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ITR 7 Form Filing
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).
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Eligibility for ITR 7 Form filing
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Who is eligible for ITR 7 Form filing?
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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.
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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.
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Under this the ITR 7 is to be filed by the following entities:
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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.
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Filing the returns of the income done by a business trust.
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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.
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Structure of ITR 7 Form
What is the structure of the ITR 7 Form?
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 |
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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.
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.
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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
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Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
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Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.
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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:
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Procedure to file ITR 7 returns
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How to file ITR 7 returns?
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.
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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.
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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”
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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.
[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Frequently Asked Questions” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row row_space=”remove_padding_top”][vc_column][vc_tta_accordion][vc_tta_section title=”Q.1 How is verification filed?” tab_id=”1631962818888-f2d58f48-62d7″][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 Does ITR-7 require the furnishing of information about a tax audit?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 What are the consequences of false statements in return?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 Who cannot file the return through ITR-7?” tab_id=”1634375208465-1b41807f-303f”][vc_column_text]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
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.5 How to download Income Tax Return Forms?” tab_id=”1634375207194-feeb45e1-ec4e”][vc_column_text]Download the Income Tax Return Forms through the following steps:
- Visit the official website of 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
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.5 What are the requirements to be fulfilled by the assessee after filing ITR-7?” tab_id=”1634380574907-529ce678-6f81″][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.6 Who can file ITR 7 form?” tab_id=”1634387134389-4c92d9a8-8ece”][vc_column_text]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)
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.7 Who should not file ITR-7 Form ?” tab_id=”1634387176405-bdc80956-d8d6″][vc_column_text]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).
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.8 When should ITR-7 be filed ?” tab_id=”1634387210831-9f409180-c673″][vc_column_text]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).[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.9 What is the due date for filing ITR-7 Form ?” tab_id=”1634387262872-e67f00e7-044a”][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.11 What documents are to be attached with ITR 7 Form?” tab_id=”1634387294414-1d9a2db7-b6fb”][vc_column_text]No documents including the TDS certificate is to be attached while ITR 7 return filing.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.10 What is ITR 7 form?” tab_id=”1634387336285-f02fa6ce-eea4″][vc_column_text]ITR 7 is filed by persons including companies that fall under Section 139(4A), 139 (4B) or 139(4C), or 139 (4D).
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.10 What is the difference between ITR 5 and ITR 7?” tab_id=”1634387360668-71f1522e-1ecd”][vc_column_text]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.
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