ITR-7 Return

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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

    Who is eligible for ITR 7 Form filing?

    •  ITR 7 u/s 139 (4A)

      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.

    • 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 returns through Form ITR 7.

    • ITR 7 u/s 139 (4C)

      Under this the ITR 7 is to be filed by the following entities:

      • Association that is conducting scientific research.
      • News agency
      • Association u/s 10 (23A)
      • Other enlisted institues u/s 10 (23B)
    • ITR 7 u/s 139 (4D)

      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.

    • ITR 7 u/s 139 (4E)

      Filing the returns of the income done by a business trust.

    • ITR 7 u/s 139 (4F)

      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.

    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.

    • 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.

    Pay as you go to get better pricing.

    All Inclusive Pricing – No Hidden Fee

    Basic
    ₹ 9899 /

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

    Standard
    ₹ 12899 /

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

    Premium
    ₹ 15899 /

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

    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.

    Procedure to file ITR 7 returns

    How 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.

    Frequently Asked Questions

    Q.1 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.

    Q.2 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.

    Q.3 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.

    Q.4 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

    Q.5 How to download Income Tax Return Forms?

    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

    Q.5 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.

    Q.6 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)

    Q.7 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).

    Q.8 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).

    Q.9 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.

    Q.11 What documents are to be attached with ITR 7 Form?

    No documents including the TDS certificate is to be attached while ITR 7 return filing.

    Q.10 What is ITR 7 form?

    ITR 7 is filed by persons including companies that fall under Section 139(4A), 139 (4B) or 139(4C), or 139 (4D).

    Q.10 What is the difference between ITR 5 and ITR 7?

    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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