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
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