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**Title: CBDT Extends ITR Filing Deadline for
Charitable Trusts and Institutions**
**Introduction**
In a
significant development for charitable trusts, institutions, universities, and
other entities governed by the Income Tax Act, 1961, the Central Board of
Direct Taxes (CBDT) has announced an extension of the deadline for filing
Income Tax Returns (ITR) in Form ITR-7 for the Assessment Year 2023-24. The
decision comes in response to the unique challenges faced by taxpayers,
primarily arising from the COVID-19 pandemic and adverse weather conditions in
various parts of the country.
**Key
Updates**
1. **ITR-7
Filing Deadline Extended:** The CBDT circular, issued on September 19, 2023,
grants an additional month for filing ITR-7. The new deadline is now set for
November 30, 2023, as opposed to the previous date of October 31, 2023. This
extension specifically applies to charitable trusts, institutions,
universities, hospitals, and other entities obligated to submit ITR-7.
2.
**Extension for Audit Reports:** The CBDT has also extended the deadline for
furnishing audit reports in Form 10B/Form 10BB for the Financial Year 2022-23.
Previously due on September 30, 2023, the new deadline for these reports is now
October 31, 2023. These forms are mandatory for charitable trusts and
institutions seeking exemption under Section 10(23C) or Section 11 of the
Income Tax Act, 1961.
3. **Reason
for Extension:** The CBDT has cited the challenges posed by the ongoing
COVID-19 pandemic and the disruptions caused by heavy rains in various parts of
the country as the primary reasons for granting this extension. The move aims
to alleviate the difficulties faced by taxpayers in meeting their filing and
compliance obligations.
**Additional
Information**
Form ITR-7
is applicable to a range of entities, including companies that must furnish
returns under specific sections of the Income Tax Act. These sections encompass
charitable trusts, political parties, research associations, news agencies,
universities, hospitals, trade unions, and other entities that are not liable
to pay tax on their income.
It's worth
noting that while this extension provides much-needed relief for charitable
trusts and institutions, there is no further extension, as of now, for
individuals and businesses not requiring audit, who had their deadline for ITR
filing previously extended from July 31, 2023, to September 30, 2023.
**Access
the Circular**
For
detailed information on this extension and to access the CBDT circular in its
entirety, please visit the official website of the Income Tax Department by
following this link: [CBDT Circular No.
16/2023](https://www.incometax.gov.in/iec/foportal/sites/default/files/2023-09/circular_no_16_2023.pdf#).
This
extension is a testament to the government's commitment to supporting taxpayers
during challenging times and ensuring the smooth and accurate filing of tax
returns for all eligible entities.
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