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of <h1>Charitable Trusts: Audit Reports Required in Form 10B or 10BB Based on Income and Foreign Contributions</h1> The audit report for charitable or religious trusts, as mandated by section 12A of the Income Tax Act, must be submitted in specific forms depending on certain conditions. If a trust's total income exceeds five crores, receives foreign contributions, or applies income outside India during the previous year, the audit report must be in Form No. 10B. In other situations, Form No. 10BB is required. The term 'foreign contribution' is defined according to the Foreign Contribution (Regulation) Act, 2010. This rule was updated by a notification effective from April 1, 2023.
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