ITR 7 Form Filing

The organisations that handle the income from properties used for charity or religious purposes file ITR 7 Forms. This group of properties includes those that are partially or entirely held under trusts or other legal obligations.

ITR taxpayers have the option of completing the ITR 7 Forms by submitting their returns via a barcoded form, a physical paperback form, a digital signature, or by submitting ITR Form V with their return verification.

If a person and their firms come under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D), an ITR 7 Form must be filed.

Eligibility for ITR 7 Form filing

Who is eligible for ITR 7 Form filing?

ITR 7 u/s 139 (4A)

A person who receives income from property that is held under a trust or legal obligation and is utilised exclusively or partially for charity or religious purposes.

ITR 7 u/s 139 (4B)

Political parties only should be concerned with this area. If political parties file their yearly returns using Form ITR 7, they are exempt from filing income tax returns under Section 13 A.

ITR 7 u/s 139 (4C)

Under this the ITR 7 is to be filed by the following entities:

• Association that is conducting scientific research.
• News agency
• Association u/s 10 (23A)
• Other enlisted institues u/s 10 (23B)

ITR 7 u/s 139 (4D)

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

ITR 7 u/s 139 (4E)

Filing the returns of the income done by a business trust.

ITR 7 u/s 139 (4F)

Is to be filed by any investment fund that is referred to in section 115 UB. There is no necessity to furnish the returns of income or loss under any provision of this section.

Structure of ITR 7 Form

What is the structure of the ITR 7 Form?

The ITR 7 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.

Sequence for filing ITR 7 Form

What is the sequence for filing ITR 7 Form?

The Income Tax Department has advised the assessees to follow the sequence that is mentioned below while filing the Income Tax return.

• Part A
• Part B
• Schedules
• 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.

Procedure to file ITR 7 returns

How to file ITR 7 returns?

ITR 7 can be filed with the Income Tax Department in the following ways:

• By furnishing the returns in the electronic manner using the digital signature certificate
• By transmitting the data in the return and thereafter submitting the verification of the return in the ITR V Return Form

After filing the return the assessee is required to print the copies of the ITR V Form. A copy of the ITR V which is duly signed by the assessee has to be sent by the ordinary post to

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

The other copy can be retained by the assessee for his record.

How to fill the verification document?

In the verification document, the necessary data must be filled in. All that is inappropriate should be struck out. Prior to supplying the refunds, pleasure makes sure that the verification has been signed. The individual signing the return should specify their title and authority.

It is important to keep in mind that anyone who includes incorrect information in the schedules or makes a false statement in the return should be held accountable under the provision, which carries a fine and perhaps jail time.

E filing audit reports

If an accountant has audited the accounts and the assessee is required to do so under Section 44AB, the income tax department must be notified of the specifics of the audit reports as well as the date of furnishing. It must appear beneath the heading "Audit Information."

No annexures required

No documents are to be attached with this return while filing ITR 7 Form.

The Taxpayers should match the taxes that are deducted/ collected paid by or on behalf of them with their Tax Credit statement form 26AS.

Instructions to be followed while filing ITR 7 Form

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

• All the details must be filed properly as indicated or else the return will be defective or invalid.
• The 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.
• Negative figures or the loss figures shall be written as "-" before such a number unless provided otherwise.
• “Nil” to be written for Figures with zero or nil value.
• If any item doesn’t apply to the assessee write “NA” against it.