ITR-7 Form in : Who Can File, Deadline, Filing Process of ITR-7

Introduction

The Income Tax Return (ITR) forms are essential documents that taxpayers must file annually with the Income Tax Department of India to report their income, taxes paid, and deductions claimed. One of the forms used by certain categories of taxpayers is ITR-7. This form is specifically designed for individuals, Hindu Undivided Families (HUFs), or companies that fall under the category of "persons required to furnish a return under sections 139(4A), 139(4B), 139(4C), or 139(4D)". This article will guide you through the eligibility, due date, filing process, and how to download ITR-7 in .

What is the ITR-7 Form?

The ITR-7 form is used for filing income tax returns by entities that are mandated to do so under the following sections:

• Section 139(4A): Income of Charitable and Religious Trusts
• Section 139(4B): Political Parties
• Section 139(4C): Scientific Research Institutions
• Section 139(4D): Universities, Colleges, or Other Educational Institutions

No annexures are needed.

No documents, including TDS certificates, should be attached when filing the ITR-7 form. Taxpayers are advised to verify that the taxes deducted, collected, or paid on their behalf match the details provided in their Tax Credit Statement (Form 26AS).

Who Can File the ITR-7 Form in ?

Following is the list of who can file ITR 7 in :

• Trusts (Section 11 & 12A): Charitable or religious trusts or institutions are required to file their returns through ITR-7 to claim tax exemptions under Section 11 and Section 12A of the Income Tax Act.
• Political Parties (Section 13A): Political parties registered under the Representation of the People Act, 1951, can file their returns using ITR-7 to declare income and claim exemptions available under Section 13A.
• Universities, Colleges, and Other Educational Institutions (Section 10(23C)): Educational institutions receiving funding under Section 10(23C) also need to file ITR-7.
• Scientific Research Institutions (Section 35): Institutions engaged in scientific research can claim exemptions and must file this form.
• Other Institutions or Organizations (Section 139(4D)): This includes entities like universities or other entities that might not fall under the above but still qualify for exemptions under specific sections.

Eligibility for Filing ITR-7 in

ITR-7 is specifically for individuals, associations of persons (AOPs), body of individuals (BOIs), or other entities that are required to file under the following sections of the Income Tax Act in :

• Section 139(4A): Income of trusts, charities, or similar organizations.
• Section 139(4B): Political parties.
• Section 139(4C): Universities, hospitals, or similar organizations.
• Section 139(4D): Any other institutions receiving income for charitable purposes or public service.

If your entity is a non-profit or public service organization and you receive tax exemptions, you would need to file your return using ITR-7. Similarly, if you're a political party or educational institution receiving tax benefits, this form is applicable.

Due Date of Filing ITR-7 in

The due date for filing the ITR-7 in Delhi, which applies to individuals, companies, charitable trusts, political parties, and other entities required to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act, can vary. Typically, the deadlines are as follows:

1. For taxpayers not required to get their accounts audited: July 31st of the assessment year.
2. For taxpayers required to get their accounts audited (including companies): September 30th of the assessment year.

These dates may be changed by notifications issued by the Income Tax Department.

For the Assessment Year 2023-24, the filing deadline for ITR-7 was extended from October 31, 2023, to November 30, 2023.

However, it is advisable to file before the due date to avoid penalties and interest under Sections 234A, 234B, and 234C.

How is ITR-7 Form Structured?

The ITR-7 form is structured into two main parts and includes 23 detailed schedules. Starting from the Assessment Year (AY) 2023-24, taxpayers are also required to provide information regarding registration or approval details.

Part A – General Information

This section collects basic information regarding the taxpayer.

Part B – Total Income and Tax Computation

This part outlines the computation of total income and the corresponding tax liability.

Schedules:

