Recently CBDT has notified most of the ITRs, after making changes, including ITR-7. These changes were notified on 9-5-2025. Major changes are highlighted below:
1. NPOs need to disclose several new information earlier not asked for in their ITR 7
- Capital Gains Segregation Based on Date: As per the amendments introduced in the Finance Act, 2024, a major update has been made to Schedule-Capital Gains in ITR-7. Taxpayers are now required to report capital gains separately for transactions executed before and after July 23, 2024 — the date from which the revised capital gains rules came into force. This change is expected to affect how indexation and tax calculations are carried out.
- Section 24(b) Reporting for Interest on Housing Loans:New fields have been added to capture deductions claimed under Section 24(b), improving disclosure on interest paid for house properties owned by these entities.
- TDS Section Code Inclusion:Entities will now need to specify the TDS section code in the Schedule-TDS to enhance verification of tax deductions.
- Under Para A20 of the ITR-7, details of registration under other laws (such as FCRA, Darpan, etc.) are required to be disclosed.
- Voluntary contributions need to be disclosed between Domestic & Foreign, and under these broad division between Corpus & others. In case of Foreign Contribution (FC), one would also need to disclose purpose for which FC has been received.
2. Due Dates for filing of ITR 7
- For NPOs, including companies, required to undertake audit of their accounts, the due date remains the same as earlier, i.e. 31st October 2025.
- For NPOs not required to undertake audit of their accounts, normally due date is 31st July, however this year it has been postponed to 15th September 2025.
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