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.
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".
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.
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.
Under this, ITR-7 is filed by the following entities:
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.
Filing of return of Income done by a business trust
How to file ITR-7?
ng of return of income by an investment Fund.
The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:
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.
ITR-7 Form can be filed through various methods:
(For political parties it is mandatory to provide their returns electronically under digital signature)
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|
Here is the convenient sequence to file Form ITR-7:
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.
|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)|
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.
Last updated: June 07, 2021