ITR-7 Form Filing – Tax Portal

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ITR-7 Form Filing

Home ITR-7 Form Filing

Form ITR-7

The Income Tax Act, 1961, levies tax on income of entities earned in a specific financial year. The person liable to pay income tax hereinafter referred to as "assessee" could be an individual, partnership, Hindu Undivided Family, or any other business entity. Taxpayers have been categorized in the Act to make tax compliances easy for everyone. Taxpayers shall compute income tax liability based on methods and conditions laid down in Income Tax Act, 1961. Apart from the category of taxpayer and methods for filling ITR, forms used for filing income tax return also vary as per the assessee filing the ITR. This article covers comprehensive information on Form ITR-7.
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Eligible entities to file ITR-7

1. ITR-7 u/s 139(4A)

Those persons whose income is from property used either solely or partially for charitable or religious trust and such property must be held under a legal obligation or trust.

2. ITR-7 u/s 139(4B)

This section specifically applies to political parties. As per section 13A political parties are exempted from filing income tax return provided they file the annual return through form ITR-7.

3. ITR-7 u/s 139(4C)

Under this, ITR-7 is filed by following entities:

  • Association conducting scientific research
  • News agency
  • Association u/s 10(23A)
  • Other institutes enlisted u/s 10(23B)
4. ITR-7 u/s 139(4D)

Schools, colleges, and institutions not covered under any section of the Income Tax Act are required to file ITR-7 under this regulation.

5. ITR-7 u/s 139(4E)

Filing of Return of Income by a business trust

6. ITR-7 u/s 139(4F)

Filing of Return of Income by Investment Fund

Download ITR 7 Form AY 2019-2020

Factors to be kept in mind while filing ITR-7

Following key points shall be kept in mind while filing ITR-7:
  • Any extra documents, paperwork, or TDS certificates are not required to be submitted or affixed with return forms.
  • If the assessee has affixed any document with the return form, the department will revert it to the assessee.
  • Taxpayers must match the data of their tax collected, deducted, and paid with the figures shown in Tax Credit Statement Form 26AS.
Instructions to be followed while filing ITR-7

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

  • Every detail must be filed exactly as indicated therein else the return will be defective or invalid
  • 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.
  • Figures in loss or negative figures shall be written as “-“ before such number unless provided otherwise
  • Figures with zero or nil value shall be written as “Nil”
  • In case of any item doesn’t apply to the assessee, write “NA” against it
The following is a convenient sequence to file Form ITR-7:
  • Part A
  • Schedules
  • Part B
  • Verification

Make sure to enter the information required in the verification document and strike out the one which is not applicable and such verification must be digitally signed before furnishing the final return. The person signing the return shall mention its designation in such an entity on behalf of whom the return is being filed.

Methods of filing ITR-7

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

  1. ITR-7 can be filed physically through a physical paper form
  2. It can be filed online by providing the Digital signature of the assessee.
  3. Submitting verification of return through Return Form ITR-V after sending return data electronically.
  4. Or the last, through bar-coded returns.

FAQ's

Fill the complete information on the verification document by striking out what doesn't apply to the entity. Verification must be duly signed before return filing.

Once the return is filed, the assessee shall get the print of two copies of the ITR-V form, one copy shall be sent through the post to the CPC office and the second copy shall be retained for record.

Yes, in case an entity is required to get its account audited u/s 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 must be filed by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :

  • Having income from charitable /religious trust- Section 139 (4A)
  • Having income from a political party – Section 139 (4B)
  • Having income from scientific research institutions – Section 139 (4C)
  • Having income from university or colleges or institutions or khadi and village industries – Section 139 (4D)

    ITR-7 must be filed by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :

    • Having income from charitable /religious trust- Section 139 (4A)
    • Having income from a political party – Section 139 (4B)
    • Having income from scientific research institutions – Section 139 (4C)
    • Having income from university or colleges or institutions or khadi and village industries – Section 139 (4D)
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