New Deadlines Set for November 30, 2023, Following Department’s Decision
In a recent move, the Income Tax Department has granted an extension for the income tax return (ITR) submission for charitable trusts, religious institutions, and professional bodies. The new deadline is set for November 30, providing a one-month extension to these entities.
Extended Dates:
Income Tax Return (ITR) Submission
Previously, the last date to file the Income Tax Return in Form ITR-7 for the Assessment Year 2023-24 was slated for October 31, 2023. However, with the latest amendment, the due date has now been postponed to November 30, 2023.
Audit Reports Submission
Additionally, the submission deadline for audit reports for the fiscal year 2022-23, applicable to funds, trusts, universities, educational institutions, and medical establishments in Form 10B/10BB, has also been deferred by a month. The revised due date for these entities now stands at October 31, 2023.
Official Statement
Reiterating the changes, the department declared, “The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023.”
Who Files ITR-7?
The ITR-7 form is primarily filed by entities engaged in charitable and religious activities, research, and professional bodies. Additionally, political parties and electoral trusts are also required to submit their returns through this form.
The extension is expected to provide relief to these entities, allowing them more time to streamline their financial documents and ensure accurate submission.
