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  • ITR 7

    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 Capital gains.
    • 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
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