CBDT Circular No. 2/2024 dated 05.03.2024

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Income of certain trusts/institutions as specified u/s 10(23C) or u/s 12AA/12AB of the Income – tax Act, 1961 is exempt, subject to certain conditions. Such entities are required to get their accounts audited & furnish the audit report in Form 10B/10BB before the specified date. Since, incorrect audit reports were furnished in numerous cases which could result in denial of exemption & subsequent creation of tax demand, CBDT allows such trusts / institutions to furnish the audit report in the applicable Form No. 10B / 10BB on or before 31st March, 2024. CBDT Circular No. 2/2024 dated 05.03.2024 issued.