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
Individuals who are holding properties also need to file income tax returns for the gains from the property. For this category of people the income tax department has different policies for filing income tax returns. They have to file their income tax return by using Form 7 of the income tax act. ITR Form-7 is filed by the assessee including companies who fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). In this article, you will get a better understanding of who is liable to fill this form and with other formalities.