ITR 7 Form filing is done by the companies who service the income from the properties that are of charitable or religious purposes. Properties that are held under the trusts or legal obligation in parts or even wholly are included in the category.
ITR taxpayers can fill the ITR 7 Forms by providing the returns through a bard coded form, physical paperback forms, or the digital signature mode, or the submission of return verification through ITR Form V.
ITR 7 Form is a file when the person and the companies fall under section 139(4A) or Section 139 (4B) or Section 139 (4C) or Section 139(4D).
Individuals having income from the property that is used solely or partially for charitable or religious purposes and such property is to be held under a legal obligation or trust.
This section applies specifically to the political parties. Under Section 13 A the political parties are exempted from filing the income tax return provided that the parties are filing the annual returns through Form ITR 7.
Under this the ITR 7 is to be filed by the following entities:
Schools, colleges, and institutions are not covered under any section of the Income Tax Act and are required to file the ITR 7 under this regulation.
Filing the returns of the income done by a business trust.
Is to be filed by any investment fund that is referred to in section 115 UB. There is no necessity to furnish the returns of income or loss under any provision of this section.
The ITR 7 Form has been divided into two parts and nineteen schedules.
|Schedule-I||Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.|
|Schedule-J||Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.|
|Schedule-K||Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution.|
|Schedule-LA||Details in case of a political party.|
|Schedule-ET||Details in case of an Electoral Trust|
|Schedule-HP||Computation of income under the head Income from House Property.|
|Schedule-CG||Computation of income under the head ITR.|
|Schedule-OS||Computation of income under the head Income from other sources.|
|Schedule-VC||Details of Voluntary Contributions received|
|Schedule-OA||General information about business and profession|
|Schedule-BP||Computation of income under the head “profit and gains from business or profession|
|Schedule-CYLA||Statement of income after set off of current year’s losses|
|Schedule-MAT||Computation of Minimum Alternate Tax payable under section 115JB (n)|
|Schedule-MATC||Computation of tax credit under section 115JAA|
|Schedule AMT||Computation of Alternate Minimum Tax payable under section 115JC (p)|
|Schedule AMTC||Computation of tax credit under section 115JD|
|Schedule-SI||Statement of income which is chargeable to tax at special rates|
|Schedule-IT||Statement of payment of advance-tax and tax on self-assessment.|
|Schedule-TDS||Statement of tax deducted at source on income other than salary.|
|Schedule-TCS||Statement of tax collected at source|
|Schedule FSI||Details of income accruing or arising outside India|
|Schedule TR||Details of Taxes paid outside India|
|Schedule FA||Details of Foreign Assets|
All Inclusive Pricing - No Hidden Fee
all inclusive fees
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
all inclusive fees
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
The Income Tax Department has advised the assessees to follow the sequence that is mentioned below while filing the Income Tax return.
Enter the information required in the verification document and strike out the which is not applicable and this verification must be digitally signed before furnishing the final return.
It is necessary for the person signing to mention his designation in the entity on behalf of whom the return is being filed.
ITR 7 can be filed with the Income Tax Department in the following ways:
After filing the return the assessee is required to print the copies of the ITR V Form. A copy of the ITR V which is duly signed by the assessee has to be sent by the ordinary post to
Bag No.1, Electronic City Office, Bengaluru - 560100 ( Karnataka)
The other copy can be retained by the assessee for his record.
The required information is to be filled in the verification document. Strikeout whatever is not applicable. Pleasure ensures that the verification has been signed before the returns are furnished. Choose the designation/ capacity of the person signing the return.
It is to be noted that any person who is making a false statement in return or accompanying the schedules should be liable to be prosecuted under the section which can lead to imprisonment and also a fine.
If the assessee is liable for auditing u/s 44AB and the accounts have been audited by the accountant then the details of such audit reports along with the furnishing date are to be sent to the income tax department. It is to be under the head "Audit Information"
No documents are to be attached with this return while filing ITR 7 Form.
The Taxpayers should match the taxes that are deducted/ collected paid by or on behalf of them with their Tax Credit statement form 26AS.
The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:
Fill the complete information on the verification document by striking out what doesn't apply to the entity. Verification must be duly signed before return filing.
Yes, in case an entity is required to get its account audited u/s 44AB and its accounts are audited by a chartered accountant, such entity must furnish the details in ITR-7 like details about audit report and date of furnishing such report to the department.
Any person making false statements in return or schedules is liable for prosecution u/s 277 of Income Tax Act 1961 with imprisonment and fine.
ITR-7 cannot be filled by the following taxpayers:
Download the Income Tax Return Forms through the following steps:
Once the return is filed, the assessee shall get the print of two copies of the ITR-V form, one copy shall be sent through the post to the CPC office and the second copy shall be retained for record.
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 :
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).
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).
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.
ITR 7 is filed by persons including companies that fall under Section 139(4A), 139 (4B) or 139(4C), or 139 (4D).
ITR 5 is to be filed by a partnership firm, an association of persons, the body of individuals, artificial judicial person, cooperative societies whereas ITR 7 is to be used by the trust and the Non-profit Organization.
No documents including the TDS certificate is to be attached while ITR 7 return filing.
Last updated: July 29, 2021