Updated ITR-7 Form Released by CBDT for AY 2025-26: Disclosure Requirements Now Made Stricter:

Updated ITR-7 Form Released by CBDT for AY 2025-26: Disclosure Requirements Now Made Stricter  The Central Board of Direct Taxes (CBDT) has issued an updated Income Tax Return Form for ITR-7 for the assessment year 2025-26. The reporting requirements of the revised ITR-7 form have been made stricter for charitable trusts, religious institutions, political parties, and research organisations. This aims to improve the compliance and control the misuse of the exemptions under the Income Tax Act, 1961. The institutions that are registered under the Securities and Exchange Board of India (SEBI) and the Foreign Contribution Regulation Act (FCRA), 2010, are required to use the revised ITR-7. The institutions should make sure that they are following the rules to avoid any penalties. The companies that are filing ITR under Sections 11, 12, 10(23C), and 13 are also required to submit more information, including their expenses and where they have used the funds. As many companies do not take the compliance seriously, CBDT says that these revisions are meant to ensure that only honest and eligible companies get the tax benefits. the tax experts and organisations are asked to carefully check the revised form to avoid any delays or mistakes that could lead to the rejection of exemption claims.