Income Tax Return Deadline: The last date for filing income tax returns in the country was 31 July 2023, after which individuals have to pay penalty for filing ITR returns. However, now the charitable trusts of the country have been given more time to file income tax returns. The Central Board of Direct Taxes announced on September 18 that it has extended the deadline for filing income tax returns for charitable trusts, religious institutions and professional bodies by a month to November 30.
The date for filing income tax returns has been extended for these institutions
According to the statement issued by the Income Tax Department, the due date for submission of audit report for 2022-23 by any fund, trust, institution or any university or educational and medical institution in Form 10B/10BB has also been extended by one month to 31 October 2023. Has been done till now.
What did the Income Tax Department say?
The Income Tax Department said, “The due date for filing return of income in Form ITR-7 for the assessment year 2023-24, which was 31 October 2023, has been extended to 30 November 2023.” ITR-7 is filed by political parties, electoral trusts and institutions and professional bodies involved in charitable and religious activities.
Companies got time till November 30 to file income tax returns
On Monday itself, the government said that the last date for companies to file income tax returns has been extended to November 30. Apart from this, for companies that need to get their accounts audited, the due date for submitting the audit report has been extended by one month to October 31. The Finance Ministry said in a statement that the due date for submission of return of income in Form ITR-7 for the assessment year 2023-24 has been extended from 31.10.2023 to 30.11.2023.
Record ITR filed
Talking about ITR filed by individuals paying income tax, India had broken all its records in the financial year 2023-24. A record 6.77 crore income tax returns were filed till July 31 for assessment year 2023-24, of which 53.67 lakh were first-time ITRs.
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