ITR-7 Return Filing

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: This section includes general information such as name, address, PAN number, assessment year, and other personal particulars.

• Part B Outline of the total income and tax computation concerning income chargeable to tax: This section outlines the details of total income and tax computation, including income from various sources chargeable to tax, deductions claimed, and the resulting tax liability.

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.

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.

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 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.

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ITR-7 is an income tax return form designed for entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons. It is used when these entities claim exemptions under specific sections of the Income Tax Act.

Entities eligible to file ITR-7 include those claiming exemptions under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act.

The due date varies depending on whether the entity's accounts require an audit. For non-audit cases, it's July 31, 2023, and for audit cases, it's October 31, 2023, with an extended deadline until November 30, 2023.

To file ITR-6, you need documents such as financial statements, balance sheet, profit and loss statement, and Tax Credit Statement (Form 26AS).

Yes, you can file ITR-7 online through the official Income Tax Department website.

To file ITR-7, you'll need documents such as your PAN card, Aadhar card, bank statements, income details, TDS certificates, and other relevant financial documents.

Tax is calculated based on the entity's total income, exemptions, deductions, and the applicable tax slabs as per the Income Tax Act.

If you file ITR-7 after the due date, you may face a penalty under section 234F, which can be up to Rs. 10,000, depending on the delay.

Yes, you can revise your ITR-7 within a specified period if you discover errors or omissions in the original filing.

PKRIDS offers expert assistance in preparing and filing ITR-7, ensuring compliance with tax regulations and timely submission. Our team simplifies the entire process for you.

Political parties are eligible for exemptions under section 139(4B) if their income exceeds the non-taxable limit. They need to file ITR-7 in such cases.