In a recent announcement, the Income Tax Department has granted an additional month for filing income tax returns for charitable trusts, religious institutions, and professional bodies.
The new deadline for submission is November 30, offering more time for compliance.
Audit Report Deadline Also Extended
Additionally, the due date for submitting audit reports for the fiscal year 2022-23, applicable to funds, trusts, institutions, universities,
and educational and medical institutions utilizing Form 10B/10BB, has been extended by one month, now due by October 31, 2023.
Changes for Assessment Year 2023-24
The Income Tax Department has also adjusted the deadline for filing income returns using Form ITR-7 for the assessment year 2023-24.
The previous date of October 31, 2023, has been extended to November 30, 2023.
Notably, ITR-7 is typically utilized by organizations involved in charitable and religious activities, excluding political parties and electoral trusts.
Previous Filing Deadline for Employed Individuals
It’s worth mentioning that the filing deadline for employed individuals was originally set for July 31.
Despite speculations of a potential extension, the government maintained the original deadline.
A remarkable 6.77 crore income tax returns were filed by July 31 for the assessment year 2023-24, reflecting a 16.1% increase compared to the 5.83 crore returns filed during the same period last year.