Income Tax Alert: CBDT extends due date for filing Form 10B/10BB, ITR-7 till THIS Date

New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Form 10B/10BB for FY 2022-23 to 31 October 2023. The due date for furnishing of ITR in Form ITR-7 for the AY 2023-24 has also been extended to 30 November 2023.

The CBDT circular said, On consideration of difficulties reported by the taxpayers and other stakeholders, the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Income-tax Act,1961 (Act), provides relaxation in respect of following compliances:

“The due date of furnishing Audit report under clause(b) of the tenth proviso to clause(23C)of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act,1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution in Form 10B/Form 10BB for the Previous Year 2022-23, which is 30th September, 2023, is here by extended to 31st October, 2023.

CBDT further added, “The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year2023- 24 in the case of assesses referred to in clause(a) of Explanation 2 to sub-section (1) of section 139 of the Act, which is 31st October, 2023, is here by extended to 30th November 2023”.”

The form ITR-7 can be used by any company/individual who is required to furnish return u/s 139(4A), 139(4B), 139(4C) or 139(4D) i.e. trusts, political parties, institutions and colleges.