ITR deadline Extension for charitable trusts: The Income Tax Department has extended the deadline for filing ITR for charitable trusts. Whereas, the deadline for submitting audit reports for institutions has also been extended by one month.
Income Tax Department has extended the deadline for ITR filing for certain categories of taxpayers. This has brought great relief to the taxpayers/institutions falling in these categories and they have also been saved from paying heavy penalties due to delay. According to the Income Tax Department, till September 5, about 6.98 crore individual taxpayers have filed ITR.
The Income Tax Department has extended the deadline for filing income tax returns for charitable trusts, religious institutions and professional bodies by one month to November 30. The Income Tax Department said in a statement that the due date for filing income tax return in Form ITR-7 for the assessment year 2023-24, which is 31 October 2023, has been extended to 30 November 2023.
Also, the due date for submission of audit report for 2022-23 by any fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by one month to 31 October 2023. Earlier the last date for submission of audit report was 30 September.
ITR-7 is filed by institutions involved in charitable and religious activities, research institutes, professional bodies, political parties and electoral trusts also file tax returns through ITR-7.
According to the data released by the Income Tax Department in the first week of September, about 6.98 crore taxpayers have filed ITR. Out of these, refund has been issued to about 3 crore taxpayers, while the remaining ITRs have been processed.
The Income Tax Department has said that those individual taxpayers who have not been able to file ITR by July 31 have been given the opportunity till December to file belated ITR with penalty.
