The Central Board of Direct Taxes (CBDT) has extended the deadline for filling Form 10B and 10BB to October 31, 2023, and Form ITR-7 to November 30, 2023. The earlier deadline for filing Form 10B and 10BB was September 30, and for ITR-7, it was October 31, 2023.
It announced the new deadlines in a circular on September 18, 2023.
What are Form 10B, 10BB and ITR-7?
Form 10B is for charitable and religious organisations registered and operated under section 12A of the Income Tax Act, and Form 10BB is for educational institutions, hospitals and medical institutions operated under section 10 (23C) of the act.
As per the Income Tax Act, ITR-7 is for persons and companies “who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).” These sections pertain to charitable and religious trusts, political parties, scientific research institutions, universities, colleges, and other institutions.
The Act states: “The category of persons whose income is unconditionally exempt under various clauses of section 10, and who are not mandatorily required to furnish their return of income under the provisions of section 139, may use relevant ITR form for filing return. From AY2022-23 onwards, ITR 7 will not be applicable to the persons whose income is unconditionally exempt.”
Direct Tax Collection And Refund:
The gross direct tax collection (before adjusting for refunds) as of September 16, 2023, for the financial year 2023-24 has grown by 18.29 per cent, and the net collection of direct taxes has grown by over 23.51 per cent over the previous year.
The provisional figures of net direct tax collection as of September 16, 2023, stands at Rs 8,65,117 crore, compared to the net direct tax collection of Rs 7,00,416 crore in the corresponding period of financial year 2022-23.
The net collection of direct taxes includes Corporate Tax (CIT) of Rs 4,16,217 crore and Personal Income Tax (PIT), including Securities Transaction Tax of Rs 4,47,291 crore.
On September 18, 2023, CBDT issued the provisional figures under Advance Tax Collection, at Rs. 3,55,481 crore for FY2023-24. Further, under the minor heads, the tax deducted at source (TDS) to be at Rs 5,19,696 crore, Self-Assessment Tax at Rs 82,460 crore, Regular Assessment Tax at Rs 21,175 crore, and Tax under other minor heads at Rs 8,248 crore. As of September 16, 2023, the income tax refund stood at Rs 1,21,944 crore.
