Govt notifies new form no 10BB in I-T rules

New Delhi, July 31 (UNI) Any fund, trust, institution including educational and medical, university or hospital claiming Income Tax exemption will have to get its accounts audited if its total income of that year exceeds the maximum amount not chargeable to tax.

Under the Taxation Laws (Amendment) Act, 2006, enacted on July 13, 2006, it has been made mandatory for such institutions, enjoying exemption under sub-clauses (iv), (v), (vi) and (via) of section 10(23C) of the Income Tax Act, 1961, to get their accounts audited for any year, if their total income of that year, without giving effect to the provisions of the sub-clauses, is more than the maximum amount not chargeable to tax.

The Government has notified the audit report for this purpose vide new Form 10BB in the Income Tax Rules, 1962.

The new form is applicable from assessment year 2006-07 onwards, an official spokesperson said here today.

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