ITR-7 Form in Delhi

Introduction

The Income Tax Return (ITR) is important for claiming the TDS refunds, allows an applicant to carry forward their loss, and makes loan applications easier. From the 7 ITR forms, ITR-7 is subjected to persons, including companies, who are required to furnish returns under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D). In this article, we will provide complete insights on how to file ITR-7, related documents, deadlines, and the latest updates on ITR-7.

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 Delhi?

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

• The ITR-7 Form can be used by persons, including companies, who are required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
• The category of persons whose income is unconditionally exempt under various clauses of section 10.
• Those who are not mandatorily required to furnish their return of income under the provisions of Section 139 may use the relevant ITR form for filing returns.
• From A.Y.2022-23 onwards, ITR-7 will not apply to persons whose income is unconditionally exempt.

Eligibility for Filing ITR-7 in Delhi

The following entities are eligible to file ITR-7 in Delhi:

• 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 is exempt from income tax.
• Associations that carry out scientific research.
• News organizations and companies.
• Organisations as mentioned in Section 10(23A) and Section 10(23B).
• Educational institutions such as schools, colleges, or universities.
• Medical institutions such as hospitals, clinics, etc.

For further details, please visit: BankBazaar ITR-7

Due Date for Filing ITR-7 in Delhi

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:

• For taxpayers not required to get their accounts audited: July 31st 2025 of the assessment year.
• For taxpayers required to get their accounts audited (including companies): October 31st 2025 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. It is advisable to file before the due date to avoid penalties and interest under Sections 234A, 234B, and 234C.

How is the ITR-7 Form Structured?

The ITR-7 form has two main parts and includes 23 detailed schedules. Starting from the Assessment Year (AY) 2023-24, taxpayers must also 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: 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 of income after setting off the 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 an exemption is being claimed under specific sections like 11, 12, 10(23C)(iv), and others.
• Part B2: Applicable if an exemption is claimed under other specified sections.
• Part B3: For exemptions under specific provisions such as Section 13(10).
• Part B-TTI: 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), and Tax Collected at Source (TCS).

Instructions & Filing Process

When completing the ITR-7 form in Delhi, it is important to follow the recommended sequence as outlined by the Income Tax Department to ensure accuracy:

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 Delhi?

Step 1: Visit the Income Tax Portal: For filing ITR-7, it is important to visit the income tax portal https://www.incometaxindiaefiling.gov.in/home.

Step 2: Select Income Tax Preparation Utilities: On visiting the above link, click on the Download Tab and select “Offline Utilities.” Then, select the Income Tax Preparation Utilities.

Step 3: Select Excel Utility under the ITR-7 Column: After clicking on the Income Tax Preparation Utilities, select the relevant Assessment Year and click on Excel Utility under the ITR-7 Column to fill in the details manually.

Step 4: Download the File: Following all the previous steps, download the file reflecting the ITR-7 of the concerned Assessment Year.

Note: A political party shall compulsorily furnish the return in the manner mentioned above. In case an assessee is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 12A(1)(b), or 92E, such report must be filed electronically one month before the due date for furnishing the return under Section 139(1).

Steps to Complete the Verification Form in Delhi

The following are the steps to complete the verification form:

• Step 1: Complete the necessary details in the verification document.
• Step 2: Cross out any sections that do not apply.
• Step 3: Ensure the verification is signed before submitting the return.
• Step 4: Select the appropriate designation or capacity of the person signing the return.
• Step 5: Verification of Form ITR-7

ITR-7 can be filed electronically with the Income Tax Department and verified using 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).

Why Bizfoc?

Bizfoc is one of the leading accounting firms and has a professional and experienced team in the field of ITR filing. 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 every step related to your filings and new ITR updates.

Conclusion

ITR-7 is an important form that is used to reflect the individual’s income earning and taxation on the accounts as per their earning generation. The process of filing the ITR may seem complex, but it is now easy as it is now simplified for entities like trusts, associations that carry out scientific research, universities/colleges/institutions/Khadi, and village industries.

Frequently Asked Questions