ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). Companies which are required to file form ITR-6 cannot file form ITR-7.
Other Relevant Points to be considered while filing ITR-7
- If assessee is liable for Audit u/s 44AB and the accounts have been audited by chartered accountant, the details of such audit report,auditor along with the date of furnishing the audit report in the return of income has to be provided under the head “Audit Information”.
Structure of the ITR-7 Form:-
The ITR-7 form has been divided into 2 parts and 23 schedules.
- Part-A – General information
- Part-B – Outline of the total income and tax computation with respect to 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-VC: Details of Voluntary Contributions received
- Schedule AI: Aggregate of income derived during the year excluding voluntary contributions
- Schedule ER: Amount applied to charitable or religious purposes in India – Revenue Account
- Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account
- Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement
- 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-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 PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB
- Schedule-SI: Statement of income which is chargeable to tax at special rates
- Schedule 115TD: Accreted income under section 115TD
- Schedule FSI: Details of income accruing or arising outside India
- Schedule TR: Details of Taxes paid outside India
- Schedule FA: Details of Foreign Assets
- Schedule-SH: Details of shareholding in an unlisted company
- Part B-TI: Computation of total income
- Part B-TTI: Computation of tax liability on total income
- Tax payments such asdetails of payments of Advance Tax and Self-Assessment Tax, details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C),details of Tax Collected at Source (TCS).
How can one file ITR-7 Form?
This return form has to be mandatorily filed online with the Income Tax Department in the following ways:
- by furnishing the return electronically under digital signature
- by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
After the filing of the return, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No.1, Electronic City Office, Bengaluru–560100 (Karnataka).The other copy may be retained by the assessee for his record.