What is ITR-7? Find out who uses it as government extends deadline for AY 2023-24

The Income Tax Department has extended the deadline for filing Form 10B, 10BB and ITR-7 for certain categories of taxpayers.  The deadline for filing Form 10B and 10BB has been extended till October 31, 2023 from the existing due date of September 30.

On the other hand the deadline to file ITR-7 has been extended till November 30, 2023.

"The due date of furnishing audit reports in Form 10B/Form 10BB for the financial year 2022-23, which is 30.9.2023, has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023," read a CBDT circular issued on September 18.

Form 10B is filed by the charitable institutions and religious trusts operating under Section 12AB of the Income Tax Act, 1961. On the other hand, Form 10BB is filed by the educational and medical institutions operating under Section 10(23C) of the I-T Act.

What is ITR-7 and who should use it?

ITR-7 is an income tax return form used by the companies or individuals who manage income generated from properties used for charitable or religious purposes. It is to be filed by individuals and corporate entities who are required to file their income tax returns under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) of the I-T Act.

While filing an ITR-7 form, you must note that no annexures are required. Therefore, no document should be attached while filing this form, not even the TDS certificate. However, it is advised that taxpayers match the taxes that have been deducted, collected, or paid on their behalf with the details mentioned in their Tax Credit Statement (Form 26AS).

The deadline for filing ITR-7 for AY 2023-24 was October 31, 2023. However, the I-T Department has extended the deadline till November 30.

How to file ITR-7 form?

Enter the information required in the verification document as per the sequence suggested by the I-T Department. You can strike out the options which are not applicable. ITR-7 form must be digitally signed before final submission.

It’s mandatory to mention the designation of the person in the organisation or the charitable/religious Trust for whom ITR-7 is being filed. After verifying details, ITR-7 can be filed through following steps:

1.    Use the e-filing portal of the Income Tax Department to file ITR-7 with the help of digital signature certificate.

2.    After filing ITR-7 it’s mandatory to verify it using any of the following methods:

-  Digitally signing the verification part

- Authenticating by way of electronic verification code (EVC)

- Aadhaar OTP

- By sending duly signed Form ITR‐V to CPC, Bengaluru.