CBDT Notifies New ITR-7 Form for AY 2025-26

The Central Board of Direct Taxes has introduced a revised ITR-7 form for Assessment Year 2025-26, applicable to political parties, trusts, and other specified entities. The new form mandates enhanced disclosures about foreign contributions, detailed expenditure patterns, and comprehensive donor information. Key changes include separate schedules for anonymous donations above ₹20,000 and stricter reporting of corpus donations. The revised format also requires reconciliation between audited financials and tax returns, aiming to improve transparency in tax-exempt organizations' finances while maintaining their special status under the Income Tax Act.