Active Stocks
Wed Oct 04 2023 13:23:33
  1. Tata Steel share price
  2. 124.95 -2.38%
  1. Axis Bank share price
  2. 1,000.35 -3.81%
  1. NTPC share price
  2. 234.15 -2.9%
  1. HDFC Bank share price
  2. 1,523.8 1.05%
  1. Mahindra & Mahindra share price
  2. 1,515.4 -1.39%
Business News/ News / India/  Income Tax Return filing: Govt extends due date for charitable trusts and ITR-7. Details here

Income Tax Return filing: Govt extends due date for charitable trusts and ITR-7. Details here

The government extended the due date for filing ITR by companies till November 30

The last date for filing ITR by companies has extended till November 30Premium
The last date for filing ITR by companies has extended till November 30

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 due date for 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," CBDT 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, said CBDT.

Form 10B

Under Section 12A of the Income-tax Act, 1961, Form 10B is concerned with audit reports, towards the case of fund, trust, or institution, any university or other educational institution, or any hospital or other medical institution.

Form 10BB

Form 10BB is applicable as per Rule 16CC under section 10. The purpose is to regulate the income of educational institutions, universities, and medical institutions.

ITR-7 Form

ITR-7 Form can be used by persons including companies who are required to furnish returns under Section 139(4A) section 139(4B) or section 139(4C) or Section 139(4D).

Also Read: Windfall tax on crude oil raised to 10,000 per tonne

Regarding ITRs filed by income tax-paying individuals, India broke all its records in FY 23-24. A record 6.77 crore income tax returns for the assessment year 2023-24 were filed till July 31, including 53.67 lakh first-time filers.

"The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022," the income tax department said in a statement.

Also Read: Windfall tax on crude oil hiked to 10,000 per tonne, export duty on ATF reduced to 3.5/litre

At the time when deadline for filing income tax returns was about to pass, there were speculations that it will be extended by the government. But the deadline was not extended.

The filing of ITRs peaked on July 31, 2023, with over 64.33 lakh ITRs being filed on a single day. The department also received 53.67 lakh ITRs till July 31, 2023, from first-time filers, a fair indication of the widening of the tax base, the department added.

Also Read: Advance tax second instalment payment due date: Know the penalty for missing the deadline

Out of 6.77 crore ITRs, 5.63 crore returns have been e-verified, out of which more than 5.27 crore are through Aadhaar-based OTP (94 per cent).

Out of the 6.77 crore ITRs filed for AY 2023-24, 49.18 per cent are ITR-1 (3.33 crore), 11.97 per cent are ITR-2 (81.12 lakh), 11.13 per cent are ITR-3 (75.40 lakh), 26.77 per cent are ITR-4 (1.81 crore) and 0.94 per cent are ITR-5 to 7 (6.40 lakh).

Over 46 per cent of these ITRs have been filed using the online ITR utility available on the e-filing portal, and the balance has been filed using offline ITR utilities

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 19 Sep 2023, 10:10 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App