Income Tax Department Issues Important Clarification on Audit Report
The Income Tax Department has recently issued a significant clarification regarding the Audit Report for all taxpayers.
In a notification posted on the department’s official Twitter account, taxpayers were urged to take note of the following:
Please ensure that you have submitted the Audit Report in the appropriate Form (10B or 10BB) for Assessment Year 2023-24.
The Central Board of Direct Taxes (CBDT) has granted a concession to trusts/institutions that have erroneously submitted their Audit Reports in Form No. 10B where Form No. 10BB was required, and vice versa. These entities are now permitted to submit the Audit Report in the correct Form No. 10B/10BB by the 31st of March, 2024.
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