TaxTMI 
TaxTMI 
Amendment of Form No 10B of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public
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....elevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed. 2. Accordingly, vide Income-tax (2nd Amendment) Rules, 1973 wef April 1, 1973 rule 17B and Form 10B were inserted to the Income-tax Rules, 1962 (the Rules) for this purpose. Rule 17B of the Rules provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No 10B besides providing the Audit Report provides for filing of "Statement of particulars" as Annexure. 3. As the rule and form were notified long ago, there is a need to rationalise them to align with the requirements of the present times. 4. In view of the above, the rule and form are proposed to be amended by way of substituting,- (a) Rule 17B with a new rule 17B; and (b) Form No 10B with a new Form No 10B. 5. The draft notification proposing the above amendments is enclosed and it is requested from the stakeholders and general public to provide inputs electronically at the email address, [email protected], latest by June 5, 2019. Encl : As above. (Niraj Kumar) Join....
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..../ inconsistencies; if any: (b) Subject to above, - (A) *I/ we have obtained all the information and explanations which, to the best of *my/ our knowledge and belief, were necessary for the purpose of the audit. (B) In *my/ our opinion, proper books of account have been kept by the head office and branches of the trust or institution so far as appears from *my/ our examination of the books. (C) In *my/ our opinion and to the best of *my/ our information and according to the explanations given to *me/ us, the said accounts, read with notes thereon, if any, give a true and fair view :- (i) in the case of the *state of the affairs/ balance sheet, of the trust or institution as at 31st March; and (ii) in the case of the * income and expenditure/ profit and loss account account of the *profit/ loss or *surplus/ deficit of the trust or institution for the year ended on that date. 4. The statement of particulars required to be furnished is enclosed as Annexure. 5. In *my/ our opinion and to the best of *my/ our information and according to explanations given to *me/ us, the particulars given in the said Annexure are true and corre....
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.... creation Details of registration under section 12A/ 12AA of the Income-tax Act, 1961: Registration Details S No Registration Number Date of Registration Authority Granting Registration Remark, if any C. Please specify the objects of the Trust/ Institution (please select at least one): Religious Activity Medical relief Preservation of environment (including watersheds, forests and wildlife) Relief of the poor la. Education Preservation of monuments or places or objects of artistic or historic interest Yoga Advancement of any other object of general public utility D. Purpose & Objects In case of "advancement of any other object of general public utility", please provide following: (i) Whether it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration? Yes/ No Whether the activity is undertaken in the course of actual carrying out of such advancement of any other object of general public utility? (ii) Yes/ No 1b. (ii) Details of receipts: ....
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....or religious purposes, accumulated or set apart being upto fifteen per cent thereof for application in India, [clause (a) of section 11(1)] 5. Amount of income derived from property held under trust in part only for charitable or religious purposes, created before the commencement of this Act, finally set apart being upto fifteen per cent thereof for application in India [clause (b) of section 11(1) Details of amount of income applied outside India [section 11(1) (c)]: 6. S No Amount Nature of charitable purpose Country of application Whether exempt? (Yes/ No) If Exempt Approval Number General/ Special Date of Approval G. Compliance to Conditions 1. (i) Whether option under clause (2) of Explanation 1 to section 11(1) exercised? Yes/ No (ii) If yes, amount of income deemed to have been applied to charitable or religious purposes in India during the previous year. 2. (i) Whether any corpus donation has been made during the year, not allowable as per Explanation 2 to section 11(1) to other trusts or institutions and claimed as application? Yes/ No (ii) If yes, please provide the details of the donee as under: Name PAN Amount 3. Details of deemed to be in....
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....1(4), any business undertaking is held as "property held under trust"? (ii) If yes, please provide the following: (a) Nature of Business: 1. (b) Whether separate books of account maintained? (c) If yes, please provide amount of profit/ loss. Attach Balance Sheet, Profit & Loss Account and Audit Report in Form 3CA/ 3CB as applicable (e-filing utility to provide u[load facility). (i) Whether within the meaning of section 11(4A), there is any income of the trust or institution, being profits and gains of business? (ii) If yes, please provide the following: (a) Whether the business is incidental to the attainment of the objectives of the trust or the institution? 2. (b) Nature of Business: (c) Whether separate books of account maintained in respect of such business? (d) If yes, please provide amount of profit/ loss. Attach Balance Sheet, Profit & Loss Account and Audit Report in Form 3CA/ 3CB as applicable (e-filing utility to provide u[load facility). Accounting Policy H. Details of Business (i) Method of accounting employed during the previous year: (ii) Whether there had been any change in the method of accounting employed vis....
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....of a trust for private religious purposes which does not enure for the benefit of the public? J. Cases in which section 11 not to apply [13(1) (a) & (b)] Yes/ No 1. (ia) If yes, please provide the following: Nature of Application Amount (i) In view of provisions under section 13(1) (b), please specify whether the trust or institution is created or established for the benefit of any particular religious community or caste after the commencement of the Act? Yes/ No (i) Details of persons referred to in sub-section (3) of section 13 (specified person) anytime during the previous year: specified persons and beneficial Owners 1. S No Clause Name PAN Aadhaar No. (if allotted) Address Remark To be provided in e- filing utility Clause (a) Clause (b) Amount of contribution Clause (c) Clause (cc) Clause (d) Relation Clause (e) Substantial Interest (i) Particulars of persons who were beneficial owners of the trust or the institution, directly or indirectly, at any time during the previous year: 2. S No Name Address PAN (if any) Aadhar (optional) (i) In view of the provisions under section 13(1) (c), please speci....
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....(i) Whether the services of the trust or institution are made available to the specified person during the previous year? Yes/ No 1. S No Name PAN Details of Services Details of Remuneration Details of Compensation Nature Value Amount Adequate Remuneration Nature Amount Adequate Compensation (i) Whether any share, security or other property is purchased by or on behalf of the trust or institution from the specified person during the previous year? Yes/ No Q. Deemed Use/ Application [13(2)(e)] S No Name PAN Share/ Security/ Other Property Details of Shares/ Security Details of Other Property being Movable Details of Consideration Name of the Company/ Concern Number Rate Nature Number Rate Amount Adequate Consideration 1. (ib) Details in case of Other Property being Immovable: S No Name PAN Type of asset (Land/ Residential/ Commercial Property etc) Address of Property Area (in Sq ft) Stamp Duty Value Details of Consideration Amount Adequate Consideration (i) Whether any share, security or other property is sold by or on behalf of the trust or institution to the specified person during the previous year? Yes/ No R. Deemed Use/ Application ....
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....f section 40A during the previous year? (iia) If yes, please furnish the following details: S No Date of Payment Amount Nature Details of Payee Name PAN Address (i) Whether the trust or the institution has taken or accepted any loan or deposit or any specified sum, exceeding the limit specified in section 269SS during the previous year? W. Compliance for certain loans, deposits, specified sum and (ia) If yes, please provide the following details: deposits, specified sum transactions 1. S No Details of Person Details of Transaction Mode of Transaction Name PAN, if available Address Loan/ Deposit/ Any Specified Sum Amount Whether Squared up? Maximum Amount outstanding By Cheque/ Bank Draft/ use of electronic clearing system through a bank account or any other mode Whether Account Payee if by Cheque/ Bank Draft? Yes/ No Yes/ No deposits, specified sum transactions transactions (i) Whether the trust or the institution has received an amount exceeding the limit specified in section 269ST, from a person in a day; or in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person during the p....