CBDT extended due date for filing Form 10B/10BB and ITR-7


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.

Read Also: ITR refund : Income Tax Department unable to process refund for 2 categories

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.

Read Also: Income Tax: Taxpayers get intimation for paying lower advance tax

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.

Read Also: Income tax notices made thousands of individuals worried

Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.

For Collaborating with us-

Tags: blog

Related Articles

No results found.

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed