 3CB.
“While the extension of the income tax audit report deadline offers temporary relief to certain taxpayers, it’s crucial to view it as a short-term measure. Long-term tax compliance and timely submissions remain essential for maintaining financial health and avoiding penalties. Proactive planning and adherence to tax regulations are key to ensuring a smooth tax filing experience,” said Experts
Before filing Form 10B, it’s important to keep the following points in mind:
Both the taxpayer and the chartered accountant (CA) must be registered users on the Income Tax Department’s e-filing portal.
The taxpayer is required to add the CA via the “My CA” service before filing Form 10B.
The PAN status of both the taxpayer and the CA must be active.
The CA should have a valid, registered, and active digital signature certificate.
Taxpayers filing Form 10B must either have obtained or applied for registration as a charitable or religious institution or trust under Section 12A or 10(23C) to be eligible for Form 10B.
How to file form 10B on the e-filing portal
Taxpayer assignment:
Taxpayers can assign Form 10B to their CA through the “E-file Form” mode.
CA review:
The CA can check the assignment in the “For Your Action” tab under the Worklist section.
CA response:
The CA can either accept or reject the assignment.
CA form submission:
If the CA accepts, they need to upload the JSON file along with necessary PDF attachments through the offline filing mode.
Taxpayer approval:
Once the CA submits the form, the taxpayer must review and either accept or reject the form via the Worklist’s “For Your Action” tab.
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