CBDT extends deadline for filing of Form 10B/10BB and Form ITR-7

The Central Board of Direct Taxes (CBDT) on Monday (September 18) announced an extension in the due date for filing Form 10B and Form 10BB for the financial year 2022-23 till October 31, 2023.

These forms were originally due at an earlier date of September 30, 2023. Form 10B is applicable to charitable organisations and religious trusts, while Form 10BB is mandatory for educational and medical institutions.

"The due date of furnishing audit reports in Form 10B/Form 10BB for the financial year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023," the department notified in its circular.

Furthermore, the taxation department has also extended the due date for furnishing Income Tax Returns (ITRs) in Form ITR-7 for the Assessment Year (AY) 2023-24. The revised deadline for ITR-7 submission is now November 30, 2023.

"The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is also extended to 30.11.2023," it said.

The Income Tax (I-T) department has notified 7 forms for filing ITR this year, which include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7.

The ITR-7 Form, according to the Income Tax Department, "can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)".

The deadline for filing an ITR for the financial year 2022-2023 (assessment year 2023-2024) was July 31, 2023. A total of 6.77 crore ITRs were filed, out of which 4.65 crore people reportedly paid zero tax.