The Income Tax Department said the due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023.
New Delhi: The Income Tax Department on Tuesday extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30. The I-T also announced that the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2023.
“The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023,” the department said in a statement.
Notably, ITR-7 is filed by institutions involved in charitable and religious activities; research; and professional bodies, besides political parties and electoral trust.
As part of the Section 12A of the Income-tax Act, 1961, Form 10B is related to audit reports, towards the case of fund, trust, or institution, any university or other educational institution, or any hospital or other medical institution.
Form 10B also pertains to charitable institutions and religious trusts operating under Section 12AB of the Income Tax Act, whereas, Form 10BB is required to be filled by educational institutions and medical institutions operating under Section 10(23C) of the law.
As per the Income Tax Department, ITR-7 Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
On the other hand, the deadline for filing ITRs for the bulk of taxpayers, including the country’s salaried class, was on July 31. A total of 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 said it has received 53.67 lakh ITRs till July 31 from first-time filers, which reflected the widening of tax base.
“The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022,” the income tax department said in a statement.