Extension of timelines for filing of form 10B/10BB and form ITR-7

The Central Board of Direct Taxes (CBDT), by exercising its powers under Section 119 of the Income Tax Act, 1961 (Act), provides relaxation in respect of the following compliances:

Due date for furnishing audit reports in Form 10B/Form 10BB under Section 10/Section 12A of the Act for the previous year 2022-23 relevant to Assessment Year 23-24 was originally for 30^th September 2023.

To remove the difficulties faced by taxpayers (i.e., funds, trusts, institutions, universities, educational institutions, hospitals, and medical institutions), the new deadline for filing audit reports in Form 10B/Form 10BB has been extended to 31^st October 2023 from 30^th September 2023.

Accordingly, the deadline for filing the return of income in form ITR-7 for the previous year, 2022-23, relevant to assessment year 2023-24, has been extended to 30^th November 2023 from 31^st October 2023.

Additional Resources:

• CBDT Amendment Revises Form 16, Form 24Q, and Form 12BA
• Condonation of Delay Under Section 119 of Income Tax
• Extension of Due Date for Filing of Return of income for Assessment
• Introduction of Disclosure Requirement Related to Significant Economic Presence
• Introduction of a modified return of Income in ITR and extension of time for Filing