Income Tax Return Guide – ITR 7

landscape income tax return guide

• ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
• No document (including TDS certificate) should be attached with this return form while filing ITR-7.
• Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

E-filing Audit Reports:

• If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”

Eligible to file the ITR-7 Form:

Section Particulars
139(4A) Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
139(4B) Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.

Return under section 139(4C) is required to be filed by every:

  • scientific research association ;
  • news agency ;
  • association or institution referred to in section 10(23A);
  • institution referred to in section 10(23B);
  • Fund or institution or university or other educational institution or any hospital or other medical institution.
139(4D) Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.
139(4E) Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
139(4F) Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section.


Structure of the ITR-7 Form:

The ITR-7 form has been divided into 2 parts and 23 schedules.

Parts/Schedules Particulars
Part-A General information: From the AY 2019-20, a taxpayer has to also provide information on the details of registration or approval.
Part-B Outline of the total income and tax computation with respect to 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-VC: Details of Voluntary Contributions received
Schedule AI: Aggregate of income derived during the year excluding voluntary contributions
Schedule ER: Amount applied to charitable or religious purposes in India – Revenue Account
Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account
Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement
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-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 PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule-SI: Statement of income which is chargeable to tax at special rates
Schedule 115TD: Accreted income under section 115TD
Schedule FSI: Details of income accruing or arising outside India
Schedule TR: Details of Taxes paid outside India
Schedule FA: Details of Foreign Assets
Schedule-SH: Details of shareholding in an unlisted company
Part B-TI: Computation of total income
Part B-TTI: Computation of tax liability on total income
Tax payments:

Details of payments of Advance Tax and Self-Assessment Tax

2. Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C).

3. Details of Tax Collected at Source (TCS)

Instructions for filling out ITR-7:

Sequence for filling out parts and schedules:

The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.

o Part A;
o Part B;
o Schedules;
o Verification.

How do I file my ITR-7 Form?

This return form has to be mandatorily filed online with the Income Tax Department in the following ways:

• by furnishing the return electronically under digital signature
• by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
• After the filing of the return, the assesse should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).
• The other copy may be retained by the assessee for his record.

How to fill out the verification document?

• Fill up the required information in the verification document.
• Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Choose the designation/capacity of the person signing the return.
• Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.


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