CBDT Introduces Income Tax Return Form ITR-7 for AY 2024-25

The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 24/2024 dated March 01, 2024, announcing the release of the Income Tax Return (ITR) Form ITR-7 for the Assessment Year (A.Y.) 2024-25. This form is specifically designed for individuals and companies obligated to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. The notification comes into effect from April 01, 2024.

ITR-7 serves the purpose of tax compliance for entities falling under the aforementioned sections, ensuring adherence to the Income-tax Rules, 1962 as specified in rule 12.