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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES NOTIFICATION New Delhi, the 21st February, 2023 G.S.R. 118(E).— In exercise of the powers conferred by clause (b) of the tenth proviso to clause (23C) of section 10, sub-clause (ii) of clause (b) of sub-section (1) of section 12A read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:- 1. Short title and commencement. — (1) These rules may be called the Income-tax Amendment (3rd Amendment) Rules, 2023. (2) They shall come into force from the 1st day of April, 2023. 2. In the Income-tax Rules, 1962 hereinafter referred to as the principal Rules, for rule 16CC, the following rule shall be substituted, namely:— ‘16CC.Form of report of audit prescribed under tenth proviso to section 10(23C).—The report of audit of the accounts of a fund or institution or trust or any university or other educational institution or any hospital or other medical institution which is required to be furnished under clause (b) of the tenth proviso to clause (23C) of section 10 shall be in— a. Form No. 10B where—
- the total income of such fund or institution or trust or university or other educational institution or hospital or other medical institution, without giving effect to the provisions of the sub-clauses (iv), (v), (vi) and (via) of the said clause, exceeds rupees five crores during the previous year; or
- such fund or institution or trust or university or other educational institution or hospital or other medical institution has received any foreign contribution during the previous year; or
- such fund or institution or trust or university or other educational institution or hospital or other medical institution has applied any part of its income outside India during the previous year;
b. Form No. 10BB in other cases. Explanation.— For the purposes of sub-clause (II) of clause (a), the expression “foreign contribution” shall have the same meaning assigned to it in clause (h) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010).’. 3. In the principal Rules, for rule 17B, the following rule shall be substituted, namely:— ‘17B.Audit report in the case of charitable or religious trusts, etc.— The report of audit of the accounts of a trust or institution which is required to be furnished under sub-clause (ii) of clause (b) of sub-section (1) of section 12A, shall be in— a. Form No. 10B where—
- the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12 of the Act, exceeds rupees five crores during the previous year; or
- such trust or institution has received any foreign contribution during the previous year; or
- such trust or institution has applied any part of its income outside India during the previous year;
b. Form No. 10BB in other cases. Explanation.— For the purposes of sub-clause (II) of clause (a), the expression foreign contribution shall have the same meaning assigned to it in clause (h) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010).’. 4. In the principal Rules, for Form no. 10B, the following form shall be substituted, namely:— Form 10B 5. In the principal Rules, for the Form No. 10BB, the following form shall be substituted, namely:- Form 10BB [Notification No. 7/2023 [F. No.370142/47/2023-TPL] VIPUL AGARWAL, Director (Tax Policy and Legislation Division) Note. - The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O. 969(E), dated the 26th March, 1962 and was last amended vide notification number G.S.R. 95 (E), dated 14th February, 2023.
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