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
- scientific research association ;
- news agency ;
- association or institution mentioned in section 10(23A);
- institution mentioned in section 10(23B);
- fund or institution or university or other institution or any hospital or other clinic .
Return under section 139(4D) is required to be filed by every university, college or other institution, which isn’t required to furnish return of income or loss under the other provision of this section.
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.
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 present assessment year.
Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the Judgment 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 just in case of a party .
Schedule-ET: Details just 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 top Income from House Property.
Schedule-CG: Computation of income under the top Capital gains.
Schedule-OS: Computation of income under the top Income from other sources.
Schedule-OA: General information about business and profession
Schedule-BP: Computation of income under the top “profit and gains from business or profession
Schedule-CYLA: Statement of income after depart of current year’s losses
Schedule PTI: undergo 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 sharehoolding in an unlisted company
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.
• Part A
• Part B