CBDT's Latest Circular: Extended Income Tax Form Deadlines and Relief for Taxpayers in 2023-24 with Form 10B/10BB and ITR-7

In this blog post, we will explain the latest income tax circular issued by the CBDT on 18th September, 2023. This circular extends the timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24. This is a relief for many taxpayers and stakeholders who are facing difficulties due to the pandemic situation. Let's see what this circular says in detail.

Form 10B/10BB is the audit report that has to be furnished by a fund or trust or institution or any university or other educational institution or any hospital or other medical institution that claims exemption under section 10(23C) or section 12A of the Income-tax Act, 1961. The due date for filing this form for the Previous Year 2022-23 was 30th September, 2023. However, the CBDT has extended this date to 31st October, 2023. This means that you have one more month to get your accounts audited and file the form online.

Form ITR-7 is the return of income that has to be filed by the assessees who are required to furnish Form 10B/10BB or who are claiming exemption under section 139(4A), section 139(4B), section 139(4C) or section 139(4D) of the Income-tax Act, 1961. These include charitable or religious trusts, political parties, scientific research associations, news agencies, hospitals, educational institutions, etc. The due date for filing this form for the Assessment Year 2023-24 was 31st October, 2023. However, the CBDT has extended this date to 30th November, 2023. This means that you have two more months to file your return of income online.

The CBDT has issued this circular in exercise of its powers under Section 119 of the Income-tax Act, 1961. This section empowers the CBDT to issue orders, instructions or directions to subordinate authorities for proper administration of the Act. The CBDT has also clarified that no further extension will be granted for these compliances.

I hope this blog post has helped you understand the income tax circular better. If you have any query regarding this circular or any other income tax matter, you can email us: pretaxessolutions@gmail.com. Thank you for reading and stay tuned for more updates!

Download Circular No. 16/2023