The New ITR-7 Form requires reporting of the amount invested or deposited back to Corpus & repayment of Loans from A. Y. 2024-25
The CBDT has notified the new Form for Income Tax Return (ITR-7) for the Assessment Year 2024-25.
One of the new requirements in ITR-7 under “Schedule-A” which requires the reporting of the funds applied for the stated objectives of the trust/ institution during the previous year from all sources. The reported amount is to be bifurcated into Revenue and Capital.
This schedule requires the disclosure of donations made to other registered/ approved trusts or institutions.
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