The Central Board of Direct Taxes or CBDT extends the due date to file ITR-7 and ITR 10B/10BB from September 18 to October 31, 2023.
“The due date for 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,” reads the circular from CBDT.
“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,” further said.
What is ITR-7, Form 10B, Form 10BB?
In line with Section 12A of the Income-tax Act, 1961, Form 10B is used for audit reports concerning various entities, including funds, trusts, and institutions like universities, educational establishments, hospitals, and medical facilities.
Form 10BB is a required form under Rule 16CC in Section 10, designed to oversee the income of educational institutions, universities, and medical facilities.
The ITR-7 Form is for individuals and companies required to submit returns under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D).
ITR Filing Broke All Records
In the world of income tax filings in India, something remarkable happened in the fiscal year 2023-24. A record-breaking 6.77 crore income tax returns for the assessment year 2023-24 were filed by July 31, including 53.67 lakh first-time filers.
“The total number of ITRs for AY 2023-24 filed till July 31, 2023, are more than 6.77 crore, which is 16.1 percent more than the total ITRs for AY 2022-23 (5.83 crore) filed till July 31, 2022,” said IT Department.
“The filing of ITRs peaked on July 31, 2023, with over 64.33 lakh ITRs being filed on a single day. The department also received 53.67 lakh ITRs till July 31, 2023, from first-time filers, a fair indication of the widening of the tax base,” further mentioned.