Home / ITR-7 Return Filing
What is ITR-7 Return Filing?

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.

Who is eligible to use this Return Form?
  • Filing ITR 7 u/s 139(4A)
  • Income tax filing under Section 139(4A) is for any person who receives income from property used solely/partially for charitable or religious purposes. Additionally, in order to file an income tax return using ITR 7, such property must be held under a legal obligation or as a trust.
  • Filing ITR Form 7 u/s 139 (4C)
  • Under existing income tax rules, returns need to be mandatorily filed using ITR 7 u/s 139 (4C) by the following entities:
    - Scientific research association
    - News agency
    - Association or institution referred to in Section 10(23A)
    - Various types of institutions listed in Section 10(23B)
  • Filing ITR 7 u/s 139 (4D)
  • Under rules of Section 139 (4D) all institutions, colleges, and universities who are not covered under any other section are required to mandatory file their income tax returns using ITR Form 7.
  • Filing ITR-7 u/s 139(4E)
  • Filing of Return of Income by a business trust
  • Filing ITR-7 u/s 139(4F)
  • Filing of Return of Income by Investment Fund
Components of the ITR-7 Form

The ITR-7 Form is divided into two parts and nineteen schedules

  • Part-A:-General information
  • Part-B:-Outline of the total income and tax computation with respect of income chargeable to tax.
  • Schedule-I:-Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.
  • 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 ITR.
  • 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 (n)
  • Schedule-MATC:-Computation of tax credit under section 115JAA
  • Schedule AMT:- Computation of Alternate Minimum Tax payable under section 115JC (p)
  • Schedule AMTC:- Computation of tax credit under section 115JD
  • Schedule-SI:- Statement of income which is 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
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