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Taxation Central Ministry of Finance Income Tax Act, 1961

CBDT Circular: Reporting Guidelines for Funds, Trusts, and Institutions

09-Oct-2023 | Circular No. 17/2023

Central Board of Direct Taxes (TPL Division) has issued a Circular under section 119 of the Income-tax Act, 1961. The key highlights are:

1. Audit reports for funds, trusts, institutions, universities, educational and medical institutions, as specified under the Income-tax Act, are required to be submitted in Form No. 10B or Form No. 10BB.

2. Concerns have been raised regarding the challenge in providing details of individuals who have made a substantial contribution to the trust or institution. This refers to individuals whose total contribution exceeds fifty thousand rupees, as mentioned in section 13(3)(b) of the Act.

3. To address this concern, for the assessment year 2023-24, the following provisions are to be observed:

a. Details of persons making substantial contributions should be provided for those whose total contribution during the previous year exceeds fifty thousand rupees.
b. Details of relatives of such persons should be included if available.
c. Details of concerns in which such persons have substantial interest may be provided if available.






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