Schedule IA – Details of Accumulated Income Taxed under Section 11(3) AY 2026-27 ‘Schedule IA’ in the Income Tax Return form applies to trusts and institutions claiming exemption under sections 11 and 12. It captures year-wise details of accumulated income that was taxed in earlier assessment years as per the provisions of Section 11(3), which deals with the deemed income… Read More »
Schedule D – Details of Deemed Application of Income AY 2026-27 ‘Schedule D’ is used to report income that has not been applied during the year but is considered as deemed to have been applied, based on clause (2) of Explanation 1 to sub-section (1) of section 11. It captures details such as the financial year of… Read More »
Schedule DA – Details of Accumulated Income Taxed in Earlier Assessment Years AY 2026-27 ‘Schedule DA’ in ITR-7 is meant for reporting accumulated income that was earlier taxed under section 11(1B) due to non-compliance with the conditions for accumulation and application under section 11(2). The schedule requires the assessee to disclose the financial year in which the income… Read More »
Schedule J – Statement Showing the Funds and Investments as on the Last Day of the Previous Year AY 2026-27 ‘Schedule J’ applies to assessees claiming exemption under sections 11 and 12 or section 10(23C)(iv), (v), (vi), or (via) and provides a detailed snapshot of the application, accumulation, and investment of funds as on the last day of the previous year. Schedule J requires… Read More »
Schedule R – Reconciliation of Corpus of Schedule J and Balance Sheet AY 2026-27 ‘Schedule R’ in the Income Tax Return (ITR) form is meant to reconcile the closing balance of the corpus fund as reported in Schedule J with the closing balance reflected in the balance sheet of the assessee. This is relevant for… Read More »
Schedule LA – Details Furnished by Political Party AY 2026-27 ‘Schedule LA’ in the Income Tax Return (ITR) form applies to political parties claiming exemption under Section 13A of the Income-tax Act, 1961. This schedule is used to report specific compliance and financial information required under the Act and relevant provisions of the Representation of the People… Read More »
35 ITR Filing Mistake to Avoid for FY 2025-26 / AY 2026-27 Filing your Income Tax Return (ITR) accurately is crucial to avoid scrutiny and ensure your refund is processed without delay. Most errors lead to a Defective Return Notice under Section 139(9) or a complete rejection of the return. Here are 35 critical mistakes… Read More »
Schedule ET – Details Furnished by Electoral TrustSchedule ET – Details Furnished by Electoral Trust AY 2026-27 ‘Schedule ET’ in the Income Tax Return (ITR) form applies to ‘Electoral Trusts’ claiming exemption under Section 13B of the Income-tax Act, 1961. This schedule captures essential compliance-related disclosures that are mandatory for an electoral trust to retain its tax-exempt… Read More »
Schedule VC – Details of Voluntary Contributions AY 2026-27 ‘Schedule VC’ in the Income Tax Return (ITR) form is applicable to all assessees filing ITR-7 and is used to furnish details of voluntary contributions received by the assessee during the financial year. It is mandatory for trusts, institutions, and other eligible entities claiming exemptions under Sections 11 or 10(23C) to disclose both domestic… Read More »
Schedule AI – Aggregate of Income Derived During the Previous Year Excluding Voluntary Contributions AY 2026-27 ‘Schedule AI’ in the ITR-7 form is applicable to assessees claiming exemption under Sections 11 and 12 or Section 10(23C)(iv) to (via). This schedule captures the aggregate income earned during the previous year, excluding voluntary contributions, which are separately reported under Schedule VC. This schedule… Read More »