ITR-7 Return Filing
At Gubera Consultancy, we understand that tax filing can be a complex and time-consuming process. That’s why we offer streamlined ITR-7 return filing services to make your life easier. Our expert team is dedicated to ensuring accurate and timely filing of Income Tax Return-7 (ITR-7), catering to a wide range of individuals and entities.
Whether you are a company, firm, individual, charitable trust, political party, or association, our services are designed to meet your specific needs. We specialize in catering to persons required to furnish return under sections 139(4a), 139(4b), 139(4c), and 139(4d). With our expertise, you can have peace of mind knowing that your tax return will be handled with utmost care and accuracy.
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Understanding the ITR-7 Form for Income Tax Returns
The ITR-7 form is a specialized income tax return form designed for specific entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons. It is specifically for those claiming exemptions under various sections of the Income Tax Act.
Who can file the ITR-7 Form?
The ITR-7 form applies to individuals receiving income from various sources. This includes those with income from property held under trust or legal obligations for charitable or religious purposes, political parties with income exceeding the non-taxable limit, organizations such as scientific research associations, hospitals, educational institutions, universities, and news agencies. It also applies to colleges and universities that are not mandated to file returns otherwise. Additionally, business trusts and investment funds with no obligation to file under other provisions can also utilize the ITR-7 form for filing income tax returns.
Who is not required to file the ITR-7 Form?
Individuals who do not seek exemptions under Section 139(4a), Section 139(4b), Section 139(4c), or Section 139(4d) are not required to file the ITR-7 form for income tax returns. Filing the ITR-7 form can be a complex process, but with IndiaFilings, you can navigate it effortlessly. Our expert team streamlines the ITR-7 filing process, ensuring compliance and accuracy. Get started with Gubera Consultancy and file your ITR-7 with ease.
Deadline for Filing ITR 7 Form
The due date for filing the ITR 7 form varies depending on whether the accounts require auditing. Individuals not subject to audit can file by July 31, 2023, for AY 2023-24, while audit cases have a deadline of October 31, 2023. Please note that the filing date for Form ITR 7 for the assessment year 2023-24 for assesses is detailed in clause (a) of explanation 2 to sub-section (1).
The original deadline of Section 139 of the Act, which was October 31, 2023, has been extended until November 30, 2023
Structure of ITR 7 Income Tax Form
The ITR 7 income tax form has been divided into two parts and nineteen schedules:
Part A: General Information
This section contains general information about the taxpayer.
Part B: Outline of the Total Income and Tax Computation
This section provides an outline of the total income and tax computation concerning income chargeable to tax.
The nineteen schedules included in the ITR 7 form are as follows:
- Schedule-I: Details of amounts accumulated/set apart within the meaning of Section 11(2) in the 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 “Income from 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 (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.
Sequence for Filing ITR 7 Income Tax Form.
The Income Tax Department has provided a specific sequence for filing the ITR 7 Income Tax Form. It is important for assessees to follow this sequence while filing their income tax return. The sequence is as follows:
Part A: In this part, you need to enter all the required information related to your income, deductions, and exemptions. Make sure to provide accurate and complete details to avoid any discrepancies.
Part B: After completing Part A, move on to Part B. Here, you will need to fill in the schedules that are relevant to your income sources. Ensure that you provide the necessary information in the correct schedules.
Verification: Once you have filled in all the required information, it is time to complete the verification process. Enter the necessary details in the verification document and strike out any sections that are not applicable to you. It is important to digitally sign the verification before submitting the final return.
When signing the verification, mention your designation in the entity on behalf of whom the return is being filed. This ensures clarity and transparency in the filing process.
Procedure to File ITR 7 Returns
There are two ways to file ITR 7 income tax returns:
- By Furnishing Returns Electronically: You can file your returns electronically using a Digital Signature Certificate (DSC). This method ensures a secure and efficient filing process.
- By Transmitting Data and Submitting Verification: Alternatively, you can transmit the data in the return electronically and then submit the verification of the return in the ITR V return form. This method requires you to physically sign the ITR V form.
After filing the return, it is mandatory to print copies of the ITR V form. One copy, duly signed by the assessee, must be sent by ordinary post to the following address:
Bag No.1, Electronic City Office, Bengaluru – 560100, Karnataka
The other copy can be retained by the assessee for their records.
How to Fill the Verification Document
When filling out the verification document, it is important to provide all the required information and strike out any sections that are not applicable. Before submitting your returns, please ensure that the verification has been signed. It is essential to choose the appropriate designation or capacity of the person signing the return.
Please note that making a false statement in the return or accompanying schedules can lead to prosecution under the relevant section, which may result in imprisonment and a fine.
E-Filing Audit Reports: If you are liable for auditing under section 44AB and your accounts have been audited by an accountant, you need to provide the details of the audit reports along with the date of furnishing to the Income Tax Department. This information should be filed under the head “Audit Information.” No annexures or additional documents are required to be attached with this return when filing the ITR-7 form.
Instructions for Filing ITR-7 Form: The Income Tax Department has provided various methods for taxpayers to file their ITR-7 form. It is important to follow these instructions to ensure that your return is not considered defective or invalid.
When filling out the form, make sure to provide all the necessary details accurately. Round off figures relating to tax and incomes to the nearest multiples of ten rupees, while rounding off other figures to the nearest one rupee. If you have negative figures or losses, write a “-” before the number, unless otherwise specified. For figures with zero or nil value, write “nil.” If any item does not apply to you, write “NA” against it.