CBDT extends due date for filing Form 10B/10BB, ITR-7 till October 31 | Business Upturn

CBDT extends due date for filing Form 10B/10BB, ITR-7 till October 31

The earlier deadline was scheduled to lapse on September 30. While Form 10B pertains to charitable institutions and religious trusts, Form 10BB is required to be filled by educational institutions and medical institutions.

The Central Board of Indirect Taxes (CBDT) extended the deadline for filing Forms 10B/10BB and ITR-7 to October 31, 2023 on September 18.

On September 30, the earlier deadline was supposed to expire.

“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 deadline for submitting the Return of Income in Form ITR-7 for the Assessment Year 2023–24, which was set for October 31, 2023, has been extended to November 30, 2023,” it continued.

Notably, Form 10BB must be completed by educational institutions and healthcare organisations operating under Section 10(23C) of the law, whereas Form 10B applies to charitable organisations and religious trusts operating under Section 12AB of the Income Tax Act.

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

The majority of taxpayers, including the nation’s salaried class, have until July 31 to submit their ITRs. Up until the deadline, a record-breaking 6.77 crore returns were submitted, a 16 percent increase over the previous year.

The I-T department also received 53.67 lakh ITRs from first-time filers through July 31, which showed the expansion of the tax base.