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

No Tax Audit Required for Educational Institutions Under Section 10(23C)(iiiad) with Turnover Below 1 Crore. A query was raised regarding the audit requirements for educational institutions operating on a no-profit-no-loss basis under Section 10(23C)(iiiad) of the Income Tax Act, with a turnover of less than 1 crore. The question focused on whether a tax audit is necessary and which form should be used, given that Form 10BB is applicable for other clauses of Section 10(23C). The response clarified that there is no requirement for an audit under Section 10(23C)(iiiad), and therefore, no specific form is prescribed for this purpose.