ITR-7 is a specialized income tax return form designed for specific entities like firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons claiming exemptions under various sections of the Income Tax Act. Filing ITR-7 can be a complex process, but with IndiaFilings, you can navigate it effortlessly. Our expert team streamlines the ITR-7 filing process, ensuring compliance and accuracy.
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What is the ITR 7 Form?
ITR-7 Form is specifically designed for firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who wish to file their Income Tax Returns. It applies to those claiming exemptions in the following categories:
- Under Section 139(4A): Charitable or Religious Trusts
- Under Section 139(4B): Political Parties
- Under Section 139(4C): Scientific Research Institutions
- Under Section 139(4D): Universities, Colleges, Institutions, or Khadi and Village Industries
Who Cannot File the ITR 7 Form Online?
Individuals not seeking exemptions under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) are not required to file the ITR-7 Form for Income Tax Returns.
Who is Eligible to File the ITR-7 Form?
The ITR-7 Form applies to individuals receiving income from various sources:
- Section 139(4A): Those with income from property held under trust or legal obligations for charitable or religious purposes.
- Section 139(4B): Political parties with income exceeding the non-taxable limit.
- Section 139(4C): Organizations such as scientific research associations, hospitals, educational institutions, universities, and news agencies.
- Section 139(4D): Colleges and universities are not mandated to file returns otherwise.
- Section 139(4E) and Section 139(4F): Business trusts and investment funds with no obligation to file under other provisions.
Any taxpayer who falls under the categories of Trust, Company, Firm, Local Authority, Association of Persons (AOP), or Artificial Judicial Person and claims exemptions as per Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) can utilize the ITR-7 Form for filing Income Tax Returns.
What is the Deadline for Filing ITR 7 Form?
The due date for filing the ITR-7 Form varies depending on whether the accounts require auditing. Individuals not subject to audit can file by July 31, 2023, for AY 2023-24, while audit cases have a deadline of October 31, 2023.
Note: The filing date for Form ITR-7 for the Assessment Year 2023-24 for assesses is detailed in clause (a) of Explanation 2 to sub-section (1). The original deadline of Section 139 of the Act, which was October 31, 2023, has been extended until November 30, 2023.
Structure of ITR 7 Form
The ITR 7 Form has been divided into two parts and nineteen schedules.
- Part A General information
- Part B Outline of the total income and tax computation concerning income chargeable to tax.
| 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 |
Sequence for filing ITR 7 Form
What is the sequence for filing ITR 7 Form?
The Income Tax Department has advised the assessees to follow the sequence that is mentioned below while filing the Income Tax return.
- Part A
- Part B
- Schedules
- Verification.
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.
The Procedure to file ITR 7 returns
ITR 7 can be filed with the Income Tax Department in the following ways:
- By furnishing the returns in the electronic manner using the digital signature certificate
- By transmitting the data in the return and thereafter submitting the verification of the return in the ITR V Return Form
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.
How to fill the verification document?
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.
E filing audit reports
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 annexures required
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.
Instructions to be followed while filing ITR 7 Form
The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:
- All the details must be filed properly as indicated or else the return will be defective or invalid.
- The figures relating to tax and incomes must be rounded off to the nearest multiples of ten rupees.
- Other figures must be rounded off to the nearest one rupee.
- Negative figures or the loss figures shall be written as "-" before such a number unless provided otherwise.
- “Nil” to be written for Figures with zero or nil value.
- If any item doesn’t apply to the assessee write “NA” against it.
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What is ITR-7?
Who should file ITR-7?
What is the due date for filing ITR-7 for the assessment year 2023-24?
Can I file ITR-7 online?
What documents are required for filing ITR-7?
How is the tax calculated for ITR-7?
What is the penalty for late filing of ITR-7?
Can I revise my ITR-7 after filing?
How can IndiaFilings help in filing ITR-7?
Are there any specific exemptions for political parties under ITR-7?
Can charitable trusts file ITR-7 even if they don't claim an exemption?
What is Form 26AS, and how does it relate to ITR-7?
What is the penalty for incorrect information in ITR-7?
Can universities file ITR-7 even if they don't claim an exemption?
Is there a difference between the due dates for individuals and entities filing ITR-7?
Can I file ITR-7 for multiple assessment years at once?
Are there any benefits to filing ITR-7 online compared to offline filing?
Can I file ITR-7 on behalf of a company as its authorized representative?
What if I miss the extended deadline for filing ITR-7?
Can ITR-7 be filed by a legal representative on behalf of a deceased entity?