Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

A Comprehensive Guide to Understand the ITR 7 Form

- ITR 7 Form - Read complete comprehensive guide to understand the filing of ITR 7 here on this article. Visit Kotak Life to know more

  • May 17, 2021
  • 2,068 Views

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:

  • Scientific research institutes
  • Association or institution mentioned in Section 10(23A)
  • News agencies
  • Government or non-government institutions listed under section 10(23B)
  • Funds / institution / University / educational institution / hospitals, clinics and other medical establishments

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.

Which is the last date to file ITR 7 Form?

The due dates depend on the taxpayers’ obligation to audit their accounts.

  • For assessees who do not need to audit their accounts, the last date to file ITR 7 Form is:
  • o January 10, 2021, for FY 2019-20 (AY 2020-21) o July 31, 2021, for FY 2020-21 (AY 2020-21)
  • For audit cases, the deadline is:
  • o February 15, 2021, for FY 2019-20 (AY 2020-21) o October 31, 2021, for FY 2020-21 (AY 2021-22)

What is the structure of ITR Form 7?

This form is sectioned into four key parts:

1. Part A
2. Schedules
3. Part B
4. Verification

Part A – General information

It is the first part of the form, furnishing the taxpayer’s details such as:

  • Name (as written in the deed of creation/ establishing/ incorporation/ formation)
  • PAN
  • Address
  • Date of formation/ incorporation
  • Official contact number (with STD code for landline)
  • Email Address
  • Information about projects or institutions the assessee runs
  • Details of registration or approval under the Income Tax Act and other laws

The subsequent subsections include:

Filing Status

Some of the details of this subsection include:

  • Return filed on, before, or after the due date
  • Whether it is a revised or modified return
  • Date of filing of original return if the return is revised or modified
  • If submitted in response to a notice
  • Section under which the return is furnished
  • Section under which the taxpayer is claiming exemptions
  • Taxpayer’s residential status
  • Declaration about unlisted equity shares

Audit information

  • Whether an audit is required
  • Audit liability under an act other than the Income Tax Act
  • The auditor’s name
  • Audit report date
  • The date of furnishing the audit report

Other details
Information about unlisted share investments, Section 80G approval status, and so on are entered under various fields.

Member details

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 Purpose
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:

  • gross income for the applicable financial year, including losses set off
  • deductions claimed
  • applicable exemptions
  • total taxable income

TTI -

This subsection reflects the tax computation. Details include:

  • Tax payable on total income
  • Surcharge
  • Cess
  • Tax relief applied
  • Penal interest owed if any
  • Taxes paid
  • Taxes due
  • Refunds due, if any

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:

  • Part A
  • All schedules
  • Part B
  • Verification

Guidelines for filing ITR 7

  • Taxpayers have to write ‘NA’ against schedules and particulars that are not relevant to them.
  • Zero-value figures are to be denoted as ‘Nil’.
  • Negative values must include the minus (-) sign before the figure showing the value
  • All amounts must be entered as the nearest multiple of ten
  • Non-resident Indians required to file ITR 7 can provide details of bank accounts in a foreign country to receive tax refunds

It is compulsory to file the ITR 7 Form online on the Income Tax Department’s website. The options include:

  • Transmitting the data and verifying the returns electronically
  • Submitting the return details digitally, followed by downloading the return verification form ITR-V

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:

  • Signing with DSC
  • Authenticating through EVC or Aadhaar OTP

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.

Conclusion

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.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Save Income Tax by 31st March: Here Is a Checklist

Tax Structure in India

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Financial Benefits and Government Schemes Every Woman in India Should Know

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

How to Boost Your Savings with Guaranteed Results

Why January Is an Important Month for Saving Tax?

Tax Planning and Tax Benefits of Life Insurance

Difference between Section 80C, 80CCC, 80CCD & 80D

How to Check Income Tax Refund Status Online in India

How to File ITR Online

What is a savings plan?

