Explore all the details you need about ITR-7 Return Filing, tailored for your needs.
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 Solocorp, 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:
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 ITR-7 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 ITR-7 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. |
The Income Tax Department advises assessees to follow the specified sequence while filing the Income Tax Return:
Part A: Enter general details related to the entity filing the return.
Part B: Computation of total income and tax liability.
Schedules: Provide details required in the relevant schedules applicable to the entity.
Verification: Enter the information required in the verification document, strike out non-applicable fields, and digitally sign before furnishing the final return.
The person signing the verification must mention their designation within the entity on whose behalf the return is filed.
Filing ITR-7 income tax returns can be completed using the methods outlined below. Ensure proper compliance to avoid penalties and legal issues.
Furnish the returns electronically using a Digital Signature Certificate.
Transmit the data in the return and submit the verification of the return using the ITR V Return Form.
Print and sign a copy of the ITR V Form. Send it by ordinary post to: Bag No.1, Electronic City Office, Bengaluru - 560100 (Karnataka). Retain another copy for your records.
Fill the required information in the verification document, strike out non-applicable fields, and ensure it is signed before furnishing the return. Include the designation/capacity of the person signing.
If audited under Section 44AB, submit audit report details, including the furnishing date, under 'Audit Information.'
Match the taxes deducted/collected/paid with the Tax Credit statement (Form 26AS).
Do not attach any documents with the ITR-7 Form while filing.
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