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Get Your Income-Tax Return (ITR-7) Filed by C.A.

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  • What is ITR 7 Form?
  • Who is Eligible to File ITR 7 ?
  • Who are Not Eligible to File ITR 7 Form Online?

The Firms, Companies, Local authority, Association of Person (AOP) and Artificial Judiciary Person are eligible for filing Income Tax Return through ITR-7 Form if they are claiming exemption as one of the following categories:

  • Under Section 139 (4A)- if they earn from a charitable /religious trust
  • Under Section 139 (4B)- if they earn from a political party
  • Under Section 139 (4C)- if they earn from scientific research institutions
  • Under Section 139 (4D)- if they earn from university or colleges or institutions or khadi and village industries
  • Any taxpayer can use ITR-7 Form for filing Income Tax Return if they file as a Trust, Company, Firm, Local authority, Association of Person (AOP) or Artificial Judicial Person and claims exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).

Taxpayers who are not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C) or Section 139 (4D) are not liable to file ITR-7 Form for Income Tax Return.

  • What is the structure of the ITR-7 Form?
  • How do I file my ITR-7 Form?
  • How to fill out the verification document?

The ITR-7 form has been divided into 2 parts and 23 schedules. 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 sharehoolding in an unlisted company
    • Part B-TI: Computation of total income
    • Part B-TTI: Computation of tax liability on total income
    • Tax payments: 1. 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)
  • 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 assessee 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.

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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