The Central Board of Direct Taxes (CBDT) by Order dated October 9, 2023 has issued clarification regarding Audit Report in Form 10B & 10BB (as may be applicable).
There was confusion among some professional with some of them arguing that details of certain donors must be provided since the time of inception of the institution.
CBDT has now clarified regarding details of donors making “substantial contribution to the trust or institution” for Assessment Year 2023-24 (Financial Year 2022-23).
Details may be given with respect to donors whose aggregate contribution during the previous year exceeds fifty thousand rupees. Clearly therefore details pertaining only to the previous year (FY 2022-23) must be provided.
Details of relatives of such donors may be provided, if available. This comes as a relief.
Also, details of concerns in which such donors have substantial interest may be provided, if available.
Thus CBDT has provided clarification and some minor reliefs.