ITR-7

A taxpayer can file his/her ITR-7 form by providing the information such as a form that is a bar-coded, as a paper that is physical, or through electronic mode with a digital signature on it or return verification submission via Return Form ITR - V.

What is ITR-7?

One has to file ITR-7 when people including the organizations fall u/s 139(4A) or 139(4B) or 139(4D) or 139(4C).

Eligibility to File ITR-7 Form

• Return u/s 139 (4A) is needed to be filed by all the people after getting the income that is derived from the property that is held under some trust or some other legal obligation completely for a religious or charitable purpose or in part for the same purposes.
• Return u/s 139 (4C) is needed to be filed by all the:
  • News agencies
  • Scientific research associations
  • Institution or fund or university or other educational institutes or any medical institutions or any hospital.
  • Institutions that are referred to u/s 10(23A).
• Return u/s 139 (4B) is needed to be filed by a political party when its total income without providing the effect to the provisions of the Section 139A crosses the maximum amount which is not chargeable to the IT.
• Return u/s 139 (4D) is needed to be filed by all the colleges, universities, and other institutions that do not need to furnish the income tax return or loss as per any provision of this section.
• Return u/s 139 (4F) should be filed by an investment fund that is mentioned in section 115UB. It is not needed to furnish income tax return or loss as per any other provisions of this section.
• Return u/s 139 (4E) should be filed by each business trust that does not need to furnish income tax return or loss as per any other provisions of this mentioned section.

Structure of ITR-7 Form

The ITR-7 form is divided into two parts and 23 schedules

Part A: General Information

From the Assessment Year 2019-20 a taxpayer should as well give information over the registration details or approval.

Part B: Total income's outline and computation of tax concerning the income that is chargeable to tax.

• Schedule I: All the details of the amount that is accumulated or set apart in the meaning of section 11 (2) in last year's naming – last years that are relevant to the current AY.
• Schedule J: The statement that is showing the investment of all the funds of the institution or trust as per the last day of the last year.
• Schedule LA: In the case of some political party, all the details.
• Schedule K: Statement of particulars related to the Founder (s)/ Author (s)/ Manager (s) / Trustee (s), etc. of some institutions or trust.
• Schedule ET: All the details in case of some Electoral Trust.
• Schedule ER: The amount applied for some religious purpose or charitable trust present in India especially Revenue Account.
• Schedule AI: Income's aggregate which is derived during the year by excluding the voluntary contributions.
• Schedule EC: The amount that is applied for a religious or charitable purpose in India especially for Capital Account.
• Schedule CG: Income's computation in the head of Capital Gains.
• Schedule HP: Income's computation in the head of Income from House Property.
• Schedule OS: Income's computation in the head of Income from Other Sources.
• Schedule OA: All the general information related to profession and business.
• Schedule VC: Voluntary contribution details received.
• Schedule BP: Income computation in the head of gains or profits through business or profession.
• Schedule MAT: Minimum Alternate Tax's computation that is payable u/s 115JB (n).
• Schedule CYLA: Income's statement after setting off the losses of the current year.
• Schedule AMTC: Tax credit computation u/s 115JD.
• Schedule MATC: Tax credit's computation u/s 115JAA.
• Schedule PTI: Details of Pass-Through Income from some investment fund or business trust according to section 115UB, 115UA.
• Schedule 115TD: Accelerated income u/s 115TD.
• Schedule SI: Income's statement that is chargeable to tax according to specific rates.
• Schedule TR: Tax details that are paid outside India.
• Schedule FSI: Income details arising or occurring outside India.
• Schedule FA: Foreign Assets details.

How to Fill the ITR-7 Form?

The sequence of filling out the schedules and parts is given below:

• Part A
• Part B
• Schedule
• Verification

What is the Process to File ITR-7 Form?

One has to mandatorily file this form online with the IT Department in the below ways:

• By providing the electronic return under digital signature.
• By transmitting the return data electronically and then submitting the return's verification in the Return Form ITR - V.

After one file the return, the assessee must get the two printout copies of the Form ITR - V. Out of these two copies, one copy that is duly signed by the assessee must be sent through ordinary post to Bangaluru on the following address - Post Bag Number 1, Electronic City Office, Bangaluru - 560100 (Karnataka).

The other copy of ITR - V form can be kept by the assessee for his/her records.