/uploads/files/circular-16-2023.pdf

The circular issued by the Central Board of Direct Taxes (CBDT) on 18th September 2023 provides relaxation in compliance requirements for taxpayers.

The key points are:

1. Extension of timelines:
o The due date for furnishing Audit report in Form 10B/Form 10BB for the Previous Year 2022-23 is extended from 30th September 2023 to 31st October 2023.
o The due date for furnishing Return of Income in Form ITR-7 for the Assessment Year 2023-24 is extended from 31st October 2023 to 30th November 2023.
2. Reason for extension:
o The extension is provided in consideration of difficulties reported by taxpayers and other stakeholders.
These extensions aim to provide relief to taxpayers and ensure smoother compliance with the Income-tax Act, 1961.