CBDT Grants Due Date Relaxation for 10B/10BB and ITR-7 Forms

The CBDT announced an extension for filing Forms 10B/10BB until October 31, 2023, and a one-month extension for ITR 7 form.

The Government of India’s Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023 dated September 18, 2023, providing relief to taxpayers and other stakeholders by extending the deadlines for filing Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24.

In response to the difficulties encountered by taxpayers and stakeholders, the CBDT, using its power under Section 119 of the Income Tax Act, 1961, has permitted relaxation in specific compliance requirements as follows:

1. The deadline for filing the 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, for the Previous Year 2022-23 was set at September 30, 2023. However, it has now been extended to October 31, 2023. This extension is applicable in case of any funds or trusts or institutions or any universities or educational institutions or hospitals or medical institutions in filing Form 10B/Form 10BB.
2. For assessees categorized under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, 1961, the deadline for furnishing the Return of Income in Form ITR-7 for the Assessment Year 2023-24 was October 31, 2023. This deadline has now been extended to November 30, 2023.

This timely release of the notification by the CBDT to extend the deadline for filing these forms- Form 10B/Form 10BB and Form ITR-7 provides relief to taxpayers and organizations dealing with the challenges posed by the various circumstances.

Taxpayers and stakeholders are encouraged to take advantage of these extended deadlines to ensure accurate and timely compliance with the Income Tax Act. The Circular is allowing them more time to prepare and submit the required documents. For further updates and clarifications regarding these extended deadlines and related tax matters, taxpayers are advised to consult with their tax advisors.

Income Tax Form 10B

According to Section 12A of the Income-tax Act of 1961, form 10B relates to audit reports for funds, trusts, and institutions, as well as for any university or other educational institution and any hospital or other medical facility.

Income Tax Form 10BB

Under Section 10, form 10BB is applicable in accordance with Rule 16CC. The intention is to control the revenue received by educational, academic, and medical institutions.

ITR-7 Form

Those who must submit returns in agreement with sections 139(4A), 139(4B), 139(4C), or 139(4D) must use the ITR-7 Form, which is available to both individuals and businesses.

Download CBDT Circular No.16/2023