ITR – 7 Return

ITR 7 Form Filing

The ITR 7 form submission is made by a company that manages income from the property for charitable or religious purposes. Property held partially or wholly under trust or legal obligation is included in this category. ITR taxpayers may complete the ITR 7 Form by submitting their tax return via barcode format, paperback format, or digital signature mode, or by submitting their tax return via ITR Form V. You can. The ITR 7 Form is a file for individuals and entities subject to Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D).

E-filing audit reports

If the assessee is responsible for the audit u/s 44AB and the accounts are audited by an auditor, the details of such audit report should be entered under the heading “Audit Information” along with the date of transmission to the department. need to do it.

eligibility for filing the ITR-7 Form

    • U/S 139(4A) tax returns are held in trust or other legal obligation held wholly for charitable or religious purposes, or held in part for such purposes.
    • Must be filed by the person receiving income from the property held. Return U/S 139(4B) must be filed by a political party if gross income not subject to the provisions of section 139A exceeds the maximum amount not attributable to income tax.
    • A Return U/S 139(4C) must be filed by the Scientific Research Association.
    • News Agency. Any association or body referred to in section 10(23A). Section 10(23B) Entity.
    • Funds or Institutions or Universities or Other Educational Institutions or Hospitals or Other Medical Institutions.
    • The Return U/S 139(4D) must be submitted by a college, college, or other institution not required to submit a return of income or loss under any other provision of this section.
    • A Return U/S 139(4E) must be submitted by a business trust that is not required to return profits or losses under any other provision of this section.
    • A Return U/S 139(4F) must be filed by each mutual fund listed in Section 115UB.

You are not required to recover any income or losses under any other provision of this section.

Required Documents for Filing ITR - 7 Return

  1. Statement from bank
  2. Certificate of incorporation

Structure of the ITR-7 Form

Part-A – General information

Part-B – Outline of the total income and tax

    • Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) or in terms of
      third proviso to section 10(23C)/10(21) read with section 35(1) in last 7 financial years.

    • Schedule-D: Details of deemed application of income

    • Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of
      the previous year.

    • Part A-BS : Details of Application and Sources of Fund

    • Schedule R: Reconciliation of Corpus of Schedule J and Balance sheet

    • 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:  Revenue Account

    • Schedule EC: Capital Account

    • Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statements as applicable

    • Schedule-HP: Computation of income under the head Income from House Property.

    • Schedule-CG: Computation of income under the head Capital gains.

    • Schedule VDA: Income from transfer of virtual digital assets u/s 115BBH

    • Schedule-OS: Computation of income under the head Income from other sources.

    • Schedule-OA: General information about business and profession

    • Schedule-BP: 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 tax relief claimed for taxes paid outside India

    • Schedule FA: Details of Foreign Assets and Income from any source outside India

    • 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

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

Details of Tax Collected at Source (TCS)

Fill the verification document

You will need to fill in the necessary information on the identity verification documents. Strike through anything that does not apply. Pleasure will ensure that an acknowledgment is signed before the return is offered. Select the title/title of the person signing the affidavit. Please note that anyone who makes false statements in return or in enclosing schedules may be prosecuted and subject to imprisonment and fines.