ITR 7

Documents Required

Statement from Bank
Incorporation Certificate

ITR-7 Return Filing

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

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ITR-7

ITR-7 is a tax return form used by individuals and companies in India to file their income tax returns if they fall under specific categories, such as charitable trusts, political parties, and other specified entities. It requires detailed information on income, expenses, and taxes paid. Filing ITR-7 accurately and on time is important to avoid penalties and legal issues.

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 5.

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).

Eligibility for filing ITR-7 Form

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.

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.

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-5 Return Form

After filing the return the assessee is required to print the copies of the ITR-5 Form. A copy of the ITR-5 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.

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.