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ITR-7 Return Filing
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Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
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ITR 7 Form Filing
The ITR 7 form is used by individuals, companies, or entities that earn income from properties held under trusts or legal obligations for charitable or religious purposes. These properties may be owned either in part or wholly by the taxpayer. ITR 7 forms can be filed through various methods, including electronically with a digital signature, submitting a barcode-based form, using physical paperback forms, or verifying the return through ITR Form V. Taxpayers who fall under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) are required to use the ITR 7 form for filing their income tax returns. This form helps ensure compliance with tax regulations when earning income from such
Eligibility for ITR 7 Form filing
Who is eligible for ITR 7 Form filing?
ITR 7 u/s 139 (4A)
This form is applicable to individuals who earn income from properties used solely or partially for charitable or religious purposes and are legally obligated to hold these properties under a trust.
ITR 7 u/s 139 (4B)
This section is specifically applicable to political parties. Under Section 13A, political parties are exempted from filing income tax returns, provided they submit 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)
This form is to be filed by any investment fund referred to in Section 115UB. There is no requirement to furnish the returns of income or loss under any other provision in 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.
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 needs to print copies of the ITR V Form. One copy of the ITR V, duly signed by the assessee, must be sent by ordinary post to the following address:
Bag No.1, Electronic City Office, Bengaluru - 560100, Karnataka.
The other copy can be retained by the assessee for their records.
How to fill the verification document?
The required information should be filled in the verification document, and any non-applicable sections should be struck out. Please ensure that the verification is signed before the returns are furnished. Choose the designation or capacity of the person signing the return. It is important to note that any person making a false statement in the return or accompanying schedules may be liable for prosecution under the applicable section, which could lead to imprisonment and fines.
E filing audit reports
If the assessee is liable for auditing under section 44AB and the accounts have been audited by the accountant, the details of such audit reports, along with the furnishing date, must be submitted to the income tax department. This information should be filed under the "Audit Information" section.
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.
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