NOTIFICATION NO. 194/ 2006, DATED 25-7-2006

S.0.1176(E)—In exercise of the powers conferred by Section 295 read with sub-clauses (iv), (v), (vi) and (vi a) of clause (23C) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (Eighth Amendment) Rules, 2006.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962,-

(a) in Part IV, after rule 16C, the following rule shall be inserted, namely: –

“16CC. The report of audit of the accounts of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution which is required to be furnished under the tenth proviso to clause (23C) of section 10 shall be in Form No. 10BB.”.

(b) in Appendix II, after Form No.10BA, the following Form shall be inserted, namely:-

FORM NO. 10BB

[See rule 16CC]

Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of section 10(23C).

(i)* I/We have examined the Balance Sheet as at………..and the Income and Expenditure or Profit and Loss Account for the year ended on that date attached herewith of……….(name of fund or trust or institution or any university or other educational institution or any hospital or other medical institution).

(ii) *I/We certify that the Balance Sheet and the Income and Expenditure Account or Profit and Loss Account are in agreement with the books of account maintained by the head office at ………and………branches.

(iii) Subject to comments below………

  1. *I/We have obtained all the information and explanations which to the best of *my/our knowledge and belief were necessary for the purpose of the audit.

  2. In *my/our opinion, proper books of account have been kept by the head office and branches of the above-named fund, or trust, or institution or any university or other educational institution or any hospital or other medical institution so far as appears from *my/our examination of the books of account.

  3. In *my/our opinion and to the best of *my/our information and according to the information given to me/us, the said accounts read with notes thereon, if any, give a true and fair view –

(1) In the case of the Balance Sheet, of the state of affairs of the above-named fund, or trust, or institution or any university or other educational institution or any hospital or other medical institution as at……….and

(2) In the case of Income and Expenditure Account or Profit and Loss Account, surplus or deficit or profit or loss for the year ended on that date.

The prescribed particulars are annexed herewith :

Place:
Date:
Signed
Membership No.
Address

Notes:

1. *Strike out whichever is not applicable.

2. This report has to be given by…………

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949); or

(ii) any person who, in relation to any State, is, by virtue of the provisions of sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of the company registered in that State.

3. Where any of the matters stated in this report is answered in the negative, or with a qualification, the report shall state the reasons for the same.

ANNEXURE

Statement of particulars

PART A-GENERAL

1.
Name of the found or trust or institution or any university or other educational institution or any hospital or other medical institution.
2.
Address
3.
Permanent Account Number
4.
Assessment Year
5.
Sub-clause of section 10(23C) under which the fond or trust or institution or any university or other educational institution or any hospital or other medical institution is seeking exemption.
6.
Number and date of notification/approval of the fond or trust or institution or any university or other educational institution or any hospital or other medical institution.
PART B – APPLICATION OF INCOME FOR CHARITABLE OR RELIGIOUS OR EDUCATIONAL OR PHILANTHROPIC PURPOSES
7.
Nature of charitable/religious/educational/ philanthropic activity

[as referred to in sub-clauses (iv),(v),(vi) or (via) of section 10(23C)]
8.
Total income of the previous year of the fond or trust or institution or any university or other educational institution or any hospital or other medical institution
9.
Amount of income of the previous year applied during the year wholly and exclusively to the objects for which it is established
10.
Amount of income of the previous year accumulated for application, wholly and exclusively, to the objects for which it is established, to the extent it does not exceed 15% of income of that year.
11.
Amount of income, exceeding 15% of income of the year, accumulated in accordance with clause (a) of the third proviso to section 10(23C).
12.
(a) Whether, during the previous year, any part of the income, not exceeding 15% of income accumulated in any earlier year, was applied for purposes other than to the objects for which it is established or has ceased to be accumulated for application thereto?
(b) If the answer to (a) above is ‘yes’, then give details of income so applied or ceased to be so accumulated
13.
(a) Whether, during the previous year, any part of the income of any earlier year exceeding 15% of the income, that was accumulated in accordance with clause (a) of the third proviso to section 10(23C) in that year, was applied for purposes other than to the objects for which it is established or has ceased to be accumulated for application thereto?
(b) If the answer to (a) above is ‘yes’, then give details of income so applied or ceased to be so accumulated
14.
(a) Whether, during the previous year, any part of the income of any earlier year exceeding 15% of the income, that was accumulated in accordance with clause (a) of the third proviso to section 10(23C) in that year, was not utilised for purposes for which it was accumulated during the period for which it was to be accumulated?
(b) If the answer to (a) above is ‘yes’, then give details thereof, together with amount of income not so utilised.
PART C- OTHER INFORMATION
15.
(a) Whether any funds, other than the assets or voluntary contributions referred to in clause (b) of the third proviso to section 10(23C), were invested or deposited for any period during the previous year, otherwise than in the forms and modes specified in sub-section (5) of section 11.
(b) If the answer to (a) above is ‘yes’, then give details as                     under:
Sl.No.
Nature of investment or deposit
Amount invested or deposited
Period of investment or t deposit
16.
In relation to any income being profits and gains of business, –
(a) whether the business was incidental to the attainment of the objectives of the fund or trust or institution or university or other educational institution or hospital or other medical institution?
(b) whether separate books of account were maintained in respect of such business?
(c) if the answer to (a) and/or (b) above is ‘no’, then state the amount of such income.
17.
(a) whether during the previous year, any part of the accumulated income was paid or credited to any trust or institution registered under section 12AA or to any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10?
(b) if the answer to (a) above is ‘yes’, then give details thereof, together with the amount of income so paid or credited.
18.
(a) whether any voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause (b) of the third proviso to section 10(23C), was held during the previous year, otherwise than in any of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such voluntary contribution was received?
(b) if the answer to (a) above is ‘yes’, then give details thereof, including the amount of such voluntary contribution.
19.
(a) whether any anonymous donation referred to in section 115 BBC was received during the year? (See notes 2 &3)
(b) if the answer to (a) above is ‘yes’, then state the amount of such anonymous donation.
Place :
Date :
Signed
Auditor

Note:    1. Strike out whichever is not applicable.

2. This item is not applicable to any anonymous donation received by-

a. any trust or institution created or established wholly for religious purposes;

b. any trust or institution created or established wholly for religious and charitable purposes other than any anonymous donation made with a specific direction that such donation is for any university or other educational institution or any hospital or other medical institution run by such trust or institution.

3. This item is applicable for assessment year 2007-08 and subsequent assessment years.

[F. No. 149/188/2006 TPL]

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