How to enter Value in Schedule IE-1, IE-2, IE-3 and IE-4 Upto AY 2021-22

ZenIT || How to enter Value in Schedule IE-1, IE-2, IE-3 and IE-4 Upto AY 2021-22

How to enter value in Schedule IE-1, IE-2, IE-3 and IE-4:
In the case of ITR 7, Certain schedules to this return form are mandatorily required to be filled up by assessees who are claiming exemption under specific provisions, as per the following list:


Trust/institution claiming exemption u/s 11 and/or 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C) (via)



Schedule AI



Assessee claiming exemption under any of the clauses of section 10(21), 10(22B), 10(23AAA), 10(23B), 10(23FB), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(46), 10(47) and persons whose income is unconditionally exempt under various clauses of section 10  (refer the list above at Sl. No.2)



Schedule IE 1



Assessee claiming exemption under sections 10(23A), 10(24)



Schedule IE 2



Assessee claiming exemption under sections 10(23C)(iiiab) or 10(23C)(iiiac)



Schedule IE 3



Assessee claiming exemption under sections 10(23C)(iiiad) or 10(23C)(iiiae)



Schedule IE 4


How to enter value in Schedule IE-1, IE-2, IE-3 and IE-4:
Step 1:
Go to Transactions → Filling information >filling status  option given in the menu bar

Step 2:
Select Other Return Section and Sub-selection
 
Note:- Schedule IE will enable according to sub-sections:
Step 3:
Go to Transactions → General information BS/P&L >Page No. 7 ( schedule ie ) option given in the menu bar:


Step 4:
Enter the value of the Income and expenditure statement according to sub status:
For example:-  section 10 (23c)(iiiad)  is selected in filling status so the value has to be entered in Schedule IE 4:


Note: AS per  the ITR  form guideline no need to enter the value in any other income fields 
Schedule IE 4 calculation:
Income in schedule ie 4 is conditional exempt:
Section 10(23C)(iiiad) and Section 10(23C)(iii ae) provide that the income earned by any university or educational institution shall be exempt from tax if the aggregate annual receipts of such university or educational institution do not exceed Rs. 1 crore.

Schedule IE 3 calculation: 
Section 10(23C)(iiiab) and Section 10(23C)(iii ac)  provide that the income earned by any university or educational institution  shall be conditional exempt:
Income is taxable - where the Government grant is More than 50 % of the Gross receipt
Income is exempt  - where the Government grant is less then than 50 % of the Gross receipt.

Hope this Helps.