The Central Board of Indirect Taxes (CBDT) via Circular no. 16/2023 dated September 18, 2023 announced an extension in the deadline for filing Form 10B/10BB and ITR-7. The earlier deadline was scheduled to lapse on September 30.
“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 taxation department stated in its circular.
“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 added.
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Form 10B
Under Section 12A of the Income-tax Act, 1961, Form 10B is concerned with audit reports, towards the case of fund, trust, or institution, any university or other educational institution, or any hospital or other medical institution.
Form 10BB
Form 10BB is applicable as per Rule 16CC under section 10. The purpose is to regulate the income of educational institutions, universities, and medical institutions.
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ITR-7 Form
ITR-7 Form can be used by persons including companies who are required to furnish returns under Section 139(4A) section 139(4B) or section 139(4C) or Section 139(4D).
The last date for filing ITRs for the bulk of taxpayers, including the country’s salaried class, was on July 31. A record-breaking 6.77 crore returns were filed till the due date, which was 16 percent higher as compared to the preceding year.
The I-T department also received 53.67 lakh ITRs till July 31 from first time filers, which reflected the widening of tax base.
Out of 6.77 crore ITRs, 5.63 crore returns have been e-verified, out of which more than 5.27 crore are through Aadhaar-based OTP (94 per cent).
Out of the 6.77 crore ITRs filed for AY 2023-24, 49.18 per cent are ITR-1 (3.33 crore), 11.97 per cent are ITR-2 (81.12 lakh), 11.13 per cent are ITR-3 (75.40 lakh), 26.77 per cent are ITR-4 (1.81 crore) and 0.94 per cent are ITR-5 to 7 (6.40 lakh).
Over 46 per cent of these ITRs have been filed using the online ITR utility available on the e-filing portal, and the balance has been filed using offline ITR utilities.
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