ITR-7

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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.

FAQs on ITR 7 Form

Question 1: Who is eligible to use ITR-7 Form?

Answer: ITR-7 can be used by those companies or persons who are needed to provide return u/s 139 (4A), or 139 (4C), or 139 (4B), or 139 (4D), or 139 (4F), or 139 (4E).

Question 2: Where should I provide the schedule detail OA in ITR-7 Form?

Answer: Choose the Client >> Go to FSI / ITR >> Choose Schedule FSI >> Provide the details of the income through outside India >> Click ‘Save'.

If you want to import data from last year and then click:

The button to Import >> Choose the last year >> Click the ‘Overwrite Existing and Import'.

Question 3: Where should I provide the details of the trustee in ITR-7 form?

Answer: Choose the Client >> Go to Trustee >> Provide the Details >> Click ‘Save'.

If you are the one who wants to import data from last year, then click:

The button to Import >> Choose the Last Year >> Click the ‘Overwrite Existing and Import'.

Question 4: Where can I provide the details of special income in form ITR-7?

Answer: Choose the Client >> Go to Special Income >> Provide the Details >> Click Save.

If you are the one who wants to import the data from last year, then click:

The button to import >> Choose the previous year >> Click the ‘Overview Existing and Import'.

Question 5: What is the process to create the client in ITR-7?

Answer: There are two options to create a client in ITR-7:

  • Option 1: Manual creation of the client:
    • Go to Client Management >> Select ITR >> Choose to Create Client >> Provide the details such as address or personal information and after that click ‘Save'.
  • Option 2: Through XML Import:
    • Go to Client Management >> Select ITR >> Choose Create Client >> Click Import >> Click Import from XML >> Choose the File >> Click Import.

Question 6: Where should I provide the Voluntary Contribution in ITR-7?

Answer: Choose the Client >> Go to Voluntary Contribution >> Provide the Details >> Click ‘Save'.

Question 7: How should I import the XML file for form ITR-7?

Answer: Go to Client Management >> Select ITR >> Choose Create Client >> Click Import >> Go to Import from XML >> Choose the File >> Click Import.

Question 8: Where should I provide Accreted Income in Form ITR - 6?

Answer: Choose the Client >> Go to Accreted Income >> Provide the details >> Click ‘Save'.

Question 9: Where should I provide the details of Audit Information in ITR-7?

Answer: Choose the Client >> Choose the AY >> Go to Audit Information >> Enter all the details >> Click ‘Save'.

Question 10: Where should I provide the filling status of Form ITR-7?

Answer: Choose the Client >> Choose the AY >> Choose the Filling Status >> After that provide all the details and click ‘Save'.

If you are the one who wants to import data from the last year data, then click:

The button to Import >> Go to the previous year >> Click ‘Overwrite Existing and Import' >> Click ‘Save'.

Question 11: Where should I provide other details in ITR-7?

Answer: Choose the Client >> Choose the AY >> Go to Other Details >> Provide Details >> Click ‘Save'.

Question 12: How can I provide Eligible income in Form ITR-7?

Answer: Choose the Client >> Go to Eligible Income >> Provide the Details >> Click ‘Save'.

Question 13: Where should I provide the details of the bank in ITR-7?

Answer: Choose the Client >> Go to Bank Details >> Provide all the details >> Click ‘Save'.

If you are the one who wants to import data from the last year, then click:

The button to import >> Choose the previous year >> Click ‘Overwrite Existing and Import'

Question 14: Where should I provide the income's application in ITR-7?

Answer: Choose the Client >> Go to OS >> Select Application of Income >> Provide the details of capital account and revenue account >> Click ‘Save'.

Question 15: Where should I provide the TDS – other than salary in Form ITR-7?

Answer: Choose the Client >> Go to Taxes Paid >> Go to TDS – Other >> Provide the details and then click the ‘Save'.

Question 16: Where should I provide the nature of business in form ITR-7?

Answer: Choose the Client >> Choose the AY >> Select Nature of Business >> Provide the details >> Click ‘Save'.

If you are the one who wants to import data from last year, from Audit, or another client then click:

The button to import >> Choose from the Auditor, from the previous year, or another client>> and then click ‘Overwrite Existing and Import'.

Question 17: Where should I fill the details of Audit Report form 3CD - 3 CA in the ITR – 7?

Answer: Choose the Client >> Go to Audit >> Choose form 3CA – 3CD >> Provide the details >> Click ‘Save'.

Question 18: Where should I provide the amount AMTC / AMT in form ITR-7?

Answer: Choose the Client >> Go to AMTC / AMT >> Provide the details of the Alternate Minimum Tax and Alternate Minimum Tax credit that is payable under section 115JC >> Click the ‘Save' button.

Question 19: How will I be able to generate XML for ITR-7?

Answer: Choose the Client >> Go to Generate >> Enter all the details >> Choose the option of ITR and then click ‘Save' button.

For generating the XML file click ‘Generate and download the XML', the process of generation completes 100% and the XML gets saved at the default location which is ‘Downloads'.

Question 20: What is the process to provide personal information in ITR-7 form?

Answer: Choose the Client >> Go to Manage Data >> Select Personal Information >> Edit or enter the details >> Click ‘Save'.

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