New Rule 16CC Of Income Tax Rules -Report of audit prescribed under tenth proviso to section 10(23C).
Rule 16CC Of Income Tax Rules -report of audit prescribed under tenth proviso to section 10(23C). etc changed from 01.04.2023 by Income-tax Amendment (3rd Amendment)
Rules, 2023 Dated 21.02.2023 . Download Notification Click here
. In the Income-tax Rules, 1962 hereinafter referred to as the principal Rules, for rule 16CC, the following rule shall be substituted, namely:—
‘16CC.Form of report of audit prescribed under tenth proviso to section 10(23C).—The report of audit of the accounts of a fund or institution or trust or any university or other educational institution or any hospital or other medical institution which is required to be furnished under clause (b) of the tenth proviso to clause (23C) of section 10 shall be in—
(a)Form No. 10B where—
(I) the total income of such fund or institution or trust or university or other educational institution or hospital or other medical institution, without giving effect to the provisions of the sub-clauses
(iv), (v), (vi) and (via) of the said clause, exceeds rupees five crores during the previous year; or
(II) such fund or institution or trust or university or other educational institution or hospital or other medical institution has received any foreign contribution during the previous year; or
(III) such fund or institution or trust or university or other educational institution or hospital or other medical institution has applied any part of its income outside India during the previous
year;
(b) Form No. 10BB in other cases.
Explanation.— For the purposes of sub-clause (II) of clause (a), the expression “foreign contribution” shall have the same meaning assigned to it in clause (h) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010).’.