Extension of audit report u/s 10AA/10B in case of wrong filing of audit report/uploads/files/circular-2-2024.pdf

The Central Board of Direct Taxes (CBDT) regarding the audit report requirements for trusts and institutions claiming exemption under the Income-tax Act, 1961. It states that trusts and institutions must fulfill certain conditions to claim exemption and one of these conditions is to get their accounts audited if their income exceeds the maximum amount not chargeable to income-tax. The circular discusses the forms (Form No. 10B and Form No. 10BB) to be used for furnishing audit reports and the changes in the forms effective from the assessment year 2023-24. It highlights instances where trusts and institutions have furnished the wrong audit report form, leading to the denial of exemption. In response, the CBDT allows trusts and institutions to furnish the correct audit report form for the assessment year 2023-24 on or before 31st March, 2024 if they have submitted the wrong form earlier.