/uploads/files/circular-17-2023.pdf

The circular provides clarification on the requirement to furnish an audit report in the case of a fund, trust, institution, university, educational institution, hospital, or medical institution under certain sections of the Income-tax Act, 1961. The issue addressed pertains to the difficulties in filling details of persons who have made a substantial contribution to the trust or institution, specifically those whose total contribution exceeds fifty thousand rupees.

Key points of the circular are:
1. Form No. 10B and Form No. 10BB are required for furnishing the audit report.
2. Difficulties have been raised in providing details of persons making substantial contributions.
3. It is clarified that details of persons making substantial contributions should be provided if their total contribution during the previous year exceeds fifty thousand rupees.
4. Additionally, details of relatives and concerns in which such person has substantial interest may be provided if available.
These key points provide guidance on the specific details to be furnished in the audit report for the assessment year 2023-24.