What is ITR7 and How to File It?

What is ITR7 and How to File It?

Deskera Content Team
Deskera Content Team
Table of Contents
Table of Contents

ITR or the Income Tax Return is a way of letting the income tax department know about your income from varied sources. Based on the sources and the type of taxpayers, the department segregates the process of filing in seven different types:  ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, and ITR7.

With our main focus on the ITR7 in this article, we shall explore the warriors aspects related with it. Here is what we shall learn about:

  • What is ITR7?
  • Eligibility for filing ITR7 form
  • Individuals Ineligible to file ITR7
  • Structure of ITR7
  • How to File ITR7?
  • How to Fill-out the ITR7?

Brief Look at ITR

Any person, HUF, or a company who has an income, must declare it to the Income Tax Department. Through the ITR form, the department gets to know all the details of your income and the corresponding tax against that income. Read more about Income tax and its related details here.

Also, before you could begin the process of filing returns, it would be good to learn about the Income Tax slabs and Income statements.

You can log in to the income tax website through the following link:

https://eportal.incometax.gov.in/iec/foservices/#/login

What is  ITR7?_1

What is  ITR7?

ITR7 is meant for the companies that have income associated with charitable and religious properties. In this category are properties that are held in trusts or under legal obligation in part or even entirely. This form is applied to a person or a company that is subject to section 139(4A) or section 139 (4B) or section 139 (4C) or section 139(4D).

You can choose to submit your returns on the ITR Form 7 by barcoded form, paperback form, digital signature mode, or by submitting a return verification through ITR-V.

No Requirement of Annexures

While filing ITR7, there is no requirement of any annexures, which implies that including TDS the process does not need any documents to be attached.

Taxpayers should verify the deducted or collected taxes on their behalf with form 26AS (which is their Tax Credit Statement form).

Download ITR Form 7

What is ITR7?_2
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Eligibility for Filing ITR7 Form

Let’s take a look at the factors that lead to eligibility for filing the ITR7 form:

ITR 7 Under Section 139 (4A)

If an individual's income is derived from properties used for charitable or religious purposes and the property is held in trust or under legal obligation.


ITR 7 Under Section 139 (4B)

This section applies only to the Political parties. Political parties are exempt from filing income tax returns under Section 13 A provided they file their returns annually using Form ITR 7. 

ITR 7 Under Section139 (4C)

Under this, the ITR 7 is to be filed by News agencies, 

Scientific research organizations, Association u/s 10 (23A), Other enlisted institutes under section 10 (23B).

ITR 7 Under Section 139 (4D)

The Income Tax Act does not cover schools, colleges, or institutions. They must file the ITR 7 under this regulation.

ITR 7 Under Section 139 (4E)

A business trust is required to file a return of income under this section.

ITR 7 Under Section 139 (4F)

Investment funds subject to 115Ub are required to file this form. Any provision of this section does not require the filing of returns of income or loss.

Individuals Ineligible to File ITR7

The form ITR-7 for Income Tax Return is not applicable to taxpayers who are not exempt from filing under Section 139 (4A), Section 139 (4B), Section 139 (4C), or Section 139 (4D).

Structure of ITR7

The ITR 7 Form has been divided into two parts and numerous schedules.

Part A - It comprises the General information.

Part A consists of subsections that require details of the taxpayers including name, PAN, contact details, details of projects/institution run by the taxpayer, registration details of institution, etc. The following subsections of ITR 7 Part A are:

Filing Status - Information of sections that apply for ITR filing, Residential Status, and so on.

Other Details - Unlisted share investment details, Section 80G approval status, and so on.

Audit Information - Applicability of audit, name of auditor, date of audit report, and so on.

Member Information - Details of members in the Association of Persons (AOP).


Part B - This consists of 3 important sections:

ITR 7 Part B-TI: This subsection requires complete information of the total income for the financial year.  

ITR 7 Part B-TTI: This ITR-7 subsection requires the details of tax liability applicable to the total income that was reported in Part B-TI.

Tax Payments: This subsection requires information on the total tax paid utilizing procedures that include TDS, TCS, self-assessment tax, and advance tax.

Schedules in ITR7

Schedule-I

Details of amounts accumulated under section 11(2)

Schedule-J

Complete information of investment of all funds of the Trust or Institution as on the last day of the previous year.

Schedule-K

Complete information of the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s) of the Institution.

Schedule-LA

Information if it’s a political party.

Schedule-ET

Information if it’s an Electoral Trust

Schedule-HP

Income calculation of the head Income from House Property.

Schedule-CG

Income calculation under the head ITR.

Schedule-OS

Information of Income from other sources.

Schedule-VC

Voluntary Contributions information

Schedule-OA

business and profession income details

Schedule-BP

Income profit and gains from business or profession

Schedule-CYLA

Statement of income after set off of current year’s losses

Schedule-MAT

Calculation of Minimum Alternate Tax payable under section 115JB (n)

Schedule-MATC

Calculation of tax credit under section 115JAA

Schedule AMT

Calculation of Alternate Minimum Tax payable under section 115JC (p)

Schedule AMTC

Calculation of tax credit under section 115JD

Schedule-SI

Details of income chargeable to tax at special rates

Schedule-IT

Details of payment of tax on self-assessment and advance tax.

Schedule-TDS

Details of TDS on income other than salary.

Schedule-TCS

Details of TCS- tax collected at source

Schedule FSI

Details of income accrued outside India

Schedule TR

Details of Taxes paid outside India

Schedule FA

Information of Foreign Assets

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How to File ITR7?

In order to file an ITR 7, you can take the following steps:

  • With the use of a digital signature certificate, you can provide the returns electronically
  • by transmitting the data in the return and then submitting the ITR V Return Form once it has been verified

The taxpayers have to print copies of ITR V Forms after filing their returns. Send the signed ITR V, posted by ordinary mail, to the following address:

Bag No.1, Electronic City Office, Bengaluru - 560100 ( Karnataka)

A spare copy can be kept by the individual for his records.

How to Fill out the ITR7?

Here are the steps you need to take to fill out the ITR7 form:

  • Fill up the accurate and confirmed information in the document.
  • Strikeout the fields that do not apply to you.
  • Before providing the return, ensure that the verification has been signed.
  • Mention the designation of the person furnishing the return.

ITR7 Verification
Political Parties: It is mandatory for political parties to get the verification done through a DSC by a secretary or CEO.

Other persons: The people other than the political parties have the following options in front of them for verification:

  • EVC mode (Electronic Verification Code) authentication
  • Using DSC (Digital Signature Certificate)
  • Signing the ITR-V form and posting it to the CPC office.

How can Deskera make Filing Easy for You?

Deskera People makes creating pay slips and payroll easy. Your taxes will be more easily filed and managed when you have this option.

Deskera People can be used for adjusting salary components, creating employee bonuses, and managing employee benefits. Automate your business management and align all of your employee information in one location, including deductions, taxes, and leave management.

Apart from handling payrolls, Deskera People calculates Employee Provident Funds (EPFs) and employee EPS contributions.

Key Takeaways

  • The ITR7 form is applied to a person or a company that is subject to section 139(4A) or section 139 (4B) or section 139 (4C) or section 139(4D).
  • ITR7 can be submitted by the barcoded form, paperback form, digital signature mode, or by submitting a return verification through ITR Form V.
  • The ITR 7 Form has been divided into two parts and numerous schedules.
  • With the use of a digital signature certificate, you can provide the returns electronically.
  • Alternatively, you can also provide returns by transmitting the data in the return and then submitting the ITR V Return Form once it has been verified.
  • It is mandatory for political parties to get the verification done through a DSC by a secretary or CEO.

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