Difference between Form 10B and Form 10BB

Financial Reporting
1

Whats the difference between Form 10B and Form 10BB, and how do we know which one to file? Our CA told us the rules have changed but we’re not sure which one applies to our organisation.

2

These Audit Report forms were revised and made effective from AY 23-24.

Form 10B is to be used when in the previous year, either

  1. Total income exceeds Rs. 5 cr, or
  2. FC has been received, or
  3. Income is applied outside India

If any of the above 3 triggers are not attracted, then Form 10BB has to be filed.

CS Sharad Bhargava