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TMI BlogAmendment of Form No 10B of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general publicX X X X Extracts X X X X X X X X Extracts X X X X ..... ution computed without giving effect to section 11 and 12 exceeds the maximum amount not chargeable to income-tax in any previous year, its accounts for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288. 1.1 It further provides that the person in receipt of said income furnishes along with the return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed. 2. Accordingly, vide Income-tax (2nd Amendment) Rules, 1973 wef April 1, 1973 rule 17B and Form 10B were inserted to the Income-tax Rules, 1962 (the Rules) for this purpose. Rule 17B of the Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax ( .... th Amendment) Rules, 2019. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), for 'rules 17B', the following rule shall be substituted, namely :- "Report of audit of accounts and the particulars to be furnished under clause (b) of sub-section (1) of section 12A. 17B. The report of audit of the accounts of the trust or institution and the particulars required to be furnished under clause (b) of sub-section (1) of section 12A, shall be in Form No. 10B.". 3. In the principal rules, in Appendix II,- (i) for 'Form No 10B', the following Form shall be substituted, namely :- "FORM No. 10B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) in the case of the *state of the affairs/ balance sheet, of the trust or institution as at 31st March; and (ii) in the case of the * income and expenditure/ profit and loss account account of the *profit/ loss or *surplus/ deficit of the trust or institution for the year ended on that date. 4. The statement of particulars required to be furnished is enclosed as Annexure. 5. In *my/ our opinion and to the best of *my/ our information and according to explanations given to *me/ us, the particulars given in the said Annexure are true and correct subject to following observations/ qualifications, if any: a ................................................................................................................................... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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