ITR-7 Form

 

ITR-7 Form

A comprehensive guide to understanding the ITR-7 Form

What is the ITR-7 Form?

ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

No annexures required

No document (including TDS certificate) should be attached with this return form while filing ITR-7.

Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

E-filing audit reports

If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”

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Who is eligible to file the ITR-7 Form?

Return under section 139(4A) 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.

Return under section 139(4B) is required 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.

Return under section 139(4C) is required to be filed by every

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.

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.

Return under section 139(4E) must be filed by evey business trust which is not required to furnish return of income or loss under any other provisions of this section.r

Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section.

What is the structure of the ITR-7 Form?

The ITR-7 form has been divided into 2 parts and 23 schedules.
From the AY 2019-20, a taxpayer has to also provide information on the details of registration or approval.

Part-A – General information

Part-B – Outline of the total income and tax computation with respect to 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-VC: Details of Voluntary Contributions received

Schedule AI: Aggregate of income derived during the year excluding voluntary contributions

Schedule ER: Amount applied to charitable or religious purposes in India – Revenue Account

Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account

Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement

Schedule-HP: Computation of income under the head Income from House Property.

Schedule-CG: Computation of income under the head Capital gains.

Schedule-OS: Computation of income under the head Income from other sources.

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 PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB

Schedule-SI: Statement of income which is chargeable to tax at special rates

Schedule 115TD: Accreted income under section 115TD

Schedule FSI: Details of income accruing or arising outside India

Schedule TR: Details of Taxes paid outside India

Schedule FA: Details of Foreign Assets

Schedule-SH: Details of shareholding in an unlisted company

Part B-TI: Computation of total income

Part B-TTI: Computation of tax liability on total income

Tax payments: 1. Details of payments of Advance Tax and Self-Assessment Tax 2. Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C). 3. Details of Tax Collected at Source (TCS)

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How do I fill out the ITR-7 Form?

Instructions for filling out ITR-7
Sequence for filling out parts and schedules

The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.

Part A

Part B

Schedules

Verification

Have more questions?

Why not take a look at our FAQ page? You’ll find answers to all kinds of tax-related questions there.

How do I file my ITR-7 Form?

This return form has to be mandatorily filed online with the Income Tax Department in the following ways:

by furnishing the return electronically under digital signature

by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

After the filing of the return , the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).

The other copy may be retained by the assessee for his record.

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How to fill out the verification document?

Fill up the required information in the verification document.

Strike out whatever is not applicable.

Please ensure that the verification has been signed before furnishing the return.

Choose the designation/capacity of the person signing the return.

Verification of Form ITR-7

The political parties are compulsorily required to verify the return through a digital signature certificate(DSC) by the CEO or secretary, whereas other persons have the following options for verification:

Through DSC(digital signature certificate)

Authenticating by way of Electronic Verification Code (EVC)mode

Duly signing the ITR-V acknowledgment and posting it to CPC office.

Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.

How do you send your ITR-V to the CPC Office?

If the income tax return ITR-7 is filed electronically, there is no need to send it to CPC office. 

Frequently Asked Questions

What documents are required for registration of PAN by Association of Person(other than trusts), Body of Individuals (BOI), Local Authority, or Artificial Juridical Person formed or registered in India?

Copy of agreement/certificate of registration number issued by the registrar of cooperative society or charity commissioner or any other competent authority or 

Any other document issued by the government (central or state) establishes the identity and address of such person. 

In the case of the company, local authority, political party or association of persons, who can verify the income tax return?

The persons who can verify irector. In case for any unavoidable reason, there is no Managing Director, any other Director of the company can verify the return.

Local authority– the Principal Officer.

Political party- the Chief Executive Officer of such party, whether known as Secretary or any other designation.

Any other association- any member of the association or the Principal Officer thereof.

Any other person– that person or by some person competent to act on his behalf.