Income Tax Return Due Date Extension AY 2023-24 News: ITR-7 Filers Get An Extra Month to File

financialexpress.com:

ITR Filing Due Date Extension News Ay 2023-24: The Central Board of Direct Taxes (CBDT) has extended the due date of furnishing Income Tax Returns in Form ITR-7 for Assessment Year 2023-24 by a month. The due date has been extended from 31.10.2023 to 30.11.2023.

ITR 7 is used by persons including companies who are required to furnish their return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. ITR-7 is used by Charitable and Religious Trusts (Section 139 (4A)), political parties (Section 139 (4B)), Scientific research institutions (Section 139 (4C)), Universities, colleges or other institutions (Section 139 4(D)).

The CBDT has also extended the due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23 from 30.09.2023 to 31.10.2023.

Also Read: I am a senior citizen holding Income Tax records for 40 years. Am I supposed to keep them forever?

Meanwhile, the Ministry of Finance has said that the Income Tax Refunds amounting to Rs. 1,21,944 crore have been issued in the FY 2023-24 till 16.09.2023.

The provisional figures of net Direct Tax collections for the Financial Year 2023-24 (as on 16.09.2023) has increased by 23.51% to Rs. 8,65,117 crore, compared to Rs. 7,00,416 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022-23).

The Net Direct Tax collections of Rs. 8,65,117 crore (as on 16.09.2023) include Corporation Tax (CIT) at Rs. 4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 4,47,291 crore (net of refund).

Also Read: Advance Tax payment rules for salaried employees, senior citizens, NRIs, professionals: Key points

Provisional figures of Advance Tax collections for Financial Year