CBDT extends due date for filing Form 10B/10BB, ITR-7

The Central Board of Direct Taxes (CBDT) has extended the due date for filing Form 10B/10BB for FY 2022-23 to October 31, 2023. The due date for submitting ITR-7 for AY 2023-24 has also been extended to November 30, 2023.

The CBDT has issued a circular stating that, “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.”

The CBDT further added that, “The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year 2023-24 in the case of assesses 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.”

The form ITR-7 can be used by any company/individual who is required to furnish return u/s 139(4A), 139(4B), 139(4C) or 139(4D) i.e. trusts, political parties, institutions and colleges.

Direct tax collection crosses Rs. 8.65 trillion

The Central government has announced that, after deducting tax refunds, it has collected Rs. 8.65 trillion in direct taxes up to September 16, 2023. At Rs. 8.65 trillion, direct tax mop-up is more than half of its annual target, the CBDT said in a statement. This is also a 23.5% increase over the same period last year, including the first two instalments of advance tax collections.

The government has an outlook of 10.5% annual growth in direct tax collection for the financial year 2024. After refunds, the corporate tax collected stands at Rs. 4.16 trillion, which is 45% of the full-year target. Personal income tax revenue is Rs. 4.47 trillion, which is half of the full-year target.