Deadline for filing audit report extended by one month

The Central Board of Indirect Taxes (CBDT) on September 18 announced extension of the deadline for filing audit reports for trusts, educational institutions and hospitals for the financial year 2022-23 to October 30 from the earlier September 30. CBDT said in its circular that the due date for submission of audit report in Form 10B/Form 10BB for the financial year 2022-23, which is 30 September 2023, has now been extended to 31 October 2023.

Trusts and institutions got relief

Form 10B pertains to charitable institutions and religious trusts operating under section 12AB of the Income Tax Act, while Form 10BB is required to be filled by educational institutions and medical institutions operating under section 10(23C) of the law.

Last date for submitting ITR-7 extended till 30th November

CBDT has also extended the due date for filing return of income in Form ITR-7 for assessment year 2023-24 from 30 October to 30 November 2023. Let us tell you that ITR-7 form is filled by charitable and religious trusts, political parties, scientific research institutions, universities, colleges or other institutions.

Nearly 7 crore taxpayers have filed ITR

According to the Income Tax Department, till September, about 6.98 crore taxpayers have filed ITR. Out of these, refund has also been issued to about 3 crore taxpayers. Taxpayers who have not been able to file ITR by July 31 have been given the opportunity to file belated ITR till December.

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Subscribers or pensioners opting for higher pension will get three months to give their consent to utilize additional contributions or dues under the Employees’ Pension Scheme (EPS) run by the Employees’ Provident Fund Organization (EPFO).

Consumers will get four months to opt for higher pension

Earlier in November 2022, the Supreme Court had asked the government to give four months to the subscribers to opt for higher pension. EPFO had provided online facility to subscribers to submit joint option forms (with employers) to opt for higher pension by May 3, 2023. Later the deadline was extended till June 26, 2023.

How this extra high contribution will be put to use and paid. Members also did not know whether they would have the option to withdraw from the Higher Pension Scheme in case the additional payments were excessive.

Information will be given to the customers about the deposit amount with interest
The circular clarified that the additional expenditure will be decided by the field authorities and the cumulative amount along with interest will be informed to the subscribers who opt for higher pension. It added that pensioners/members may be given time up to 3 months to clear these dues and give consent for transfer of these dues (in the prescribed format).

The field officers will inform the pensioners or members about the additional arrears to be paid for opting for higher pension. Earlier this month, the Labor Ministry had also clarified that 1.1% of the basic pay for subscribers opting for higher pension.

It has been decided to withdraw an additional contribution of 1.16 per cent from the total 12 per cent contribution of the employers to the provident fund. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund. At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).

Employers contribute 12 per cent of basic salary to social security schemes run by EPFO. It has been decided to withdraw 16 percent additional contribution. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund. At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).

Employers contribute 12 per cent of basic salary to social security schemes run by EPFO. It has been decided to withdraw 16 percent additional contribution. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund.

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At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). Employers contribute 12 per cent of basic salary to social security schemes run by EPFO.

Those with more than 15 thousand salary will not have to contribute additional 1.16 percent

Of the 12 per cent contributed by employers, 8.33 per cent goes to EPS and the remaining 3.67 per cent is deposited in Employees’ Provident Fund. Now EPFO ​​members who are opting to contribute on their actual basic salary and whose salary exceeds the limit of Rs 15,000 per month, will not have to contribute this additional 1.16 per cent towards EPS. The ministry had said that this provision is retrospective in nature in line with the directions given by the Supreme Court.

While implementing, issued two notifications on May 3, 2023. The ministry had said that with the issuance of the notification, all the directions of the Supreme Court contained in the judgment dated November 4, 2022 have been complied with.

Contrary to the provisions of the Provisions Act, the revised scheme had considered the need to contribute at the rate of 1.16 per cent of his salary to the extent of salary exceeding Rs 15,000 per month as additional contribution. The apex court directed the authorities to make necessary adjustments in the scheme within a period of six months.

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