Form 10B — Trust Audit Report. Filed Before the Deadline.
Form 10B is the prescribed audit report for trusts, institutions, and funds registered under Section 12A/12AB. We audit accounts, prepare the report, and file it within the due date to protect exemption status.
Contact UsCharitable and religious trusts and institutions registered under Section 12A or Section 12AB of the Income Tax Act, 1961 must have their accounts audited if the total income — before the exemption under Section 11 — exceeds the basic exemption limit. The audit report must be furnished in Form 10B, certified by a Chartered Accountant, and filed on the income tax e-filing portal before the return filing due date.
Form 10B is not merely a procedural compliance — it is the document that supports the trust’s claim to exemption under Section 11. The auditor certifies the application of income towards the trust’s objects, the accumulation of income under Section 11(2), the maintenance of proper books of accounts, and compliance with the conditions of registration. An adverse or qualified Form 10B can invite scrutiny and jeopardise the exemption claim.
We conduct the audit of the trust’s accounts, prepare the Form 10B report with all required annexures and schedules, and file it on the e-filing portal well before the return due date. We also advise on compliance with the conditions of exemption — application of income, restricted accumulation, and investment in specified modes — during the audit process.
Our Form 10B Services
Trust Accounts Audit
Comprehensive audit of the trust’s books of account, receipts, payments, income, and application of funds for the year.
Form 10B Preparation
Preparation of the prescribed Form 10B audit report with all statutory annexures, schedules, and mandatory disclosures.
Income Application Review
Verification that the trust has applied at least 85% of its income towards the objects of the trust within the financial year or the permitted carryover period.
Accumulation Compliance
Review of income accumulated under Section 11(2) — ensuring the Form 10 notice for accumulation was filed in time and the accumulated amount is invested in specified modes.
E-Filing Portal Submission
Online filing of the Form 10B audit report on the income tax e-filing portal within the prescribed deadline.
ITR-7 Linkage
Ensuring Form 10B is correctly linked to the trust’s ITR-7 filing, with consistent figures between the audit report and the return.
Exemption Condition Advisory
Advice during the audit on compliance with Section 11 conditions — application, accumulation, specified investments, and related-party transactions.
Re-Registration Compliance
Confirmation that the trust’s registration under Section 12AB is current and valid, and assistance with re-registration if due.
Our Process
Accounts Review & Audit
We review and audit the trust’s books of account, receipts and payment account, income and expenditure account, and balance sheet.
Compliance Verification
Application of income, accumulation limits, investment in specified modes, and related-party transactions are verified.
Form 10B Preparation
The Form 10B report with all annexures is prepared based on the audit findings and certifications.
Review & Finalisation
The report is reviewed against the ITR-7 data for consistency and finalised for filing.
E-Filing Portal Submission
Form 10B is filed on the income tax portal by the CA and linked to the trust’s return.
Why It Matters
Frequently Asked Questions
Trust audit and Form 10B to file?
We audit the trust’s accounts, prepare the Form 10B report, and file it before the return due date — protecting exemption status and ensuring full compliance.
