New Delhi: The Income Tax Department has today extended the deadline for filing income tax returns for charitable trusts, religious organizations and professional organizations. The Income Tax Department has extended the last date for filing returns by one month to 30 November.
Date for submission of audit report extended
Apart from the last date for filing ITR, the Income Tax Department has extended the due date for submission of audit report in Form 10B/10BB by any fund, trust, institution or any university or educational institution or medical institution to 2022-23. It has been one month since 31 October 2023.
The Income Tax Department said in a statement – The due date for filing return of income in Form ITR-7 for the assessment year 2023-24, which is 31.10.2023, has been extended to 30.11.2023.
What is Form 7 for?
The Income Tax Department provides different ITR forms for different individuals and organizations. In such a situation, for organizations engaged in charitable and religious activities, research, ITR-7 i.e. ITR Form 7; And filed by a professional body.
Employed individuals can still file ITR
Although the last date for filing ITR for all employed people was July 30, but if you have forgotten to file your return, you can still file your return by paying a penalty.
For those whose total income exceeds Rs 5,000.00, a penalty of Rs 5,000 will be imposed for delay in filing the return. Whereas for those whose total income is up to Rs 5 lakh, the fine is Rs 1,000. If you file ITR after December 31, 2023, you will have to pay a penalty of Rs 10,000.