Question ID :
44732
Form 10B/10BB(Audit Report) for FY 23-24
A society (Registered under Societies registration Act) has obtained provisional registration under 12A/80G and Form 10AB is still pending to be filed. Audit Report For FY 23-24 has been issued. Is the provisionally registered society required to File Form 10B/10BB(Audit Report) for FY 23-24 since it has not obtained the final registration and approval under Section 12A/80G from IT dept? Gross Receipts of the Society for FY 23-24 is 58 Lacs approx ans whether tax audit is applicable to such society?
Kindly guide in this matter with relevant information
Posted by
CA INDRANEEL BISWAS
on
Sep 22, 2024
Filed Under
AUDIT
The society with provisional registration under Section 12A must file Form 10BB if its gross receipts exceed the prescribed threshold for the financial year, regardless of the status of Form 10AB application?.
Tax audit under Section 44AB is applicable if the turnover or gross receipts exceed ?1 crore (?10 crore in specific cases). In this case, tax audit is not applicable since gross receipts are ?58 lakhs?.
Posted by
Rameshwar on
Nov 19, 2024