ITR-7 submission deadline: Giving relief to big taxpayers, the Income Tax Department has extended the deadline for submitting ITR-7 and has also extended the deadline for filing tax audit report. Let us know about it in detail. .
The Income Tax Department has extended the deadline for filing audit reports including ITR-7 filing. This decision will provide relief to a large number of big taxpayers like trusts, institutions and hospitals. The Income Tax decision will also benefit religious trusts, political parties, scientific research institutes, universities, colleges or other institutions. Let us tell you that till September, about 6.98 crore taxpayers have filed ITR.
When can the audit report be submitted?
The deadline for trusts, educational institutions and hospitals to file audit reports for the financial year 2022-23 was September 30, which has been extended by one month. The Central Board of Indirect Taxes (CBDT) has announced extension of the deadline to October 30. CBDT said in its circular that the new date for submission of audit report in Form 10B/Form 10BB for the financial year 2022-23 is October 31, 2023.
Religious trusts and institutions got relief
Form 10B pertains to charitable institutions and religious trusts operating under section 12AB of the Income Tax Act, while Form 10BB is required to be filled by educational institutions and medical institutions operating under section 10(23C) of the law.
Opportunity to submit ITR-7 till 30th November
The Central Board of Direct Taxes i.e. CBDT has also extended the due date for filing return of income in Form ITR-7 for the assessment year 2023-24 from 30 October to 30 November 2023. Let us tell you that ITR-7 form is filled by charitable and religious trusts, political parties, scientific research institutions, universities, colleges or other institutions.
