In a much-welcomed move by the Central Board of Direct Taxes (CBDT), the deadline for filing audit reports and Income Tax Return in Form ITR-7 for Assessment Year 2023-24 has been extended. This extension comes as a relief to taxpayers, particularly trusts, institutions, funds, universities, educational institutions, hospitals, and medical institutions, as well as certain companies that fall under specific provisions of the Income Tax Act.
The CBDT, in Circular No. 16/2023 dated 18th September 2023, announced the extension of key deadlines.
Here’s what you need to know:
1. Extension of Audit Report Filing Deadline:
The due date for furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, originally set for 30th September 2023, has now been extended to 31st October 2023. This provides additional time for charitable institutions, religious trusts operating under Section 12AB of the Income Tax Act (Form 10B), and educational institutions, medical institutions operating under Section 10(23C) (Form 10BB) to complete their filings.
2. Extension of ITR-7 Filing Deadline:
The due date for furnishing the Return of Income in Form ITR-7 for Assessment Year 2023-24, initially scheduled for 31st October 2023, has been extended to 30th November 2023. This extension applies to entities that need to file ITR-7 under section 139(4C) or section 139(4D) of the Income Tax Act.
3. Who Benefits from this Extension:
The relief offered by the CBDT pertains primarily to trusts, institutions, funds, universities, educational institutions, hospitals, and medical institutions. Additionally, it applies to specific companies subject to the provisions of section 139(4A) and 139(4B).
4. Forms Involved:
– Form 10B is essential for charitable institutions and religious trusts operating under Section 12AB of the Income Tax Act.
– Form 10BB is required to be filled by educational institutions and medical institutions operating under Section 10(23C) of the law.
This extension of deadlines acknowledges the challenges faced by these entities in meeting their tax filing obligations amidst various operational and administrative complexities. Taxpayers are encouraged to take advantage of this additional time to ensure accurate and timely submissions, avoiding potential penalties or legal complications.
In conclusion, the CBDT’s decision to extend the deadline for audit report filings and ITR-7 submissions is a positive step towards supporting compliance in the ever-evolving landscape of taxation. It underscores the government’s commitment to facilitating ease of doing business and minimizing the burden on taxpayers, especially those engaged in charitable and educational endeavors.