Thread by @AccountAid

#TAXAUDIT | New disclosures in form 10B for charities include:
- List of board/trustees
- List of a/c books/records
- Earning from activities of General Public Utility
- Business activity
- Donations in kind
- Anonymous donations
- 10BD details
- Breakup of donations
1/n

- Application of income under 8 categories further sliced & diced as
• cash & electronic payments
• capital & revenue
- Details of payees getting > ₹50 lakh during year
- Disallowances
- Application of income acc to sources (corpus, reserves, accumulated, etc)
2/n

- Detailing of TDS on category-wise receipts
- Sale/transfer of capital assets to others
- Listing of key persons covered u/s 13(3)
- Details of any legal violation (for canceling tax registration)
- Details of corpus, FC, loans, application o/s India, accumulation
3/n

- Loans in violation of 269SS/269ST
- Defaults in deduction or deposit of TDS

All these changes are applicable from FY 22-23 onwards.

Charities must provide required records/info to auditors or they will get a qualified audit report.

n/n

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