The earlier deadline was scheduled to lapse on September 30. While Form 10B pertains to charitable institutions and religious trusts, Form 10BB is required to be filled by educational institutions and medical institutions.

The Central Board of Indirect Taxes (CBDT) on September 18 announced an extension in the deadline for filing Form 10B/10BB and ITR-7 till October 31, 2023.

The earlier deadline was scheduled to lapse on September 30.

"The due date of furnishing audit reports in Form 10B/Form 10BB for the financial year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023," the taxation department stated in its circular.

"The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is also extended to 30.11.2023," it added.

Notably, Form 10B pertains to charitable institutions and religious trusts operating under Section 12AB of the Income Tax Act, whereas, Form 10BB is required to be filled by educational institutions and medical institutions operating under Section 10(23C) of the law.

The ITR-7 Form, according to the Income Tax Department, "can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)".

The last date for filing ITRs for the bulk of taxpayers, including the country's salaried class, was on July 31. A record-breaking 6.77 crore returns were filed till the due date, which was 16 percent higher as compared to the preceding year.

The I-T department also received 53.67 lakh ITRs till July 31 from first time filers, which reflected the widening of tax base.

Source: https://shorturl.at/diDH8