Latest Update:
Introduction: The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023, dated 18th September 2023, addressing concerns raised by taxpayers and stakeholders regarding the filing of Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24. In this article, we’ll delve into the key points of this circular and its implications.
Extension of Due Date for Forms 10B/10BB
The due date for submitting audit reports using Form 10B/Form 10BB for the AY 2023-24, has been extended from 30th September 2023 to 31st October 2023.
Extension of Due Date for Form ITR-7
The due date for filing the Return of Income using Form ITR-7 for AY 2023-24, has been extended from 31st October 2023 to 30th November 2023.
- Form 10B is an audit report that must be filed by charitable and religious trusts under Section 12AB of the Income-tax Act, 1961.
- Form 10BB is an audit report that must be filed by educational and medical institutions under Section 10(23C) of the Income-tax Act, 1961.
- Form ITR-7 is the income tax return form that must be filed by charitable and religious trusts, political parties, scientific research institutions, universities, colleges, and other institutions.
Conclusion:
The CBDT’s extension of filing deadlines for Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24 is a timely and considerate move. It acknowledges the challenges faced by various entities in meeting their compliance requirements. Taxpayers, funds, trusts, educational institutions, hospitals, and others can utilize this extra time to ensure their submissions are accurate and in line with the provisions of the Income-tax Act, 1961.
This Article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update etc. if any.
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Published on: September 27, 2023