{"id":33695,"date":"2022-04-04T19:36:12","date_gmt":"2022-04-04T14:06:12","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-itr-trusts\/"},"modified":"2022-04-04T19:36:12","modified_gmt":"2022-04-04T14:06:12","slug":"biz-itr-trusts","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-itr-trusts\/","title":{"rendered":"Govt notifies FY22 I-T return form for trusts, political parties"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1583608149\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Apr 4 (PTI) The government has notified income tax returns form to be filled by trusts, charitable organisations and political parties for 2021-22 fiscal, in which assessees will be required to specify additional details of registration under any law other than the I-T Act.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4134118927\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>A new field is added in the ITR-7 form, seeking whether the political party is registered under section 29A of the Representation of People Act, 1951, along with the registration number and date of registration.<\/p>\n<p>Nangia Andersen LLP Director Neha Malhotra said additional disclosure requirements in ITR-7 are mostly quantitative in nature and are welcomed as this would result in more comprehensive and transparent reporting, leading to reduced instances of scrutiny cases.<\/p>\n<p>Further, in ITR-7 political parties will have to give details of voluntary contributions under different categories received by them during the fiscal, Malhotra said.\u00a0 \tDomestic and foreign contributions for corpus fund donations have now been further bifurcated under two heads &#8212; corpus representing donations for the renovation or repair and other corpus funds.<\/p><div class=\"trade-content_5\" id=\"trade-775787189\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Further, the form requires additional information on dividend income, dividend income of FII and dividend income chargeable at DTAA (double taxation avoidance agreement) rates.<\/p>\n<p>Malhotra said this notification will provide enough time for assessees to understand and collate the information required to be disclosed.\u00a0 \t&#8220;This also ensures that tax authorities have enough time to develop a utility for the ITR forms, ensuring no last-minute glitches,&#8221; she added.\u00a0 \tITR-7 is filed by charitable\/ religious trust, political party, scientific research association, Newsagency Association or institution, fund or institution or university or other educational institution or any hospital or other medical institution and university and college. PTI JD  BAL BAL<\/p>\n<div class=\"trade-after-content\" id=\"trade-2926730280\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Apr 4 (PTI) The government has notified income tax returns form to be filled by trusts, charitable organisations and political parties for 2021-22 fiscal, in which assessees will be required to specify additional details of registration under any law other than the I-T Act. A new field is added in the ITR-7 form, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-33695","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt notifies FY22 I-T return form for trusts, political parties - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-itr-trusts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt notifies FY22 I-T return form for trusts, political parties\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Apr 4 (PTI) The government has notified income tax returns form to be filled by trusts, charitable organisations and political parties for 2021-22 fiscal, in which assessees will be required to specify additional details of registration under any law other than the I-T Act. 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