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.