Who Is Eligible To File ITR Form 7?

Companies, firms, Association of Person (AOP), Local authority, and Artificial Judiciary Person can claim for exemption by filing Income Tax Return Form 7. However, the exemption is granted if an entity meets one of the criteria.
  • An entity shows an income from a charity or a religious trust. This falls under Section 139 (4A).
  • An authority shows income from scientific research institutions, which is an exemption under Section 139 (4C).
  • An entity shows income from a political party. This comes under Section 139 (4B).
  • An authority shows revenue from colleges or institutions or university and village industries. This comes under Section 139 (4D).

How To File Income Tax Return Online?

  1. The Online income tax return is an easy process. Visit the e-filing website https://www.incometaxindiaefiling.gov.in/home. ITR7 for the assessment year can be downloaded for free.
  2. There are four sections in the Income Tax Return Form 7- Part A: This is the first section of the form. PAN Card details, contact information, project details, details of registration, etc. are a part of this section. There are further subsections in Part A section. The subsections involve Filing Status, Other Details, Audit Information and Member Information.
    • Filing Status involves residential status, applicable section’s details, etc.
    • Section 80G approval status, unlisted share investment details, etc. are a part of other details.
    • Audit information includes the name of auditor, applicability audit, audit date report, etc.
    • Member information involves the Association of Persons (AOP) member’s details.

    Schedules: There is a list of schedules in this section of the ITR form.
    One or even more may be applicable to an income tax assessee.
    Some of the sections:
    • Schedule HP -which asks the assessee to share details about revenue from house property.
    • Schedule VC - asks for voluntary contributions
    • Schedule ER asks to furnish details about revenue expenditure.

    Part B: Part B involves three subsections:
    Part B- TI - Which asks for income details.
    Part B- TTI - In this subsection, details of tax liability need to be mentioned.
    The Tax Payments subsection involves tax paid for the fiscal year.
    Verifications: Verification involves the assessee’s declaration for submission of ITR.
  3. There are two ways of filing ITR7 –
    File and submit online by verifying with a digital signature
    File the return online and submit the verification offline through ITR V
  4. For offline submission, print two copies of ITR V. Send one copy to Post Bag No 1, Electronic City Office, Bangalore, Karnataka – 560 100. Keep the other copy for your referral.

What is the Due Date for Filing ITR-7 Form?

It is mandatory to check the last date for filing ITR- 7 form every year and know the extension given.
  1. For companies whose accounts need to be audited, the due date is 30th September.
  2. For companies whose accounts audit is not required, the due date is 31st July.
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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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