ITR-7 Return Filing
Income tax return filing for individuals with taxable income below ₹10 lakhs is typically done using forms ITR-1 (Sahaj) or ITR-4 (Sugam), depending on income sources. These taxpayers can significantly reduce their tax liability by claiming various deductions and exemptions available under the Income Tax Act.
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ITR-7 Filing: A Guide for Charitable and Educational Institutions
ITR-7 is a specialized Income Tax Return (ITR) form for firms, companies, local authorities, and associations of persons (AOPs) that claim exemptions under specific sections of the Income Tax Act. This form is mandatory for a range of non-profit and charitable entities. Filing ITR-7 can be a complex process, but with expert assistance from FileMyFirm, you can navigate it effortlessly, ensuring full compliance and accuracy.
Who Must File ITR-7?
The ITR-7 form is designed for entities claiming exemptions under the following sections of the Income Tax Act:
- Section 139(4A): For Charitable or Religious Trusts. This applies to entities with income from property held for charitable or religious purposes.
- Section 139(4B): For Political Parties with income exceeding the non-taxable limit.
- Section 139(4C): For organizations like Scientific Research Institutions, educational institutions, and hospitals.
- Section 139(4D): For Universities, Colleges, and other educational institutions that are not required to file returns under other provisions.
Section 139(4E) and 139(4F): For Business Trusts and Investment Funds.
ITR 7 Due Dates
The deadline for ITR 7 filing varies depending on whether the entity’s accounts are subject to an audit.
- Non-Audit Cases: The due date is typically July 31st of the assessment year.
- Audit Cases: For entities required to get their accounts audited, the due date is typically October 31st of the assessment year.
Structure of the ITR-7 Form
The ITR-7 form is comprehensive and divided into two main parts and multiple schedules that capture a detailed overview of the entity’s financials.
- Part A: General Information: This section requires basic details about the entity, such as its name, PAN, address, and contact information.
- Part B: Tax Computation: This part outlines the total income and calculates the tax liability, if any.
- Schedules: There are numerous schedules that require detailed information on various aspects, including income from different sources (House Property, Capital Gains), donations received, and details of investments. It is crucial to fill out all applicable schedules.
How to File ITR-7
The ITR-7 form must be filed electronically. The process involves:
- Preparing the Return: Gather all necessary financial documents and information.
- Filling the Form: Complete all applicable parts and schedules. The Income Tax Department advises a specific sequence to ensure accuracy.
- Verification: The return must be verified, either using a digital signature certificate or by submitting a physical copy of the signed ITR-V form.
- Submission: The form is submitted to the Income Tax Department.
Importantly, no documents or annexures need to be attached with the return.
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Frequestly asked questions ( FAQ )
The ITR-7 form is a specialized Income Tax Return form for entities that claim an exemption under certain sections of the Income Tax Act. It is mandatory for:
Charitable or Religious Trusts (Section 139(4A)).
Political Parties (Section 139(4B)), if their income exceeds the non-taxable limit.
Scientific Research Institutions, Educational Institutions, and Hospitals (Section 139(4C)).
Universities and Colleges (Section 139(4D)) not otherwise required to file a return.
Business Trusts and Investment Funds (Section 139(4E) and 139(4F)).
The ITR-7 form is reserved for entities claiming the specific exemptions listed above. It cannot be used by general taxpayers such as:
Individuals
Hindu Undivided Families (HUFs)
Firms
Companies not claiming the Section 11 exemption (i.e., regular companies must file ITR-6).
AOPs (Associations of Persons) and BOIs (Bodies of Individuals) not claiming the specific exemptions covered by ITR-7.
The deadline for filing ITR-7 depends on whether the entity’s accounts are subject to an audit:
Non-Audit Cases: The due date is typically July 31st of the assessment year.
Audit Cases: For entities required to get their accounts audited, the due date is typically October 31st of the assessment year.
The ITR-7 is comprehensive, featuring two main parts and multiple schedules:
Part A (General Information): Basic details like the entity’s name, PAN, address, and contact information.
Part B (Tax Computation): Outlines the total income and calculates the tax liability.
Schedules: Numerous schedules must be completed, requiring detailed reporting on:
Income from various sources (House Property, Capital Gains).
Details of donations received.
Specifics of investments made by the trust or institution.
No, the ITR-7 form is an annexure-less return and must be filed electronically. You do not need to attach any documents (such as financial statements, audit reports, or donation receipts) to the form during submission. However, all underlying records and documents must be maintained by the organization for verification purposes.