The Central Board of Direct Taxes vide notification dated 21st February, 2023 has issued the Income-tax Amendment (3rd Amendment) Rules, 2023. They shall come into force from the 1st day of April, 2023. The amendment provides that 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—
(I) 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
(II) such trust or institution has received any foreign contribution during the previous year; or
(III) such trust or institution has applied any part of its income outside India during the previous year;
(b) Form No. 10BB in other cases.
