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The ITR 7 Form is mandatory for organizations earning from properties designated for charitable or religious purposes, or held under trusts. Firms, companies, local authorities, Association of Person (AOP), and Artificial Judiciaries, claiming exemptions under section 139, need to file his return form.
Who must file the ITR 7 Form?
Taxpayers, persons or companies, who are claiming exemptions under the following categories are liable to file Form ITR 7:
Under Section 139(4A) - Taxpayers earning from properties held entirely or partially under a legal obligation or as a trust for a charitable or a religious purpose have to file their returns with ITR 7 Form.
Under Section139(4B) - Political parties claiming tax exemption under section 13A must file annual returns using ITR 7 Form. Also, if the earnings from a political party exceed the 13A exemption limits, ITR 7 Form needs to be filed.
Under Section 139(4C) - As per this section, filing Form ITR 7 is compulsory for the following entities:
Under Section 139(4D) - The rules of this section mandate institutions, colleges and universities not covered under any other section, Khadi and village industries to file ITR 7.
Under Section139(4E) - Business trusts not required to furnish income returns under any other provisions of this section must file ITR 7 under this section.
Under Section 139(4F) - Investment funds referred to in Section 115UB are required to furnish returns using ITR Form 7 under this section.
The due dates depend on the taxpayers’ obligation to audit their accounts.
This form is sectioned into four key parts:
1. Part A
3. Part B
Part A – General information
It is the first part of the form, furnishing the taxpayer’s details such as:
The subsequent subsections include:
Some of the details of this subsection include:
Information about unlisted share investments, Section 80G approval status, and so on are entered under various fields.
It contains information about the members of the AOP.
2. Schedules in the ITR Form 7
ITR 7 contains 23 schedules. The table below lists some of the principal schedules in the form.
|Schedule-I||For taxpayers covered under Section 11(2) and 10(23C)|
|Schedule-J||For assessees under Section 12A and 12AA or specific subsections of 10 (23C)|
|Schedule-LA||Applies to political parties|
|Schedule-ET||Relevant for Electoral trust|
|Schedule-AI||For entities claiming exemption under Sections 11, 12 or various subsections of 10(23C)|
|Schedule-J||For investments of the funds of the trust/ institution as on the previous fiscal’s last day|
|Schedule-VC (Compulsory)||For voluntary contributions received|
|Schedule-K||For details of founders, trustees, managers, or authors of the trust or institution|
|Schedule-ER||For revenue expenditures|
|Schedule-EC||For expenses towards charitable or religious purposes|
|Schedule-HP||For income from house property|
|Schedule-CG||For Short- and long-term capital gains|
|Schedule-SH||For unlisted shareholdings|
|Schedule-OS||For income under the head “Other Sources”|
|Schedule-OA||Lists information about business and profession|
|Schedule-BP||For gains from business or profession|
|Schedule-CYLA||To state income after set-off of losses|
3. Part B
Part B of ITR 7 is divided into three major sections:
TI - This subsection acts a statement of income containing the details of:
This subsection reflects the tax computation. Details include:
Tax details - This section contains information about the total tax paid for the fiscal through TDS, TCS, GST, advance tax, and self-assessment tax.
4. ITR V – Return Verification Form
It is a one-page document certifying the accuracy of the details provided in the ITR.
How to file ITR Form 7?
As per the income tax act, it is necessary to maintain the following sequence while filing the returns online:
Guidelines for filing ITR 7
It is compulsory to file the ITR 7 Form online on the Income Tax Department’s website. The options include:
For the second option, the person filing the return must print out a hard copy of ITR V Form and send it to the CPC Office.
How to fill out the verification form ITR V for ITR 7?
A taxpayer filling out the verification document has to strike out the fields that are not applicable or write NA against those entries. It is crucial to ensure that the document is duly signed before furnishing the return. It is also necessary to state the designation or capacity and PAN of the person verifying the return.
How to e-verify ITR 7?
This verification process is called e-verification because it is done electronically.
In the case of political parties, the CEO or the secretary must verify the return through a digital signature certificate (DSC). Other taxpayers can choose the following options to e-verify the return:
How to send the ITR V to the CPC Office?
After furnishing the returns electronically and downloading the ITR-V soft copy from the Income Tax Department’s website, a password is required to open it. The printed copy has to be signed in blue ink. Within 120 days of e-filing the tax return, taxpayers must send the ITR V via ordinary post or speed post to the following address:
Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka)
The form cannot be couriered.
It is advisable to take a second print out of the verification form and retain it as a record of taxes paid and returns filed.
Documents to be attached with Form ITR 7
ITR 7 is an annexure-less form. It is not necessary to attach any document with this return. However, taxpayers should tally their tax details with their tax credit statement Form 26AS before filing their ITR.
How to e-file audit reports?
Assessees liable for audits under Section 44AB must provide the details of audits on their accounts by an accountant to the tax authorities. Such audit information, along with the date of submitting the report to the tax department, must be filed under the subsection named “Audit Information” in the ITR 7 Form.
Companies with social engagements, such as news agencies, charitable trusts, religious bodies, educational or scientific research institutions, and the like, need to file Form ITR 7. Such organizations have to provide their income and tax payment details in this form. However, the different schedules and sections in the form might appear confusing. But furnishing false or incorrect information can lead to prosecution under section 277 of the Income Tax Act, 1961, leading to imprisonment and fines. Hence, it is essential to understand the features of the ITR Form properly and enter accurate data.
This comprehensive guide is designed to explain the various sections in the ITR 7 Form with instructions for filling it correctly. It will help avoid mistakes and simplify the process of filing the return of incomes. Kotak Life tax and savings guide provides a convenient understanding of the ITR 7 Form.
- A Consumer Education Initiative series by Kotak Life
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