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ITR-7 Return

Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs


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ITR-7 Return Filing

ITR-7 is a specialized income tax return form designed for specific entities like firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons claiming exemptions under various sections of the Income Tax Act. Filing ITR-7 can be a complex process, but with FintechFilings, you can navigate it effortlessly. Our expert team streamlines the ITR-7 filing process, ensuring compliance and accuracy.

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ITR-7 Form is specifically designed for firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who wish to file their Income Tax Returns. It applies to those claiming exemptions in the following categories:

  • Under Section 139(4A): Charitable or Religious Trusts
  • Under Section 139(4B): Political Parties
  • Under Section 139(4C): Scientific Research Institutions
  • Under Section 139(4D): Universities, Colleges, Institutions, or Khadi and Village Industries

Individuals not seeking exemptions under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) are not required to file the ITR-7 Form for Income Tax Returns.

The ITR-7 Form applies to individuals receiving income from various sources:

  • Section 139(4A): Those with income from property held under trust or legal obligations for charitable or religious purposes.
  • Section 139(4B): Political parties with income exceeding the non-taxable limit.
  • Section 139(4C): Organizations such as scientific research associations, hospitals, educational institutions, universities, and news agencies.
  • Section 139(4D): Colleges and universities are not mandated to file returns otherwise.
  • Section 139(4E) and Section 139(4F): Business trusts and investment funds with no obligation to file under other provisions.

Any taxpayer who falls under the categories of Trust, Company, Firm, Local Authority, Association of Persons (AOP), or Artificial Judicial Person and claims exemptions as per Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) can utilize the ITR-7 Form for filing Income Tax Returns.

The due date for filing the ITR7 Form varies depending on whether the accounts require auditing. Individuals not subject to audit can file by July 31, 2023, for AY 2023-24, while audit cases have a deadline of October 31, 2023.

Note: The filing date for Form ITR7 for the Assessment Year 2023-24 for assesses is detailed in clause (a) of Explanation 2 to sub-section (1). The original deadline of Section 139 of the Act, which was October 31, 2023, has been extended until November 30, 2023.

The ITR 7 income tax form has been divided into two parts and nineteen schedules.

  • Part A General information
  • Part B Outline of the total income and tax computation concerning 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-HP Computation of income under the head Income from House Property.
Schedule-CG Computation of income under the head ITR.
Schedule-OS Computation of income under the head Income from other sources.
Schedule-VC Details of Voluntary Contributions received
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-MAT Computation of Minimum Alternate Tax payable under section 115JB (n)
Schedule-MATC Computation of tax credit under section 115JAA
Schedule AMT Computation of Alternate Minimum Tax payable under section 115JC (p)
Schedule AMTC Computation of tax credit under section 115JD
Schedule-SI Statement of income which is chargeable to tax at special rates
Schedule-IT Statement of payment of advance-tax and tax on self-assessment.
Schedule-TDS Statement of tax deducted at source on income other than salary.
Schedule-TCS Statement of tax collected at source
Schedule FSI Details of income accruing or arising outside India
Schedule TR Details of Taxes paid outside India
Schedule FA Details of Foreign Assets

What is the sequence for filing ITR 7 income tax form?

The Income Tax Department has advised the assessees to follow the sequence that is mentioned below while filing the Income Tax return.

  • Part A
  • Part B
  • Schedules
  • Verification.

Enter the information required in the verification document and strike out the which is not applicable and this verification must be digitally signed before furnishing the final return.

It is necessary for the person signing to mention his designation in the entity on behalf of whom the return is being filed.

ITR 7 income tax filing can be done with the Income tax department in the following ways:

  • By furnishing the returns in the electronic manner using the digital signature certificate
  • By transmitting the data in the return and thereafter submitting the verification of the return in the ITR V Return Form

After filing the return the assessee is required to print the copies of the ITR V Form. A copy of the ITR V which is duly signed by the assessee has to be sent by the ordinary post to

Bag No.1, Electronic City Office, Bengaluru – 560100 ( Karnataka)

The other copy can be retained by the assessee for his record.

How to fill the verification document?

The required information is to be filled in the verification document. Strikeout whatever is not applicable. Pleasure ensures that the verification has been signed before the returns are furnished. Choose the designation/ capacity of the person signing the return.

It is to be noted that any person who is making a false statement in return or accompanying the schedules should be liable to be prosecuted under the section which can lead to imprisonment and also a fine.

E filing audit reports

If the assessee is liable for auditing u/s 44AB and the accounts have been audited by the accountant then the details of such audit reports along with the furnishing date are to be sent to the income tax department. It is to be under the head “Audit Information”

No annexures required

No documents are to be attached with this return while filing ITR 7 Form.

The Taxpayers should match the taxes that are deducted/ collected paid by or on behalf of them with their Tax Credit statement form 26AS.

The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:

  • All the details must be filed properly as indicated or else the return will be defective or invalid.
  • The figures relating to tax and incomes must be rounded off to the nearest multiples of ten rupees.
  • Other figures must be rounded off to the nearest one rupee.
  • Negative figures or the loss figures shall be written as “-” before such a number unless provided otherwise.
  • “Nil” to be written for Figures with zero or nil value.
  • If any item doesn’t apply to the assessee write “NA” against it.

FintechFilings simplifies the process of filing ITR7 and ensures a hassle-free experience for taxpayers. Our expert team is well-versed in the nuances of ITR7 filings, ensuring all regulatory requirements are met accurately and on time. We offer comprehensive support, from document preparation to submission, and guide you through the process. With FintechFilings, you can rest assured that your ITR-7 filings will be seamless, compliant, and stress-free, allowing you to focus on your core activities confidently.

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