I-T DEPARTMENT ALLOWS CONDONATION OF DELAY IN FILING AUDIT REPORTS BY TRUSTS, INSTITUTIONS – ZEE BUSINESS
The Income Tax Department has allowed condonation of delay in filing audit reports by trusts, institutions, universities and hospitals who claim tax exemption
The Income Tax Department has allowed condonation of delay in filing audit reports by trusts, institutions, universities and hospitals who claim tax exemption.
Any funds, trusts, institutions including educational and medical universities or hospitals claiming income tax exemption will have to get their accounts audited if their total income of that year exceeds the maximum amount not chargeable to tax.
Income tax law mandates that such institutes can claim tax benefits available to them only after furnishing the tax audit report in form 10BB before the prescribed time.
The Central Board of Direct Taxes (CBDT) in a circular said that income tax commissioners would admit belated applications in filing Form 10BB for years prior to assessment year (AY) 2018-19 for “condonation of delay”.
“The commissioner, while entertaining such applications regarding filing form 10 BB, shall satisfy themselves that the applicant was prevented by reasonable cause from filing such application within the stipulated time. Further all such applications shall be disposed of by March 31, 2021,” it said.
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