What is the ITR-7 Form?
ITR-7 is filed when persons including companies fall into 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 decrease Statement Form 26AS.
E-filing audit reports
If the assessee is responsible for Audit u/s 44AB and therefore the accounts are audited by an accountant, the small print of such audit report alongside the date of furnishing it to the department has got to be filled under the top “Audit Information.”
Who is eligible to file the ITR-7 Form?
Return under section 139(4A) is required to be filed by everyone in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or partially just for such purposes.
Return under section 139(4B) is required to be filed by a party if the entire income without giving effect to the provisions of section 139A exceeds the utmost amount which isn’t chargeable to income-tax.
Return under section 139(4C) is required to be filed by every
Return under section 139(4E) must be filed by every business trust which isn’t required to furnish return of income or loss under the other provisions of this section.
Return under section 139(4F) must be filed by any investment fund mentioned in section 115UB. it’s not required to furnish return of income or loss under the 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. Part-A – General information
From the AY 2019-20, a taxpayer has got to also provide information on the small print of registration or approval.
Part-B – Outline of the entire income and tax computation with reference to income chargeable to tax.
Part B-TI: Computation of total income
Part B-TTI: Computation of liabilities 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).
How do I fill out the ITR-7 Form?
Instructions for filling out ITR-7
Sequence for filling out parts and schedules
The tax Department advises assesses to follow the sequence mentioned below while filling out the tax return.