ITR-7 Return Filing
ITR-7 Return Filing
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ITR 7 Form Filing

ITR 7 Form filing is done by the companies who service the income from the properties that are of charitable or religious purposes. Properties that are held under the trusts or legal obligation in parts or even wholly are included in the category.

ITR taxpayers can fill the ITR 7 Forms by providing the returns through a bard coded form, physical paperback forms, or the digital signature mode, or the submission of return verification through ITR Form V.

ITR 7 Form is a file when the person and the companies fall under section 139(4A) or Section 139 (4B) or Section 139 (4C) or Section 139(4D).

Who is eligible for ITR 7 Form filing?

ITR 7 u/s 139 (4A)

Individuals having income from the property that is used solely or partially for charitable or religious purposes and such property is to be held under a legal obligation or trust.

ITR 7 u/s 139 (4B)

This section applies specifically to political parties. Under Section 13 A the political parties are exempted from filing the income tax return provided that the parties are filing the annual returns through Form ITR 7.

ITR 7 u/s 139 (4C)

Under this the ITR 7 is to be filed by the following entities:

Association that is conducting scientific research.
News agency
Association u/s 10 (23A)
Other enlisted institues u/s 10 (23B)

ITR 7 u/s 139 (4D)

Schools, colleges, and institutions are not covered under any section of the Income Tax Act and are required to file the ITR 7 under this regulation.

ITR 7 u/s 139 (4E)

Filing the returns of the income done by a business trust.

ITR 7 u/s 139 (4F)

Is to be filed by any investment fund that is referred to in section 115 UB. There is no necessity to furnish the returns of income or loss under any provision of this section.

What is the sequence for filing ITR 7 Form?

The Income Tax Department has advised the assessees to follow the sequence that is mentioned below while filing the Income Tax return.
Part A
Part B
Schedules
Verification.
Enter the information required in the verification document and strike out the which is not applicable and this verification must be digitally signed before furnishing the final return. It is necessary for the person signing to mention his designation in the entity on behalf of whom the return is being filed.

How to file ITR 7 returns?

ITR 7 can be filed with the Income Tax Department in the following ways:
By furnishing the returns in the electronic manner using the digital signature certificate
By transmitting the data in the return and thereafter submitting the verification of the return in the ITR V Return Form.

After filing the return the assessee is required to print the copies of the ITR V Form. A copy of the ITR V which is duly signed by the assessee has to be sent by the ordinary post to

Bag No.1, Electronic City Office, Bengaluru – 560100 ( Karnataka)

The other copy can be retained by the assessee for his record.

E filing audit reports

If the assessee is liable for auditing u/s 44AB and the accounts have been audited by the accountant then the details of such audit reports along with the furnishing date are to be sent to the income tax department. It is to be under the head “Audit Information”

No annexures required

No documents are to be attached with this return while filing ITR 7 Form.

The Taxpayers should match the taxes that are deducted/ collected paid by or on behalf of them with their Tax Credit statement form 26AS.

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