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 trusts and institutions claiming exemption under various provisions like Sections 11, 12, or 10(23C).
The schedule requires reporting under three categories of corpus which are donations received for renovation or repair of notified religious places under section 80G(2)(b) on or after 01.04.2020, other corpus received on or after 01.04.2021, and corpus other than the above. For each category, the assessee must disclose the closing balance as per Schedule J, followed by adjustments due to purchase of fixed assets, depreciation, or any other specified reason. These adjustments are then added or subtracted to arrive at the closing corpus balance as per the Balance Sheet.
- Section 10(23C), Section 11 and Section 12 of Income-tax Act, 1961
This schedule applies to ITR-7.