Best Savings plan for the middle class in India

All You Need To Know About Assured Savings Plan

Financial Planning and Best investment options for Housewives

धारा 80डी आयकर अधिनियम, 1961

Income Tax Exemption for Physically Handicapped Dependent

Sub-sections Under Section 80C of the Income Tax Act, 1961

ITR 2 Form – Complete Guide

Budget 2019: Impact on the Common Man in India

What is ITR & How to File Income Tax Return?

Why PAN Card is Essential for Income Tax Filing?

Tax Exemption and Scope of Coverage

Should you prefer a Guaranteed Savings plan over monthly income schemes?

Should one prefer a guaranteed savings plan over monthly income schemes?

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Presumptive Taxation for Business and Profession

How to create a savings plan and make good investment choices

What are Direct Taxes? How to Avoid being Overtaxed?

Tax Rate Chart for FY 2022-2023: What is TDS Slab?

What is ITR 5 Form and How to File ITR 5?

How Do Assured Savings Plans Work and Why You Should Consider One?

Saving Plans to Give Children a Debt-free College Education

How to create wealth through a savings plan?

Money Saving Tips for Single Women

Income Tax Exemption for Disabled

What is Rule 132 of Income Tax? How Does it Affect You?

How to File TDS Return?

Maximize Your Savings: Tax Tips for Salaries Above ₹20 Lakhs

How to File Income Tax Return for First Time Tax Payers

Section 80C Deductions as per Income Tax Act, 1961

What To Do If Your TDS Is Not Deposited With The Government?

What is Tax Deduction at Source (TDS)?

Income Tax Benefits for Doctors

Home Investment Plan to Buy Dream Home

आयकर स्लैब 2021-2022

Who Should Invest In Savings Plan

What is TDS Exemption Limit?

Tax Season is Coming- Know How to Save Tax

How can NRIs prevent double taxation in India?

What is Salary Protection Insurance and Why You Need It

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

How to File Income Tax Return without Form 16

Income Tax Deductions for Disabled Persons Under Section 80U

Penalty For Late Filing TDS Return

Can You Get Term Insurance Without Income Proof?

Tax Saving Options other than Section 80C

Plan your Daughter's Wedding With Best Monthly Savings Plan

What is Tax Evasion, and What are the Penalties for Tax Evasion in India?

How to Get Form 16?

8 Things to Help You Select a Savings Investment plan

What is the Percentage of Tax Deducted at Source (TDS)?

How to Save Tax on Salary Arrears?

How to File Income Tax Return - Everything You Need to Know

How to Calculate returns on an assured savings plan?

How to View 26AS and Download Form 26AS Online

Do Beneficiaries Pay Taxes on Life Insurance?

How can I get Form 16B from traces?

What is Form 16A?

All You Need to Know About Section 80C

Pradhan Mantri Suraksha Bima Yojana

Guide for Tax Calculation on your Salary

Importance of Savings Plan You Need to Know

How to Check Income Tax Refund Status Online in India

Guaranteed Return Plans-Why is it a must for you?

Income Tax Deduction Under Section 80CCC In India

What is Form 16B?

Investing Lump Sum Amount

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

Challan 280 - How to Use Challan 280 to Pay Income Tax

How to View 26AS and Download Form 26AS Online?

How to Pay Advance Tax Online in India

इनकम टैक्स रिटर्न कैसे फाइल करें?

Types of Income Tax Return (ITR) Forms

How to Save Income Tax with Insurance

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

Income Tax Calculator: How Life Insurance Policies are Taxed? Explained

भारत में महिलाओं के लिए सरकारी योजना

स्रोत पर कर कटौती (टीडीएस) क्या है?

What is the Difference Direct Tax and Indirect Tax

What is Form 26AS - All You Need To Know

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

What is the TDS Rate on Salary?

How to e-Verify your Income Tax Return

What is Section 80C Deduction?

How much gold can you keep at home? Limits and income tax rules explained

Section 80E: Tax Exemption on Interest on Education Loan

List of Important Income Tax FAQs

Tax Planning Tips for a Newly Married Couple

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Tax-Free Income in India

9 Income Tax Myths That Could Cost You Money while Filing returns

Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

धारा 80सी आयकर अधिनियम, 1961

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

5 Popular Tax-Saving Schemes in India

Section 80G of the Income Tax Act

How to e file ITR on Income Tax Government Portal

9 Unusual Investments you Didn't Know for Saving Taxes in India

Understanding Tax Exemptions in ULIP (Old and New)

How to Claim a Tax Refund?

