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of <h1>Entities Must Use Form 10B for Audit if Income Exceeds Five Crores or Foreign Contributions are Involved</h1> The report of audit required under the tenth proviso to section 10(23C) of the Income Tax Act must be submitted in specific forms based on certain conditions. Form No. 10B is used if the total income of the entity exceeds five crores, if it received foreign contributions, or if it applied income outside India during the previous year. In other cases, Form No. 10BB is used. The term 'foreign contribution' is defined as per the Foreign Contribution (Regulation) Act, 2010. These provisions were updated effective April 1, 2023, replacing the previous requirement to use only Form No. 10BB.
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