The CBDT Extends The Deadline For Filing Income Tax Returns in ITR-7 For Assessment Year 2023-24

The due date for filing a Return of Income in ITR-7 for A.Y. 2023–24 has been extended by CBDT. The due date for filing a Return of Income in ITR-7 for A.Y. 2023–24 has been extended by CBDT from October 31st to November 30th, 2023. Refer to CBDT Circular No. 16/2023 dated September 18, 2023.

ITR Filing Deadline Extension for AY 2023-24: The Central Board of Direct Taxes (CBDT) has given people more time to submit their Income Tax Returns using Form ITR-7 for AY 2023-24. The deadline has been extended by one month, moving it from October 31, 2023, to November 30, 2023.

Form ITR-7 is specifically used by certain entities, such as companies, that need to file their returns according to sections 139(4A), 139(4B), 139(4C), or 139(4D). These include Charitable and Religious Trusts (Section 139(4A)), political parties (Section 139(4B)), Scientific research institutions (Section 139(4C)), and Universities, colleges, or other educational institutions (Section 139(4D)).

On another note, the Ministry of Finance has reported that as of September 16, 2023, they have issued Income Tax Refunds totaling Rs. 1,21,944 crore for the FY 2023-24.

The provisional data for net Direct Tax collections in the fiscal year 2023-24, as of September 16, 2023, shows an increase of 23.51% compared to the same period in the previous fiscal year (FY 2022-23). The collections have reached Rs. 8,65,117 crore, up from Rs. 7,00,416 crore.

The Net Direct Tax collections of Rs. 8,65,117 crore (as of September 16, 2023) comprise Rs. 4,16,217 crore from Corporation Tax (CIT) (after refunds) and Rs. 4,47,291 crore from Personal Income Tax (PIT), including Securities Transaction Tax (STT) (after refunds).

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