CBDT notifies Form ITR-7 for A.Y. 2024-25 w.e.f. 1st April 2024
All ITR Forms from 1 to 7 shall be effective from 1st April 2024
CBDT – ITR 7 – Income Tax – Income Tax Return – ITR Filing – Income tax portal – CBDT notification – taxscan
CBDT – ITR 7 – Income Tax – Income Tax Return – ITR Filing – Income tax portal – CBDT notification – taxscan
The Central Board of Direct Taxes ( CBDT ), vide notification no. G.S.R 153(E). Dated 1st March 2024 has notified the Form Income Tax Returns ( ITR ) - 7 for the Assessment year ( A.Y. ) 2024-25. This latest addition completes the suite of ITR forms necessary for taxpayers to fulfil their filing tax obligations.
ITR-7 is specifically designed for entities falling under Sections 139(4A), 139(4B), 139(4C), and 139(4D) of the Income Tax Act, 1961.
Understanding the Scope of ITR-7:
ITR-7 is applicable to the following entities:
- Trusts
- Charitable institutions
- Political parties
- Institutions or associations covered under Sections 10(23A), 10(23B), 10(23BB), etc.
- Entities claiming exemption under Section 139(4A), 139(4B), 139(4C), or 139(4D).
The board has recently released Notification No. 19 of 2024 on January 31, 2024, introducing the Income-tax Return Forms ( ITR Form )- 2, 3, and 5 for the A.Y. 2024-25.
Read More: ITR Forms for A.Y. 2024-25 notified in Advance: CBDT Notifies
Additionally, ITR Form-6 for the A.Y. 2024-25 was notified through Notification No. 16 of 2024 on January 24, 2024. This followed the earlier notifications of ITR-1 and ITR-4 for the A.Y. 2024-25, which were issued under Notification No. 105 of 2023 on December 22, 2023. All ITR Forms from 1 to 6 will be effective from April 1, 2024.
To Read the full text of the Order CLICK HERE
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