Circular -- CBDT clarified that details of persons making substantial contribution(exceeds fifty thousand rupees) may be given in Form 10B/10BB for the assessment year 2023-24 (FY 2022-23) only. Details of relatives/concerns of such person (substantial contributor) may be provided, if available.

"Sub: Order under section 119 of the Income-tax Act, 1961 - reg. 

Audit report in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution, under clause (b) of the tenth proviso to clause (23C) of section 10, or sub-clause (ii) of clause (b) of sub-section (I) of section 12A of the Income-tax Act, 1961 (the Act), as the case may be, is required to be furnished in Form No. 10B / Form No. 10BB. 

2. Representations have been received regarding difficulties in filling details of persons who have made a 'substantial contribution to the trust or institution', that is to say, any person whose total contribution up to the end of the relevant previous year exceeds fifty thousand rupees (as referred to in section 13(3)(b) of the Act). 

3. The matter has been examined with reference to the issue raised in paragraph 2 and it is hereby stated that for the purposes of providing details in 

(i) Form No. 10B in the Annexure, in row 41 ; and 

(ii) Form No. 10BB in the Annexure, in row 28, for the assessment year 2023-24: 

(a) the aforesaid details (that is, of persons making substantial contribution) may be given with respect to those persons whose total contribution during the previous year exceeds fifty thousand rupees; 

(b) details of relatives of such person, as referred to in (a) above may be provided, if available. 

(c) details of concerns in which such person, as referred to in (a) above, has substantial interest may be provided, if available."

Circular No. 17/2023 dated 09.10.2023

Comments

Post a Comment

Popular posts from this blog

Case law (SC) -- SLP dismissed against order of High Court where notice u/s 148 was quashed stating that notice u/s 148 must comply with the Faceless Scheme regardless of the Assessee being a NRI/Indian Citizen.

ADIT (INT TAXN) 2 HYD & ANR. v. DEEPANJAN ROY[SLP (CIVIL) No. 33956/2025 dated 16.07.2025]  "1. Delay condoned. 2. Exemption Application is allowed. 3. Having heard the learned counsel appearing for the petitioners – Revenue and having gone through the materials on record, we find no good reason to interfere with  the impugned order passed by the High Court. 3. The Special Leave Petition is, accordingly, dismissed. 4. Pending applications, if any, shall also stand disposed of. "  
Read more

Case law (SC) - Once the Resolution Plan is approved by the NCLT, All the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 31 of the IB Code.

Vaibhav Goel & Anr. v. Deputy Commissioner of Income Tax & Anr. [2025 INSC 375] dated 20.03.2024 "8. In view o f the declaration of law made by this Court, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 31 of the IB Code. In this case, the income tax dues of the CD for the assessment years 2012-13 and 2013-14 were not part of the approved Resolution Plan. Therefore, in view of sub-section (1) of Section 31, as interpreted by this Court in the above decision, the dues of the first respondent owed by the CD for the assessment years 2012-13 and 2013-14 stand extinguished.  9. We may note here that the decision of this Court in the case of Ghanashyam Mishra and Sons Pvt. Ltd.[(2021) 9 SCC 657 ]  was specifically relied upo...
Read more

Case Law (SC) - Where an assessee is entitled to deduction u/s 80HHC as well as 80IA, the deductions have to be computed separately, but the total deduction shall be restricted to gross total income computed under section 80IA.

Shital Fibers Limited v. CIT [2025 INSC 743] dated 20.05.2025 Issue :- The extent of deduction allowable separately under Section 80-IA and Section 80-HHC and the extent of deduction allowable through each provision and overall deduction allowable by adding them up. Holding "Section 80-HHC provides for a deduction in respect of profits retained for export business. The provision is applicable to a company or a person engaged in business of export out of India of any goods or mercantile to which the Section applies. In computing the total income, the assessee is entitled to deduction to the extent of percentage of profits set out in Subsection (1B) of Section 80-HHC.  17. Section 80-IA deals with deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development etc. Sub-section (1) provides that when the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any busi...
Read more