Introduction: The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023, dated 18th September 2023, addressing concerns raised by taxpayers and stakeholders regarding the filing of Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24. In this article, we’ll delve into the key points of this circular and its implications.
i. Extension for Form 10B and Form 10BB: The CBDT has extended the due date for furnishing Audit reports in Form 10B/Form 10BB for the Previous Year 2022-23. Originally set for 30th September 2023, the new deadline is now 31st October 2023. This extension provides much-needed relief to funds, trusts, institutions, universities, educational institutions, hospitals, and medical institutions that need more time to compile and submit their reports accurately.
ii. Extension for Form ITR-7: The due date for filing the Return of Income in Form ITR-7 for the Assessment Year 2023-24 has also been extended. Initially set at 31st October 2023, it has now been pushed to 30th November 2023. This extension primarily benefits assessees falling under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961. They now have additional time to ensure their tax returns are accurately and comprehensively filed.
Conclusion: The CBDT’s extension of filing deadlines for Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24 is a timely and considerate move. It acknowledges the challenges faced by various entities in meeting their compliance requirements. Taxpayers, funds, trusts, educational institutions, hospitals, and others can utilize this extra time to ensure their submissions are accurate and in line with the provisions of the Income-tax Act, 1961. Compliance with tax regulations remains essential, and this extension facilitates a smoother and more effective process for all concerned parties. Stay updated with the latest notifications from CBDT to ensure you meet your tax obligations effectively.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Subject: – Extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24— reg.
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:
1. 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 hereby extended to 31st October, 2023.
2. The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year 202324 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, which is 31st October, 2023, is hereby extended to 30th November, 2023.
Director to the Government of India