What Investment Options Come with Tax Incentives?

Tax Saving Guide for 2019-20

How Much Money This Budget 2019 Can Help You Save

Why is Form 16 Important?

What are the Different Types of Taxes in India?

How to File Form 10E for Tax Relief on Salary Arrears?

Is PF Withdrawal Taxable for NRI?

Types of Riders in Insurance Policy

How Inflation Affects Savings and Investment?

Tax Saving Options for Salaried Employees

Tax Deductions You MUST Know

Why Tax Planning Should Be an All-year Round Activity

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Section 44AD of Income Tax Act for AY 2021-22

Highlights of the Union Budget 2023-24

Tax Benefits for Startups in India

Union Budget 2023: Impact on Life Insurance

What is TDS Slab?

Post Office Savings Scheme - All You Need to Know

Tax Saving for Self Employed in India

How To Save Tax Better with 80C

Union Budget 2023 and Tax Exemptions on Life Insurance Premium Over ₹5 Lakhs

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

E-Filing of Income Tax Returns in India

TDS rules on the sale of jointly owned property

Section 16 of the Income Tax Act (ITA), 1961

Impact of GST on Life Insurance in India

Tax Saving Tips: Best Ways to Save Income Tax for 2021

What is TDS Refund Process?

3 Tips to Buy Guaranteed Savings Plan

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

Problems People Face with Tax Returns after a Job Change

What is capital gains tax, and how it works?

Invest in Tax-Free Bonds: Understanding the Benefits and Who can Invest?

Income Tax Effects on Salary Deductions in the Union Budget 2023

Top 8 Tax-Saving Methods in India- Budget Planning

What Is Advance Tax and How Is It Calculated?

What is EEE in income tax? 5 tax-free investment options to become crorepat

What is Section 80C Deduction Limit?

All about TDS Payment Online & Due Dates

What is indirect tax and its types?

Income Tax Filing Using Multiple Form 16

What is Section 80CCC of the Income Tax Act 1961

How To Save Tax Using Life Insurance?

Tax Benefits of ULIP Plans Available for NRIs

Income Tax Deductions Under Section 80C

Difference Between Guaranteed and Assured Returns

Personal Finance - How to Deal with Emergencies When Preparing Finances

Easy ways to make personal savings plans

Form 16, Form 16A, and Form 16B?

ITR 1: Sahaj Form

All about TDS on Salary under Section 192 – Kotak Life

How to save tax for salaried person?

Saving Income tax in 2017 - 18

What are Deferred Savings Plans?

Key Changes of the Union Budget 2023 You Must Know

All you need to know About Tax on Inheritance

How to file Form 16 online?

Have You Considered Term Insurance a Part of Your Tax Planning?

Complete Savings Plan for Low Income Earners

Insurance and Endowment: Everything You Need to Know!

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

Tax-Savings Investments and Options in India

What is the difference between TDS and TCS?

What is the Difference between Form 16 and Form 16A?

How to Check Income Tax Returns Status Onine?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

What is Section 10D of the Income Tax Act?

Personal Finance - Meaning, Importance, and Tips for Personal Finance

What is better - Guaranteed Savings Plan or Fixed Deposit?

Income Tax Filing For NRI in India

Tax Benefit of Investing in Term Plan

What is the Maximum Maturity Benefit in Assured Savings Plans?

Things to Do After Filing Income Tax Returns

TDS Due Dates of FY 2022-23 For Return Filing

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

How to Download Form 16?

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Interest Imposed Under Sections 234A, 234B and 234C

Tips to plan your savings in 2022

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

When Should TDS be Deducted and Who is Liable to Deduct it?

Are Financial Planning and Tax Planning the Same Thing?

A Complete Guide for Filing ITR 3 Form

Basics of Guaranteed Savings Plan

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

ITR-6: Guide to filing ITR-6 Form online

How to File Form 16 for Salaried Employees?

What is Section 80C - Explained in Detail