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of <h1>Charitable Trusts: Late Audit Reports May Still Claim Exemptions if Delays Are Justified u/s 12A(b) of IT Act.</h1> Under section 12A(b) of the Income-tax Act, 1961, charitable or religious trusts with income exceeding twenty-five thousand rupees must have their accounts audited by a qualified accountant. The audit report, in Form 10B, should be submitted with the income tax return. However, if the report is delayed due to uncontrollable circumstances, the trust may still claim exemptions under sections 11 and 12, provided the Income Tax Officer documents the reasons for accepting the late submission. This instruction clarifies that timely submission is expected but not strictly mandatory if justified.
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