Monthly Archives: May 2026

Schedule IE- 1 – Income and Expenditure Statement AY 2026-2026-27 ‘Schedule IE’ in the Income Tax Return (ITR) form applies to entities claiming exemption under specific clauses of Section 10 of the Income-tax Act, 1961, such as sections 10(21), 10(23AAA), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(23FB), 10(29A), 10(46), 10(46A), 10(46B), and 10(47). This schedule requires information such as the total receipts during the financial year (including voluntary contributions), the amount… Read More »

Schedule IE- 2 – Income and Expenditure Statement AY 2026-27 ‘Schedule IE- 2’ pertains to the Income & Expenditure statement and is applicable to assessees claiming exemption under Section 10(23A) and Section 10(24) of the Income-tax Act, 1961. This schedule is relevant in cases where certain heads of income are taxable, while other receipts are exempt from tax. This… Read More »

Schedule IE- 3 – Income and Expenditure Statement AY 2026-27 ‘Schedule IE-3’ in the Income Tax Return (ITR) form is applicable to institutions claiming exemption under Section 10(23C)(iiiab) or Section 10(23C)(iiiac) of the Income-tax Act, 1961. These provisions relate to educational or medical institutions that are wholly or substantially financed by the Government, where government grants exceed 50% of… Read More »

Schedule IE- 4 – Income and Expenditure Statement AY 2026-27 ‘Schedule IE-4’ is applicable to assessees claiming exemption under Sections 10(23C)(iiiad) or 10(23C)(iiiae) of the Income-tax Act, 1961. These provisions apply to educational or medical institutions whose total annual receipts from all institutions do not exceed Rs. 5 crore during the financial year. The schedule must be filled separately for each institution, mentioning the objective (educational or medical),… Read More »

Schedule OA – General Information on Business or Profession AY 2026-27 ‘Schedule OA’ in ITR-7 collects general information from assessees who have income under the head “Profits and Gains from Business or Profession.” This Schedule requires the assessee to indicate the nature of business or profession, the number of branches, and the method of accounting… Read More »

Schedule FD – Break-up of Payments/Receipts in Foreign Currency AY 2026-27 ‘Schedule FD’ is designed to capture the break-up of payments and receipts in foreign currency by companies (to be filled up by the assessee who is not liable to have their accounts audited under Section 44AB) during the relevant financial year. This schedule is crucial… Read More »

Schedule AL- Detail of Assets and Liabilities AY 2026-27 ‘Schedule AL’ applies to Individuals and Hindu Undivided Families (HUFs) who are required to file this return and whose total income exceeds Rs. 1 crore in the financial year. This schedule mandates disclosure of details related to assets and liabilities held at the end of the… Read More »

Schedule AL-1 – Detail of Assets and Liabilities of Unlisted Companies AY 2026-27 ‘Schedule AL-1’ in the Income Tax Return (ITR) form is applicable to unlisted companies (other than start-ups). Such companies must furnish a detailed statement of assets and liabilities as on the last day of the previous year. This schedule ensures transparency in… Read More »