The New ITR-7 Form extends “Schedule IE-1” to entities that were otherwise exempt from submitting ITR 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 which extends “Schedule IE-1” to entities that were otherwise exempt from submitting ITR.
Schedule IE-1 is for reporting the Income & Expenditure statement of entities that are exempt and are not required to report their income under five heads.
This schedule now applies to entitites whose income qualifies for exemptions u/s 10(46A) & 10(46B), both of which were introduced by the Finance Act, 2023.
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