CBDT Extends Timeline of filling Form 10B, 10BB & ITR-7

CBDT Extends Timeline of filling Form 10B, Form 10BB & ITR-7 AY 2023-24

This Article is giving overview of the requirements for filling NGO Audit reports for Form 10B, Form 10BB, & nd ITR-7 for the AY 2023-24. The Central Board of Direct Taxes Extends due date of furnishing audit reports Deadlines for Form 10B, Form 10BB & ITR-7 Assessment Year 2023-24.

Central Board of Direct Taxes Circular No. 16 dated 18.09.2023 issued. The said Circular is available on incometaxindia.gov.in.

Income Tax Return -ITR-7  :

• Income Tax Return -ITR-7 is the ITR form used by entities, including trusts, that are required to file returns under various sections mentioned in the form. With ITR-7, NGO will required to attach the audit report (Form 10B or Form 10BB) and other necessary information and documents. It is also required that all the above ITR and Form are correctly filled in the ITR-7 form.

Audit Report for Institutions/ Trusts U/s 10(23C) & 80G(5)(vi)- Form 10BB:

• Income Tax Audit report prepared & signed by CA in practice under the Form 10BB is needed for institutions & trusts claiming Income tax exemptions U/s 10(23C) & 80G(5)(vi) which contain activities and compliance of the institution or trust.

Audit Report u/s 12A(b)in the Form 10B:

• Income Tax Act Form 10B is typically needed to be file by NGO that are registered u/s 12A(b) said NGO audit report prepared & Signed by a CA in practice that ensured that NGO’s income, expenditure, & activities for the relevant AY.

CBDT extends due date for filing of Form 10B/10BB for FY 2022-23 to 31.10.2023. Due date for furnishing of ITR in Form ITR-7 for the AY 2023-24 also extended to November. 30, 2023.  Income Tax update & compliance formalities may change time to time, so NGO’s should consult a tax Expert for update on NGO guidelines & forms issued by the Income tax Dept.

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