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 »

Schedule AL-2 – Detail of Assets and Liabilities of Start-ups ay 2026-27 ‘Schedule AL-2’ in the Income Tax Return (ITR) form applies to start-up companies that have filed a declaration in Form-2 under Para 5 of the DPIIT Notification GSR 127 (E) dated 19.02.2019. Such eligible start-ups must furnish a statement of assets and liabilities… Read More »

Part B – TI: Statement of Income for the Period ended on 31St March AY 2026-27 In ITR-2, ITR-3, ITR-5, and ITR-6, Schedule Part B – TI (Total Income) functions as a consolidated summary of the assessee’s total income for the financial year ending on 31st March. This schedule is auto-populated based on data entered… Read More »