The Central Board of Direct Taxes vide notification dated 31st October, 2023 has issued the Income-tax (Twenty-Seventh Amendment) Rules, 2023. They shall be deemed to have come into force from 1st day of April, 2023.
The amendment has revised the ITR-7 Form, which is required to be filed by every:
- Person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
- Political party if the total income exceeds the maximum amount which is not chargeable to income-tax.
- Scientific research association ;
- News agency ;
- University or other educational institution or any hospital or other medical institution.
- Business trust or investment fund which is not required to furnish return of income or loss under any other provisions.