Description
ITR-7 form filling
ITR Form 7 can be filed by the companies who derive their income from properties that are of charitable or religious purposes. Properties held under trusts or legal obligations in parts or even wholly come under this category.
ITR taxpayers can fill ITR 7 forms by providing the returns through bar-coded form, physical paperback form or digital signature mode, or submission of return verification through return Form ITR-V.
Things to be noted before filing ITR 7 Form
With the return form no extra documents, paperwork is to be submitted or affixed.Suppose, any documents are attached with the return Form they will be sent back to the applicant.The taxpayers can match the taxes deducted, collected, or paid by them with the Tax credit statement Form 26AS.In case the assessee is liable for auditing u/s 44AB and the accounts are audited by the accountant, the details of such audit report along with the date of furnishing it to the department has to be filed under “Audit Information”.
Eligible entities
1. ITR-7 u/s 139(4A)
Individuals whose income from the property is used solely or partially for charitable or religious purposes and such property must be held under a legal obligation or trust.
2. ITR-7 u/s 139(4B)
This section applies specifically to the political parties. Under Section 13 A the political parties are exempted from filing the income tax return provided that the parties are filing the annual return through Form ITR-7.
3. ITR-7 u/s 139 (4C)
Under this, ITR-7 is filed by the following entities:
Association conducting scientific research
News agency
Association u/s 10 (23 A)
Other enlisted institutes u/s 10 (23 B)
4. ITR-7 u/s 139 (4D)
Schools, colleges and the institution are not covered under any section of the Income Tax Act and are required to file ITR-7 under this regulation.
5. ITR-7 u/s 139 (4E)
Filing of return of Income done by a business trust
6. ITR-7 u/s 139 (4F)
How to file ITR-7?
return of income by an investment Fund.
Sequence for filing Form ITR-7
Here is the convenient sequence to file Form ITR-7:
Part A – Schedules
Part B – 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 Plans
All Inclusive Pricing – No Hidden Fee
Income Tax return filing for a tax payer with taxable income less than Rs 10 Lakhs.
Income Tax return filing for a tax payer with taxable income more than Rs 10 Lakhs.
Income Tax return filing for a tax payer with taxable income more than Rs 25 Lakhs.
General questions
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 cannot be filled by the following taxpayers:
- Individual, Companies, and HUFs
- Those entities who have filed the return through new ITR-5 and ITR-6
Due Date for all Tax Assesses, whose accounts are required to be audited, is 30th September. Due Date for Tax Assesses, whose accounts are not required to be audited, is 31st July.
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