The Central Board of Direct Taxes (CBDT) has now extended the deadline for submitting audit reports in Form 10B/Form 10BB for the Financial Year (FY) 2022–23 from 30 September to 31 October 2023, CBDT informed in its circular.
The 30 November 2023 deadline for filing the Return of Income in Form ITR-7 for the Assessment Year 2023–24 has also been extended from 31 October 2023.
Form 10BB must be completed by educational institutions and healthcare organisations operating under Section 10(23C) of the law, whereas Form 10B applies to charitable organisations and religious trusts operating under Section 12AB of the Income Tax Act.
A large number of taxpayers, including the nation’s salaried class, had until July 31 to submit their ITRs. Up until the deadline, a record-breaking 6.77 crore returns were submitted, a 16 percent increase over the previous year.