Furnishing of Income & Expenditure statement

New ITR Form 7 has inserted new schedules for reporting of Income & Expenditure Statement by trust and institutions. Total 4 schedules have been inserted for different classes of assessees:

a) Schedule IE-1: Applicable for assessee claiming exemption u/s 10(21), 10(22B), 10(23AAA), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(46), 10(47) and other clauses of section 10 where income is unconditionally exempt

b) Schedule IE-2: Applicable for assessees claiming exemption under section 10(23A), 10(24)

c) Schedule IE-3: Applicable for assessees claiming exemption under section 10(23C)(iiiab) or 10(23C)(iiiac)

d) Schedule IE-4: Applicable for assessees claiming exemption under section 10(23C)(iiiad) or 10(23C)(iiiae)
Refer: www.taxmann.com