Income Tax Return Form 7
Income
Tax Return Form 7 is an Income Tax Return Form which is submitted by the tax
assessees who are required to file returns under key sub-sections of Section
139 of the Income Tax Act, 1961.
Eligibility Criteria for filing tax with ITR Form- 7
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 or partially for charitable or religious purposes. For file Income Tax return by using ITR 7, one must be held under a legal obligation or as a trust.
Filing ITR Form 7 u/s 139(4B)
Section 139(4B) specifically applies to political parties. While political parties get an exemption from taxation u/s Section 13A, this exemption applies only at the time of filing an annual return using ITR 7. Section 13A also prescribes a basic exemption limit for political parties, thus ITR Form 7 needs to be filed only if the political party breaches this exemption limit.
Filing ITR Form 7 u/s 139 (4C)
According to the existing Income Tax Rules, it is mandated for the following entities to file return by making use of the ITR7 u/s 139 (4C):
- 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)
According to the rule of Section 139(4D), all institutions, universities, and colleges who are not covered under any other section are mandated to file their income tax returns by using ITR Form 7.
How to Download ITR Form 7
ITR 7 for assessment year (AY) 2019-20 for reporting income earned in the financial year (FY) 2018-19 can be downloaded for free from the Income Tax of India official website. Alternately you can click the following link to download a free PDF copy of ITR-7:
https://www.incometaxindia.gov.in/forms/income-tax%20rules/2019/itr7_english.pdf
ITR Form 7 Structure
ITR Form 7 consists of 4 key sections:
Part A
Schedules
Part B
Verification
Among this, the final part termed “Verification” is the shortest and features a signature panel along with a declaration for submission of Income Tax Return using ITR-7. Each of the other sections comprises multiple sub-sections.
ITR Form 7 Part A – GEN
The ITR Form 7 Part A – GEN subsection is the starting of the form. This subsection contains details of the income tax assessee including name, PAN, contact details, details of projects/institution run by the assessee, registration details of the institution and so on. Subsequent subsections of ITR 7 Part are:
- Filing Status – Details of the applicable section for ITR filing, Residential Status, etc.
- Other Details – Unlisted share investment details, Section 80G approval status, etc.
- Audit Information – Applicability of audit, name of auditor, date of audit report, etc.
- Member Information – Details of members in the Association of Persons (AOP).
ITR Form 7 Schedules
The ITR Form 7 contains multiple schedules one or more of which may be applicable to specific income tax assessee. Some of the key schedules in ITR Form 7 are*
ITR 7 Schedule
| Applicability
|
Schedule I
| For assessee covered u/s 11(2) and 10(23C)
|
Schedule J
| For assessee registered u/s 12A and 12AA or covered under specific subsections of 10 (23C)
|
Schedule K
| For authors/founders/trustees/managers of trusts and institutions
|
| Schedule
LA | For Political Parties |
Schedule ET
| For electoral trust |
Schedule VC
| For Voluntarily contributions |
Schedule AI
| For those claiming exemption u/s 11, 12 or various subsections of 10(23C)
|
Schedule ER
| For providing details of various revenue expenditure.
|
Schedule EC
| For providing details of spending for charitable or religious purposes. |
Schedule HP
| For providing details of income from house property.
|
Schedule CG
| For providing details of short term and long-term capital gains.
|
Schedule HR
| For providing details of unlisted shareholdings.
|
