ITR 7 Return Filing

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About ITR 7 Return Filing

ITR 7 Form filing is done by the companies who service the income from the properties that are of charitable or religious purposes. Properties that are held under the trusts or legal obligation in parts or even wholly are included in the category. ITR taxpayers can fill the ITR 7 Forms by providing the returns through a bard coded form, physical paperback forms, or the digital signature mode, or the submission of return verification through ITR Form V. ITR 7 Form is a file when the person and the companies fall under section 139(4A) or Section 139 (4B) or Section 139 (4C) or Section 139(4D).

Who is eligible to file the ITR-7 Form?

  • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every
    • scientific research association 
    • news agency 
    • association or institution referred to in section 10(23A)
    • institution referred to in section 10(23B)
    • fund or institution or university or other educational institution or any hospital or other medical institution.
  • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.
  • Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
  • Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section.

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ITR-7 Return Filing FAQ's

How is verification filed?

Fill the complete information on the verification document by striking out what doesn’t apply to the entity. Verification must be duly signed before return filing.

 
Does ITR 7 require the furnishing of information about a Tax audit?

Yes, in case an entity is required to get its account audited u/s 44AB and its accounts are audited by a chartered accountant, such entity must furnish the details in ITR-7 like details about audit report and date of furnishing such report to the department.

 
What are the consequences of false statements in return?

Any person making false statements in return or schedules is liable for prosecution u/s 277 of Income Tax Act 1961 with imprisonment and fine.

 
Who cannot file through ITR 7?

ITR-7 cannot be filled by the following taxpayers: Individual, Companies, and HUFs Those entities who have filed the return through new ITR-5 and ITR-6

 
What are the requirements to be fulfilled by the assesses after filing ITR 7?

Once the return is filed, the assessee shall get the print of two copies of the ITR-V form, one copy shall be sent through the post to the CPC office and the second copy shall be retained for record.

 
Who can file ITR 7 Form?

ITR-7 must be filed by Companies, Firms, Local authorities, Association of Person (AOP), and Artificial Judiciary Person that are claiming exemption in any of the following categories: Having income from charitable /religious trust- Section 139 (4A) Having income from a political party – Section 139 (4B) Having income from scientific research institutions – Section 139 (4C) Having income from university or colleges or institutions or khadi and village industries – Section 139 (4D)

 
Who should not file ITR 7 Form?

ITR7 cannot be used by a tax assessee who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C), or Section 139 (4D).

 
What documents are to be attached with ITR 7 Form?

No documents including the TDS certificate is to be attached while ITR 7 return filing.

 
What is ITR 7 Form?

ITR 7 is filed by persons including companies that fall under Section 139(4A), 139 (4B) or 139(4C), or 139 (4D).

 
When should ITR 7 be filed?

ITR-7 form is to be used when the tax assessee is a Trust, filing as a Company, Firm, Local authority, Association of Person (AOP) or Artificial Judiciary Person and is claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).

 

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