which form is applicable for audit u/s 10(23C)(iiiad)

[BABITA PALIWAL]

My query is regarding institutions/ Trust running an educational institute on no profit no loss basis(for charitable purpose) and turnover of the same is less than 1 Crore as prescribed under Income tax act.

Now my question is - when the tax audit is required to be done and what is the form to be used for sec.10(23C)(iiiad).

Since Form 10BB is used for the educational institutions under clause iv,v,vi of section 10(23C) . But there clause iiiad of section 10(23c) is not mentioned

[Surender Gupta]

For the purpose of Section 10(10C)(iiiad) there is no requirement of getting its accounts audited. Hence no prescribed form is found.

AI Summary

Audit requirement for section 10(23C)(iiiad): no statutory audit obligation or prescribed form applies to such institutions. Exemption claims under section 10(23C)(iiiad) by educational institutions or trusts operating on a no-profit-no-loss basis do not require a specific statutory accounts audit under that clause, and there is no prescribed audit form analogous to Form 10BB for clause (iiiad).