Eligibility
ITR-7 return is filed by trusts, Section 8 companies, colleges, universities, political parties and research institutions.
Penalty
The penalty for late filing income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March.
ITR-7 Form Filing - Income Tax Return
ITR-7 Form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption as one the following :
- Charitable /Religious trust under Section 139 (4A)
- Political party under Section 139 (4B)
- Scientific research institutions under Section 139 (4C)
- University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D)
Who can file ITR 7 form?
ITR-7 must be filed by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :
- Having income from charitable /religious trust- Section 139 (4A)
- Having income from a political party – Section 139 (4B)
- Having income from scientific research institutions – Section 139 (4C)
- Having income from university or colleges or institutions or khadi and village industries – Section 139 (4D)
Who should not file ITR-7 Form ?
ITR7 cannot be used by a tax assessee who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).
When should ITR-7 be filed ?
ITR-7 form is to be used when the tax assessee is a Trust, filing as a Company, Firm, Local authority, Association of Person (AOP) or Artificial Judiciary Person and is claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).
What is the due date for filing ITR-7 Form ?
Due Date for all Tax Assessees, whose accounts are required to be audited, is 30th September. Due Date for Tax Assessees, whose accounts are not required to be audited, is 31st July.
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Basic
all inclusive fees
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
Standard
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Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
Premium
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
Filing Income Tax Return ITR 7 Form
ITR 7 Form can be filed with the Income-tax Department in any of the following ways, - (i) by furnishing the return electronically under digital signature; (ii) by transmitting the data in the return electronically under electronic verification code; (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V; However, a political party shall compulsorily furnish the return in the manner mentioned at (i) above. From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.
Section 139(4A) : Income Tax Return of Charitable and Religious Trusts
Every person in receipt of income derived from property held under trust or other legal obligation wholly or partly for charitable or religious purposes or of income being voluntary contributions referred to in section 2(24)(iia) shall, if the total income in respect of which he is assessable as a representative assessee (the total income being computed under this Act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars, as may be prescribed, within the time allowed under section 139(1).
Section 139(4B) Political Parties
Every person in receipt of income derived from property held under trust or other legal obligation wholly or partly for charitable or religious purposes or of income being voluntary contributions referred to in section 2(24)(iia) shall, if the total income in respect of which he is assessable as a representative assessee (the total income being computed under this Act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars, as may be prescribed, within the time allowed under section 139(1).
Section 139(4C) : Income Tax Return of Persons Claiming Exemption under Section 10
The following assessees shall now be required to file return of income in Form No. ITR-7 if the total income, without giving effect to the provisions of section 10, exceeds the maximum amount not chargeable to tax. Such return shall be filed in the same way as if it were a return required to be furnished under section 139(1).
The assessees required to file return under these provisions are as under:
- research association referred to in section 10(21);
- news agency referred to in section 10(22B);
- association or institution referred to in section 10(23A);
- institution referred to in section 10(238); fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to section 10(23C) in sub-clause(via);
- Mutual Fund referred to in clause (23D) of section 10;
- securitisation trust referred to in clause (23DA) of section 10;
- venture capital company or venture capital fund referred to in clause (23FB) of section 10;
- trade union association referred to in sub-clause (a) or (b) of section 10(24).
- body or authority or Board or Trust or commission (by whatever name called) referred to in clause (46) of section 10;
- infrastructure debt fund referred to in clause (47) of section 10;
Section 139(4D) : Colleges & Universities
fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to section 10(23C) in sub-clause(via);
Filing of Return of Income by a business trust [Section 139(4E)] :
- Every business trust, which is not required to furnish return of income or loss under any other provision of this section, has to furnish the return of its income in respect of its income or loss in every previous year.
- All the provisions of the Income-tax Act, 1961 shall apply as if it were a return required to be filed under section 139(1) Filing of Return of Income by Investment Fund [Section 139(4F)] – Income Tax
Filing of Return of Income by Investment Fund [Section 139(4F)] :
- Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provision of this section, shall furnish the return of income in respect of income or loss in every previous year.
- All the provisions of the Income-tax Act, 1961 shall apply as if it were a return required to be filed under section 139(1).
When Return is to be filed as Statutory Obligation [ Sec. 139(1), (4A), (4B), (4C) ]
| Taxpayer | Minimum income to attract the provision of filling Return of Income |
| Company or Firm [ Sec. 139(1) ] | Any Income or Loss |
| A person other than a company or firm | Compulsory Return if taxable income ( plus deductions u/s 10A, 10B, 10BA and Sec. 80C to 80U ) exceeds the exemption limit. |
| A person in respect of income derived from property held under a Trust for Charitable or Religious purposes [ Sec. 139 (4A)] | IF the income ( without giving exemption u/s 11 to 12) exceeds the amount not chargeable to tax. |
| Chief Executive Officer of every political party [Sec. 139(4B)] | If the income ( without giving exemption u/s 13A) exceeds the maximum amount not chargeable to tax. |
| Scientific Research Association, News Agency, Association / Institute for control or supervision of a profession, institution for development of Khadi and Village Industries, Fund/Institution refereed to , Educational / Medical Institution, Trade Union etc. | If the income ( without giving exemption u/s 10) exceeds the amount not chargeable to tax. |
| University / Educational Institution existing solely for educational purpose and not for the purpose of Profit if the aggregate annual receipt does not exceed Rs. 1 crore | If the income ( without giving exemption u/s 10) exceeds the exemption limit. |
| Hospital / other institution existing solely for Medical Purpose and not for the purpose of Profit if the aggregate annual receipt does not exceed Rs. 1 crore. | If the income ( without giving exemption u/s 10) exceeds the exemption limit. |
| Any University / College / Other Institution | Any Income or Loss ( return has to be submitted whether there is income or loss. Such Return has to be submitted even if it is not required by any other provision) |
