CBDT notified ITR-7, many important changes made for taxpayers, know the complete details before filing ITR

ITR 7 Notified: The Central Board of Direct Taxes (CBDT) has released ITR Form-7 for the financial year 2024-25. This time some important changes have been made in ITR-7.

The time to file income tax returns is getting closer. At the same time, the Central Board of Direct Taxes (CBDT) has released ITR Form-7 for the financial year 2024-25. This time some important changes have been made in ITR-7. These changes have been made under Finance Ex 2024. This form is especially necessary for institutions like charitable trusts, religious organizations, political parties, scientific research institutes, universities, colleges. On the other hand, it is required for those filing income tax returns under section 139(4A), 139(4B), 139(4C) or 139(4D) of the Income Tax Act.

Know what changes have been made in ITR-7?

The Income Tax Department has made some important changes in Form-7 under the Finance Act 2024. With which taxpayers can easily calculate their income and tax for the assessment year 2025-26. Let us know about these changes in detail.

Capital gains will have to be shown in two parts

In capital gains, you will have to show the transactions before and after 23 July 2024 separately. This date is important because after this the rules of tax and indexation of capital gains have changed. This will bring more transparency in tax calculation.

Capital loss benefit will be available on buyback

At the same time, a new rule on share buyback has come into effect from October 1, 2024. If a shareholder shows dividend income as ‘income from other sources’, then now he can claim the capital loss on buyback. This will not have to bear the brunt of double tax on buyback.

Information will have to be given about interest deduction on house property

Apart from this, special fields have now been added in ITR-7 to provide information about deduction under section 24(b). This section provides facility of deduction of interest on loan taken for house property. Especially for those institutions which have residential property.

TDS section codes will have to be given information

At the same time, to make tax deduction at source (TDS) more accurate, now taxpayers filing ITR-7 will have to provide information about TDS section codes in Schedule-TDS. This will make it easier for the Income Tax Department to check whether TDS has been deducted under the correct rules or not.

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