• Schedule I: Provides details on amounts accumulated or set apart as per section 11(2) or other relevant sections in the last seven financial years.
• Schedule IA: Lists details of accumulated income taxed in earlier assessment years under section 11(3).
• Schedule D: Reports deemed application of income under specific provisions of section 11.
• Schedule DA: Covers accumulated income taxed in prior years under section 11(1B).
• Schedule J: Shows the investment details of trust or institution funds as of the end of the previous year.
• Part A-BS: Displays the sources and applications of funds as of 31st March.
• Schedule R: Reconciles the corpus of Schedule J with the balance sheet.
• Schedule LA: Includes details for political parties.
• Schedule ET: Provides details for Electoral Trusts.
• Schedule VC: Reports voluntary contributions received.
• Schedule AI: Summarizes income derived during the year, excluding voluntary contributions.
• Schedule A: Lists amounts applied to the trust or institution’s stated objectives during the previous year.
• Schedules IE-1, IE-2, IE-3, IE-4: Include income and expenditure statements as applicable.
• Schedule HP: Computes income from house property.
• Schedule CG: Computes income from capital gains.
• Schedule VDA: Reports income from the transfer of virtual digital assets under section 115 BBH.
• Schedule OS: Computes income from other sources.
• Schedule OA: Contains general information about the business and profession.
• Schedule BP: Computes income from business or profession.
• Schedule CYLA: Includes a statement on income after setting off current year’s losses.
• Schedule PTI: Provides details of pass-through income from business trusts or investment funds.
• Schedule SI: Details income chargeable to tax at special rates.
• Schedule 115TD: Reports accreted income under section 115TD.
• Schedule 115BBI: Covers specified income of certain institutions under section 115BBI.
• Schedule FSI: Reports income from foreign sources.
• Schedule TR: Details tax relief claimed for taxes paid outside India.
• Schedule FA: Includes details of foreign assets and income from any source outside India.
• Schedule SH: Lists shareholding details in an unlisted company.

Part B-TI: Computation of total income.

• Part B1: Applied if exemption is being claimed under specific sections like 11, 12, 10(23C)(iv), and others.
• Part B2: Applicable if exemption is claimed under other specified sections.
• Part B3: For exemptions under specific provisions such as section 13(10).
• Part B-TTl: Computes tax liability on total income.

Tax Payments:

This section includes details on:

• Advance Tax and Self-Assessment Tax payments.
• Tax Deducted at Source (TDS) on income (according to Form 16A/16B/16C/16D/16E).
• Tax Collected at Source (TCS).

How to Complete the ITR-7 Form in ?

Instructions for Filling Out ITR-7 Form in :

• Part A: Start by filling out the general information about the assessee. This includes providing your identification details, registration/approval information, and other necessary background details for the return.
• Part B: Next, compute the total income and calculate the tax liability. This section is essential for understanding how much tax is payable based on the income assessed.
• Schedules: Complete all relevant schedules that apply to the type of income and deductions you are claiming. Each schedule addresses different income heads, such as income from house property, business, capital gains, etc.
• Verification: Finally, verify the information provided in the form, ensuring that all details are correct and that you have signed the return or included the digital verification details.

By following this order, you can ensure the accurate and complete filing of the ITR-7 form.

How to File ITR-7 Form in ?

The ITR-7 form must be filed online with the Income Tax Department in through one of the following methods:

1. By submitting the return electronically using a digital signature.
2. By electronically transmitting the data in the return, followed by submitting the verification of the return using Form ITR-V.

After filing the return, the taxpayer should print two copies of the ITR-V Form. One signed copy must be sent by ordinary post to the following address:

Centralised Processing Centre,

Income Tax Department,

Bengaluru - 560500, Karnataka.

The second copy should be kept by the taxpayer for their records.

Steps to Complete the Verification Form in

• Complete the necessary details in the verification document.
• Cross out any sections that do not apply.
• Ensure the verification is signed before submitting the return.
• Select the appropriate designation or capacity of the person signing the return.
• Verification of Form ITR-7

ITR-7 can be completed electronically through one of the following methods:

• Digital Signature Certificate (DSC)
• Electronic Verification Code (EVC)
• Aadhaar OTP
• Sign the ITR-V acknowledgment and mail it to the CPC (Centralized Processing Centre) at the Income Tax Department, Bengaluru - 560500, Karnataka

Note: A political party is required to file the return using a Digital Signature Certificate (DSC).

Please be aware that anyone who submits a false statement in the return or accompanying schedules may be prosecuted under Section 277 of the Income Tax Act, 1961. If convicted, the person may face rigorous imprisonment and a fine as specified under this section.

Why Bizfoc?

Bizfoc is one of the leading brands along with a professional and experienced team in the field of ITR filing in . We provide a seamless process for ITR filing to our clients. We make sure to file everything accurately and in a minimal time period. We guide you at each and every step related to your filings and new ITR updates.

Conclusion

Filing ITR-7 is crucial for tax-exempt entities like charitable organizations, trusts, political parties, and others who benefit from tax exemptions under the Income Tax Act. By understanding the eligibility, due date, filing process, and how to download and fill the form, these entities can ensure compliance with tax laws while availing of the necessary benefits in . Always ensure that you file the return within the stipulated due date to avoid penalties and keep your records updated.

Frequently Asked Questions