ITR-7 Return

The ITR 7 Form is designed for entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who need to file their Income Tax Returns. This form is used by those seeking exemptions in specific areas:

• 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

Who Should Avoid Filing the ITR 7 Form Online?

If you’re not claiming exemptions under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D), you don’t need to use the ITR 7 Form for your Income Tax Returns.

The ITR 7 Income Tax Form is organized into two main sections and nineteen detailed schedules. Here’s a breakdown of its structure:

Part A: General Information

Part B: Comprehensive Overview of Total Income and Tax Computation

• Schedule I: Details of amounts accumulated or set aside under section 11(2) from previous years.
• Schedule J: Statement of investments made by the Trust or Institution as of the end of the previous year.
• Schedule K: Information about the Trust or Institution’s Author(s), Founder(s), Trustee(s), Manager(s), etc.
• Schedule LA: Specifics for political parties.
• Schedule ET: Details for Electoral Trusts.
• Schedule HP: Income computation from House Property.
• Schedule CG: Computation of income under the Capital Gains section.
• Schedule OS: Calculation of income from Other Sources.
• Schedule VC: Voluntary Contributions received.
• Schedule OA: General details regarding business and professional activities.
• Schedule BP: Calculation of profit and gains from Business or Profession.
• Schedule CYLA: Income statement after adjusting current year’s losses.
• Schedule MAT: Computation of Minimum Alternate Tax under section 115JB.
• Schedule MATC: Tax credit calculation under section 115JAA.
• Schedule AMT: Calculation of Alternate Minimum Tax under section 115JC.
• Schedule AMTC: Tax credit computation under section 115JD.
• Schedule SI: Income statement subject to special tax rates.
• Schedule IT: Details of advance tax payments and self-assessment tax.
• Schedule TDS: Tax deducted at source on income other than salary.
• Schedule TCS: Tax collected at source.
• Schedule FSI: Income details accruing or arising outside India.
• Schedule TR: Information on taxes paid outside India.
• Schedule FA: Details of foreign assets.

Filing the ITR 7 Form

To ensure a smooth and compliant filing process for the ITR 7 Income Tax Form, follow these steps as advised by the Income Tax Department:

1. Complete the Sections:

• Part A
• Part B
• Schedules
• Verification

Ensure you accurately fill out the verification document, striking out any non-applicable sections. The verification must be digitally signed before you submit the final return.

2. Signing and Verification:

• The individual signing the return must indicate their designation within the entity they represent.

How to Submit Your ITR 7 Returns:

You can file your ITR 7 returns with the Income Tax Department in the following ways:

1. Electronic Filing: Submit your return electronically using a digital signature certificate.
2. Data Transmission: Transmit the data online and send the verification using the ITR V Return Form.
   After submission, print the ITR V Form copies. One copy, duly signed, should be sent by ordinary post to:
   Bag No.1, Electronic City Office, Bengaluru - 560100 (Karnataka)
   Keep the other copy for your records.

Filling Out the Verification Document:

Fill in the necessary details and strike out any sections that do not apply. Ensure that the verification is signed before submitting your returns and choose the correct designation or capacity of the signatory.

Be aware that making false statements in the return or schedules can lead to prosecution, including fines and imprisonment.

E-Filing Audit Reports:

If your accounts are subject to auditing under Section 44AB and have been audited, submit the audit report details along with the furnishing date under "Audit Information" to the Income Tax Department.

No Annexures Required:

You do not need to attach any documents when filing the ITR 7 Form.

Match Your Tax Credit:

Ensure that the taxes deducted/collected on your behalf match your Tax Credit statement (Form 26AS).

Filing Instructions for ITR 7 Form:

1. Accuracy: All details must be accurately filled; otherwise, the return may be considered defective or invalid.
2. Rounding Off: Round off tax and income figures to the nearest ten rupees and other figures to the nearest rupee.
3. Negative Figures: Represent negative or loss figures with a "-" sign before the number, unless specified otherwise.
4. Nil Values: Write "Nil" for figures with zero or no value.
5. Not Applicable: Use "NA" for any item that does not apply to you.

• For Accounts Subject to Audit: The deadline is October 31st of the assessment year.
• When Reporting with Form No. 3CEB: The due date is November 30th of the assessment year.
• For Non-Audited Accounts: The deadline is July 31st of the assessment year.

How to Complete the ITR 6 Form

To ensure a smooth and accurate filing process for the ITR-6 Form, follow these recommended steps provided by the Income Tax Department:

1. Part A
2. Schedules
3. Part B
4. Verification

Adhering to this sequence helps organize your information and simplifies the completion of your income tax return.

No Documents Required

When filing the ITR-6 form, you do not need to attach any documents, such as TDS certificates. However, it is important to reconcile the taxes deducted, collected, or paid on your behalf by comparing them with your Tax Credit Statement Form 26AS.