ITR-7 Return
Get Quote
- Accounts Preparation
- Company ITR Filing
- Dedicated Accountant
ITR-7 Return Filing
ITR-7 Return Filing
The ITR-7 form is a specialized income tax return designed for specific entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons that claim exemptions under various provisions of the Income Tax Act. Filing the ITR-7 form can be a complex process, often requiring meticulous attention to detail. At Allycon, we aim to simplify this process, guiding you through every step to ensure seamless compliance. Our team of tax experts ensures accuracy and adherence to all regulations, making your ITR-7 filing experience smooth and hassle-free.
Start your ITR-7 filing journey with Allycon today and experience simplified, reliable tax compliance.
What is the ITR 7 Form?
The ITR-7 Form is specifically designed for entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who are required to file income tax returns while claiming exemptions under certain sections of the Income Tax Act. This form is used by entities that need to file tax returns under the following categories:
- Section 139(4A): Income from charitable or religious trusts.
- Section 139(4B): Income of political parties.
- Section 139(4C): Income from scientific research institutions.
- Section 139(4D): Income from universities, colleges, and institutions like Khadi and Village Industries.
These sections cover entities that benefit from income tax exemptions, making it crucial to file under the appropriate section to ensure compliance with tax laws.
Who is Eligible to File the ITR-7 Form?
The ITR-7 form is relevant to a wide range of entities that receive income from various sources, including:
- Section 139(4A): Income from property held under trust or legal obligations for charitable or religious purposes.
- Section 139(4B): Political parties whose income exceeds the non-taxable limit.
- Section 139(4C): Institutions such as scientific research associations, hospitals, educational institutions, universities, and news agencies.
- Section 139(4D): Universities, colleges, and educational institutions not mandated to file returns otherwise.
- Section 139(4E) & Section 139(4F): Business trusts and investment funds that do not need to file under other provisions.
Entities like trusts, companies, firms, local authorities, associations of persons (AOPs), or artificial judicial persons who claim exemptions under the specified sections are required to use the ITR-7 form to file their Income Tax Returns.
What is the Deadline for Filing ITR 7 Form?
The deadline for filing the ITR-7 form varies based on whether an audit is required. Entities that do not require auditing must file by July 31, 2023, for the assessment year 2023-24, while those subject to auditing must file by October 31, 2023.
Note: The Income Tax Department has extended the deadline for filing ITR-7 for the assessment year 2023-24 to November 30, 2023, for cases that require auditing.
Structure of ITR 7 income tax form
The ITR-7 form is structured into two main parts and contains multiple schedules for detailed reporting:
- Part A: General information about the entity.
- Part B: An outline of total income and tax computation.
| Part/ Schedule | Description |
|---|---|
| Part A | General Information |
| Part B | Outline of total income and tax computation concerning income chargeable to tax |
| Schedule-I | Details of amounts accumulated/ set apart within the meaning of Section 11(2) in previous years |
| 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-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-VC | Details of Voluntary Contributions received |
| 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-MAT | Computation of Minimum Alternate Tax payable under Section 115JB |
| Schedule-MATC | Computation of tax credit under Section 115JAA |
| Schedule-AMT | Computation of Alternate Minimum Tax payable under Section 115JC |
| Schedule-AMTC | Computation of tax credit under Section 115JD |
| Schedule-SI | Statement of income chargeable to tax at special rates |
| Schedule-IT | Statement of payment of advance-tax and tax on self-assessment |
| Schedule-TDS | Statement of tax deducted at source on income other than salary |
| Schedule-TCS | Statement of tax collected at source |
| Schedule-FSI | Details of income accruing or arising outside India |
| Schedule-TR | Details of taxes paid outside India |
| Schedule-FA | Details of foreign assets |
This detailed table provides a clear overview of the ITR-7 income tax form’s structure, breaking down its various parts and schedules for easy understanding.
How to fill the verification document?
When completing the verification document, it is essential to fill out all necessary information and strike out what is not applicable. The verification must be signed before filing the return, and the designation of the person signing the return must be specified.
Failure to provide accurate information can result in legal consequences, including imprisonment and fines under relevant sections of the Income Tax Act.
E filing audit reports
For entities subject to audit under Section 44AB, the audit report must be filed with the tax return. Details of the audit, including the date of completion, must be submitted under the “Audit Information” section of the ITR-7 form. Allycon’s expert team will ensure that all audit-related documentation is filed correctly and on time.
No annexures required
The ITR-7 form does not require any additional documents to be attached during submission. However, it is vital to match any taxes deducted or paid by or on behalf of the entity with the Form 26AS Tax Credit Statement.
Instructions to be followed while filing ITR 7 Form
- Ensure that all fields are filled accurately. Incomplete or incorrect returns will be considered defective.
- All financial figures must be rounded off as per the guidelines.
- Use “-” to indicate negative figures.
- Write “Nil” for figures with zero or no value, and “NA” for items that do not apply.
Effortless ITR7 Filing with IndiaFilings
Allycon takes the complexity out of ITR-7 filing, offering you a streamlined and efficient process. Our experienced professionals ensure that your filings are compliant, accurate, and submitted on time, allowing you to focus on your organization’s goals. From document preparation to submission, we provide comprehensive support, ensuring peace of mind throughout the filing process.
Begin your ITR-7 filing process with Allycon today and enjoy seamless, worry-free tax compliance.
Related Business Registrations
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
