Taxpayers can fill their ITR 7 forms by providing the returns via various methods such as in a bar-coded form, as a physical paper, or via the electronic mode with a digital signature or submission of return verification through Return Form ITR-V.

ITR-7 is a form filed by those individuals and companies that fall under the following sections:

  • Section 139 (4A)
  • Section 139 (4B)
  • Section 139 (4C)
  • Section 139 (4D)

Things To Keep In Mind When Filing the ITR-7:

  • No extra documents, paperwork or TDS certificates are to be submitted or affixed with the return form
  • If any documents are affixed with the return form, they will be sent back to the applicant who has filed the return
  • It is advisable that taxpayers match the taxes deducted, collected or paid by them with their Tax Credit Statement Form 26AS

Eligibility Criteria for ITR-7:

  • The following individuals and associations are eligible to file the ITR-7 form:
  • All individuals who obtain income from property if said property is in the name of a trust
  • All individuals who receive income for the sole purpose of charity or a religious offering
  • Any political party that earns a net income that is more than the ceiling limit that is exempt from income tax
  • Associations that carry out scientific research
  • News organisations and companies
  • Organisations as mentioned in Section 10(23A) and Section 10(23B)
  • Educational institutions such as school, colleges or universities
  • Medical institutions such as hospitals, clinics etc

Ways to file ITR-7:

The Income Tax Department has outlined the following methods through which taxpayers can file their ITR-7 return forms:

  • By providing the return in a physical paper form
  • By electronically providing the return under digital signature
  • By sending the return data electronically followed by the submission of the verification of the return in Return Form ITR-V
  • By providing a Bar-coded return

It is compulsory for all political parties to provide their returns electronically under digital signature

Components of the ITR-7 Form:

The ITR-7 Form is divided into two parts and nineteen schedules

Part-A - General information

Part-B - Outline of the total income and tax computation with in respect of income chargeable to tax.

  • Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.
  • Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.
  • Schedule-K: Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution.
  • Schedule-LA: Details in case of a political party.
  • Schedule-ET: Details in case of an Electoral Trust
  • Schedule-HP: Computation of income under the head Income from House Property.
  • Schedule-CG: Computation of income under the head ITR.
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-VC: Details of Voluntary Contributions received
  • Schedule-OA: General information about business and profession
  • Schedule-BP: Computation of income under the head “profit and gains from business or profession
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB (n)
  • Schedule-MATC: Computation of tax credit under section 115JAA
  • Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC (p)
  • Schedule AMTC: Computation of tax credit under section 115JD
  • Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule-IT: Statement of payment of advance-tax and tax on self-assessment.
  • Schedule-TDS: Statement of tax deducted at source on income other than salary.
  • Schedule-TCS: Statement of tax collected at source
  • Schedule FSI: Details of income accruing or arising outside India
  • Schedule TR: Details of Taxes paid outside India
  • Schedule FA: Details of Foreign Assets

Instructions for filling out the ITR-7 Form:

  • All items must be filled in the manner indicated therein; otherwise the return may be liable to be held defective or even invalid
  • If any schedule is not applicable score across as “---NA---".
  • If any item is inapplicable, write “NA" against that item.
  • Write "Nil" to denote nil figures.
  • Except as provided in the form, for a negative figure/ figure of loss, write “-" before such figure.
  • All figures should be rounded off to the nearest one rupee. However, the figures for total income/ loss and tax payable be finally rounded off to the nearest multiple of ten rupees.

Sequence for filling out Parts and Schedules:

  • Part A
  • Schedules
  • Part B
  • Verification

Procedure for filling out the Verification Document:

  • Enter the required information in the verification document and strike out what is not applicable
  • Ensure the verification has been signed before furnishing the return
  • Write the designation of the person signing the return

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

This Page is BLOCKED as it is using Iframes.