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Income Tax Return 7 Filing (ITR-7 Form Filing)
Companies that derive their income from properties that are of charitable or religious purposes need to file the ITR-7 form. Properties held under trusts or legal obligations in parts or even wholly come under this category as well.
Please remember that you need not submit or affix any extra documents, paperwork, or TDS certificates with the return form. If in case an applicant affixes any documents with the return Form, they will be sent back to the applicant.
The taxpayers can match the taxes deducted, collected, or paid by them with the Tax credit statement Form 26AS. In case the assessee is liable for auditing under Section 44AB and the accounts are audited by the accountant, the details of such audit report along with the date of furnishing it to the department has to be filed under “Audit Information”.
How to file ITR-7 form?
ITR-7 Form can be filed through various methods:
(For political parties, it is mandatory to provide their returns electronically under digital signature)
Who is eligible for filing the ITR-7 Form?
- ITR-7 under Section 139(4A): It 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.
- ITR-7 under Section 139(4B): It 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.
- ITR-7 under Section 139(4C): It 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.
- ITR-7 under Section 139(4D): It 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.
- ITR-7 under Section 139(4E): It must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
- ITR-7 under Section 139(4F): It 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. Part-A – General information
From the AY 2019-20, a taxpayer has to also provide information on the details of registration or approval.
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 sharehoolding 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)
The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return:
- Part A
- Part B
Frequently Asked Questions
Yes, in case an entity is required to get its account audited under Section 44AB and its accounts are audited by a chartered accountant, such entity must furnish the details in ITR-7 like details about audit report and date of furnishing such report to the department.
ITR-7 cannot be filled by the following taxpayers:
Once the return is filed, the assessee shall get the print of two copies of the ITR-5 form, one copy shall be sent through the post to the CPC office and the second copy shall be retained for record.