Income Tax: Income Tax Department gave a deadline to file an audit report, know here..

The Income Tax Department allowed trusts and institutions to file documents in the correct form till March 31. If trusts and institutions had filed the audit report in the wrong form for the assessment year 2023-24, they have a chance to correct it.

Let us tell you that the income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfillment of certain conditions. For this, they have to file an audit report. For this, they will have to submit the audit report in Form No. 10B/10BB before 31 March 2024.

The Central Board of Direct Taxes (CBDT) in its press release said that in many cases the trusts or institutions have submitted audit reports in Form No. 1OB. They were required to submit Form No. 10BB for AY.

Trusts or institutions whose total income exceeds Rs 5 crore during the previous year will have to give this information in Audit Report Form No. LOB. Whereas, in all other cases Form 10BB will have to be filed. If the institution does not file the audit report then in such cases it cannot avail tax benefits.

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