Schedule 115BBI – Specified Income of Certain Institutions under Section 115BBI AY 2026-27
‘Schedule 115BBI’ in the Income Tax Return (ITR) form is applicable to charitable or religious institutions and specified funds or trusts whose certain incomes are taxable at a special rate of 30% under Section 115BBI of the Income-tax Act, 1961. This section overrides exemptions under Section 10(23C) and Section 11 in specified circumstances, generally in cases of non-compliance or deemed income situations.
The following institutions shall be covered for payment of tax under this provision:
- a) Any fund or institution established for a charitable purpose, as referred to inSection 10(23C)(iv)/(v);
- b) Any university or educational institution, as referred to inSection 10(23C)(vi);
- c) Any hospital or medical institution, as referred to inSection 10(23C)(via); or
- d) Any trust or institution, as referred to inSection 11.
The schedule requires disclosure of specified income that becomes taxable at special rates under Section 115BBI. This includes deemed income under Explanation 4 to the third proviso to Section 10(23C) or Section 11(3), and income deemed under Section 11(1B). It also includes income deemed under the twenty-first proviso to Section 10(23C) or not excluded under Section 13(1)(c), income denied exemption due to violations under Section 10(23C)(b) or Section 13(1)(d), income not excluded as per Section 11(1)(c), and any accumulation exceeding 15% of total income where such accumulation is not permitted under the Act.
Section 115BBI of Income-tax Act, 1961
Section 115BBI provides that where the total income of any specified charitable institution includes any specified income, then such institution shall pay tax at the rate of 30% plus surcharge and cess on the aggregate of such specified income.
This schedule applies to ITR-7.