ITR-7 for AY 2020-2021

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ITR-7 for AY 2020-2021

The Central Board of Direct Taxes (CBDT) issued the Guidelines for filling ITR-7 to help the taxpayers for filing the particulars in Income-tax Return Form-7 for the Assessment Year 2020-2021 relating to the Financial Year 2019-2020. The ITR-7 Form is for persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) of Income Tax Act. The current article briefs the Guidelines for filling ITR-7 for AY 2020-2021.

Know more about Form ITR-7

Assessment Year for which this Return Form is applicable

The ITR-7 is applicable for the assessment year 2020-2021 only, that is, it relates to income earned during the Financial Year 2019-2020.

Eligibility Criteria to file ITR-7

The ITR-7 form for AY 2020-2021 is to be filed by persons including companies who are required to furnish return under the following section:

  • Section 139(4A) of the Income-tax Act
  • Section 139(4B) of Income-tax Act
  • Section 139(4C) of the Income-tax Act
  • Section 139(4D) of the Income-tax Act

Section 139(4A) of the Income-tax Act

Return under section 139(4A) of Income-tax Act is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

Section 139(4B) of Income-tax Act

Return under section 139(4B) is to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.

Section 139(4C) of the Income-tax Act

Return under section 139(4C) is required to be filed by the following persons :

  • Scientific research association
  • News agency
  • Association or institution referred to in section 10(23A)
  • Institution referred to in section 10(23B);
  • Fund or institution or university or other educational institution or any hospital or other medical institution.

Section 139(4D) of the Income-tax Act

Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

The category of persons whose income is unconditionally exempt under various clauses of section 10 of  Income-tax Act, and who are not mandatorily required to furnish their return of income under the provisions of section 139, can use this form for filing return. An indicative list of such persons is given below:

Sl.No Category of persons Exempt under section
1 Local authority Section 10(20)
2 Regimental Fund or Non-public Fund established by the Armed forces of the Union Section 10(23AA)
3 Fund, by whatever name called, set up by the Life insurance Corporation (LIC) of India on or after 1st August 1996, or by any other insurer Section 10(23AAB)
4 Authority (whether known as the Khadi and Village Industries Board or by any other name) Section 10(23BB)
5 Body or Authority Section 10(23BBA
6 SAARC Fund for Regional Projects set up by Colombo Declaration Section 10(23BBC)
7 insurance Regulatory and Development Authority (IRDA) Section 10(23BBE)
8 Central Electricity Regulatory Commission Section 10(23BBG)
9 Prasar Bharati Section 10(23BBH
10 Prime Minister’s National Relief Fund Section 10(23C)(i)
11 Prime Minister’s Fund (Promotion of Folk Art) Section 10(23C)(ii)
12 Prime Minister’s Aid to Students Fund Section 10(23C)(iii)
13 National Foundation for Communal Harmony Section 10(23C)(iii)
14 Swachh Bharat Kosh Section 10(23C)(iiiaa)
15 Clean Ganga Fund Section 10(23C)(iiiaaa)
16 Provident fund to which the Provident Funds Act, 1925 applies Section 10(25)(i)
17 Recognized Provident Fund Section 10(25)(ii)
18 Approved Superannuation Funds Section 10(25)(iii)
19 Approved Gratuity Fund Section 10(25)(iv)
20 Other funds referred to in sub-clause (v) of section 10(25) Section 10(25)(v)
21 Employees’ State Insurance Fund Section 10(25A)
22 Agricultural Produce Marketing Committee Section 10(26AAB)
23 Corporation, body, institution or association established for promoting interests of members of Scheduled Castes or Scheduled Tribes or backward classes Section 10(26B)
24 Corporation established for promoting interests of members of a minority community Section 10(26BB)
25 Corporation established for the welfare and economic upliftment of ex-servicemen Section 10(26BBB)
26 New Pension System (NPS) Trust Section 10(44)

Procedure for filling and verification of ITR-7

The applicant can file the ITR-7 form electronically on the e-filing web portal of the Income-tax Department and verify in any one of the following manners:

  • Digitally signing the verification part
  • Authenticating by way of electronic verification code (EVC)
  • Aadhaar OTP
  • By forwarding duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address
    • Centralized Processing Centre
    • Income Tax Department
    • Bengaluru— 560500
    • Karnataka
ITR-7_Notified_Form

The applicant is required to furnish the following details in the income tax return Form-7 (ITR-7):

  • General Information of the company
  • Audit Information
  • Details of amounts accumulated/set apart within the meaning of section 11(2) or in terms of the third proviso to section 10(23C)
  • Details of the funds and investments as on the last day of the previous year
  • Details of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution
  • Details of a political party, claiming exemption under section 13A
  • Details of electoral trust, claiming exemption under section 13B
  • Voluntary Contributions Details
  • The aggregate of income derived during the previous year excluding Voluntary contributions
  • Revenue expenditure incurred during the year and amount applied to stated objects of the trust/institution during the previous year – Revenue Account
  • Amount applied to charitable or religious purposes in India or for the stated objects of the trust/institution during the previous year– Capital Account
  • Details of Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under section 10(21) or 10(22B) or 10(23AAA) or10(23B) or 10(23D) or 10(23DA) or 10(23EC) or 10(23ED) or 10(23EE) or 10(23FB) or 10(29A) or 10(46) or 10(47) or other clauses of section 10 under which income is unconditionally exempt
  • Details of Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under section 10(23A) or 10(24) of Income-tax Act
  • Details of the Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under sub-clauses (iii) or (iiiac) of section 10(23C) (i.e. university or other educational institutions or hospital or other similar institutions wholly or substantially financed by the Government)
  • Income & Expenditure Statement for the year in this Schedule, if you are claiming exemption under sub-clauses (iiiad) or (iiiae)of section 10(23C)(i.e. university or other educational institutions or hospital or other similar institutions if the aggregate annual receipt does not exceed the prescribed amount
  • Details of Income from House Property
  •  Capital Gains – Taxable income
  • Income from other sources
  • General information relating to business activity
  • Computation of income from business or profession
  • Details of Income after set-off of current year losses
  • Pass-through Income details from business trust or investment fund as per section 115UA, 115UB of Income-tax Act

Note: The Form ITR-V should reach within 120 days from the date of e-filing the return

In case a taxpayer is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via),12A(1)(b), 92E he/she will file such report electronically on or before the date of filing the return of income

Filling out the ITR V- Income Tax Return Verification Form

After filing the ITR form – 7, the taxpayer needs to print out the Form ITRV- Income Tax Return and send to Processing Centre, Income Tax Department, Bengaluru- 560500 (Karnataka) by ordinary post or speed post.

Please click on the official link Guidelines for filling ITR-7 for AY 2020-2021 for reference.

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