Form 10BB — Section 10(23C) Audit Report. Correctly Certified.
Educational institutions, hospitals, and approved funds claiming exemption under Section 10(23C) must file Form 10BB. We audit accounts, prepare the report, and file it before the deadline.
Contact UsSection 10(23C) of the Income Tax Act, 1961 provides tax exemption to certain categories of educational institutions, hospitals, and charitable funds — those approved by the Central Government or the prescribed authority. Unlike trusts registered under Section 12A, institutions claiming exemption under Section 10(23C) are subject to a different set of conditions and must furnish their audit report in Form 10BB.
Form 10BB is the prescribed audit report for institutions claiming exemption under Section 10(23C)(iv), (v), (vi), and (via) — approved charitable funds, educational institutions existing solely for education, hospitals existing solely for medical purposes, and institutions approved by the prescribed authority. The audit verifies that the institution’s accounts are properly maintained, income is applied exclusively for the stated purpose, and accumulation limits are observed.
Filing Form 10BB on time is a precondition for the Section 10(23C) exemption claim in the ITR. A missed deadline results in the exemption being denied for that year, exposing the institution’s surplus income to full taxation. We conduct the audit, prepare the report, and file it through the e-filing portal within the prescribed due date.
Our Form 10BB Services
Accounts Audit
Comprehensive audit of the institution’s books of account, income and expenditure, receipts and payments, and balance sheet.
Form 10BB Preparation
Preparation of the prescribed Form 10BB audit report with all mandatory schedules and certifications by a Chartered Accountant.
Exclusive Purpose Verification
Verification that the institution’s activities and income application are exclusively towards education, medical purposes, or the approved charitable object.
Application of Income Review
Review of income application — ensuring at least 85% is applied towards the institution’s objects within the year or prescribed carryover period.
Accumulation Compliance
Review of income accumulated under proviso to Section 10(23C) — compliance with the 5-year period and specified investment modes.
E-Filing Portal Submission
Online filing of Form 10BB on the income tax e-filing portal by the auditing CA within the due date.
ITR Linkage
Ensuring Form 10BB is correctly linked to the institution’s ITR-7 with consistent figures.
Approval Status Advisory
Advice on the institution’s approval status under Section 10(23C) and compliance with conditions for continued approval.
Our Process
Accounts Review & Audit
We review and audit the institution’s books, income and expenditure account, receipts and payments, and balance sheet.
Purpose & Application Verification
Exclusivity of purpose and 85% application of income are verified, along with accumulation compliance.
Form 10BB Preparation
The Form 10BB report is prepared with all required schedules and certifications.
Review & Finalisation
The report is reviewed for consistency with the institution’s ITR-7 data and finalised.
E-Filing Submission
Form 10BB is filed on the income tax e-filing portal before the return due date.
Why It Matters
Frequently Asked Questions
Section 10(23C) institution audit due?
We audit accounts, prepare Form 10BB, and file it before the return due date — protecting your institution’s exemption status year after year.
