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 »
Schedule A – Amount Applied to Stated Objects of the Trust/Institution AY 2026-27 ‘Schedule A’ in the Income Tax Return (ITR) form is applicable to trusts or institutions claiming exemption under Section 11 and 12 or clauses (iv), (v), (vi), or (via) of Section 10(23C) of the Income-tax Act, 1961. This schedule is used to report the application of income toward… Read More »
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 »