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Form ITR-7

ITR Form 7 can be filed by the companies who derive their income from properties that are of charitable or religious purposes. Properties held under trusts or legal obligations in parts or even wholly come under this category.

ITR taxpayers can fill ITR 7 forms by providing the returns through bar-coded form, physical paperback form or digital signature mode, or submission of return verification through return Form ITR-V.

Things to be noted before filing ITR 7 Form

With the return form no extra documents, paperwork, or TDS certificates are to be submitted or affixed.

Suppose, any documents are affixed with the return Form they will be sent back to the applicant.

The taxpayers can match the taxes deducted, collected, or paid by them with the Tax credit statement Form 26AS.

In case the assessee is liable for auditing u/s 44AB and the accounts are audited by the accountant, the details of such audit report along with the date of furnishing it to the department has to be filed under "Audit Information".

Eligible entities

  • 1

    ITR-7 u/s 139(4A)

    Individuals whose income from the property is used solely or partially for charitable or religious purposes and such property must be held under a legal obligation or trust.

  • 2

    ITR-7 u/s 139(4B)

    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 return through Form ITR-7.

  • 3

    ITR-7 u/s 139 (4C)

    Under this, ITR-7 is filed by the following entities:

    • Association conducting scientific research
    • News agency
    • Association u/s 10 (23 A)
    • Other enlisted institutes u/s 10 (23 B)
  • 4

    ITR-7 u/s 139 (4D)

    Schools, colleges and the institution are not covered under any section of the Income Tax Act and are required to file ITR-7 under this regulation.

  • 5

    ITR-7 u/s 139 (4E)

    Filing of return of Income done by a business trust

  • 6

    ITR-7 u/s 139 (4F)

    How to file ITR-7?

    ng of return of income by an investment Fund.

Instruction to be followed while ITR-7 Form filing

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.

Pay as you go grow pricing

All Inclusive Pricing - No Hidden Fee

Basic

9899

all inclusive fees

Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

Premium

15899

all inclusive fees

Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

Ways to file ITR-7

How to file ITR-7?

ITR-7 Form can be filed through various methods:

  • Provide the return filing in physical paper form
  • Electronically by providing the return under digital certificate
  • Sending return data electronically following the submission of the verification of the return in Return Form ITR -V.
  • By providing a bar-coded return

(For political parties it is mandatory to provide their returns electronically under digital signature)

Structure 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 Form ITR-7

Here is the convenient sequence to file Form ITR-7:

  • Part A
  • Schedules
  • Part B
  • 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.

When return is to filed as stauatory obligation( Section 139(1), 139(4A), 139(4B), 139(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 the development of Khadi and Village Industries, Fund/Institution referred 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 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 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)

Frequently asked questions

How is verification filed?

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.

Does ITR-7 require the furnishing of information about a tax audit?

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.

What are the consequences of false statements in return?

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.

Who cannot file the return through ITR-7?

ITR-7 cannot be filled by the following taxpayers:

  • Individual, Companies, and HUFs
  • Those entities who have filed the return through new ITR-5 and ITR-6

How to download Income Tax Return Forms?

Download the Income Tax Return Forms through the following steps:

  • Visit the official website of income tax Income Tax India Filing
  • Click on the tab of Downloads on the homepage.
  • A list of forms will be available thereafter.
  • Select the form in an excel sheet or java utility.
  • Continue to fill the downloaded form for filing the return

What are the requirements to be fulfilled by the assessee after filing ITR-7?

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.

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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Last updated: June 07, 2021

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