Schedule 115TD – Accreted Income under section 115TD AY 2026-27 Schedule 115TD in the Income Tax Return (ITR) form is applicable to charitable or religious trusts/institutions claiming exemption under Section 11, Section 12, or Section 10(23C)(iv)/(v)/(vi)/(via), where the registration/approval has ceased to be in effect, or there is a conversion or merger in violation of specified conditions. In… Read More »
Schedule I – Details of Amounts Accumulated / Set Apart Within the meaning of section 11(2) or in terms of third proviso to section10(23C)/10(21)/10(21) read with section 35(1) AY 2026-27 Schedule I of the income tax return pertains to the reporting of income that has been accumulated or set apart by charitable or religious trusts,… Read More »
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 »