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ITR-7 Return

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All About ITR 7 Form You Have to Focus On

The ITR-7 Form is for entities claiming exemptions under various sections of the Income Tax Act. These entities are charitable trusts, local authorities, educational institutions, companies claiming certain exemptions and more. This form does not apply to individuals, HUFs or regular businesses. It is complex (less than ITR-5 and ITR-6), and requires detailed reporting and compliance with specific provisions.

What Is ITR 7 Filing Process?

The ITR 7 Form can be filled out on the Income Tax Department portalas follows:

Step 1:

The form has Part A, Part B and 23 schedules. Part A contains your general information, while Part B contains overall tax computation, total income and tax to be charged.

Step 2:

After reviewing your details, generate an XML via an Excel Utility or Java Utility and upload the file.

Step 3:

Complete the verification by entering your personal details and signing the form using the right method. Your ITR will be accepted by the Income Tax Department only after verification from your side.

Step 4:

Political parties must mandatorily sign the form using a digital signature, while others (eligible for ITR-7) can sign it via a digital signature, EVC or ITR-V.

Step 5:

Take two copies of ITR-7. Keep one for future reference and post another to the Income Tax Department after signing it if you opted for ITR-V.

Documents for ITR 7 Income Tax

You do not have to attach documents to the ITR 7 Income Tax form. However, match the details entered in the form with Form 26AS for the Tax Credit Statement.

ITR 7 Applicable to Whom?

The ITR 7 Form applies to the companies seeking exemptions under Section 139(4A), 139(4B), 139(4C) and 139(4D). Accordingly, the following fall into this category:

Political parties with income above the non-taxable limit
Scientific research institutions
Artificial judicial persons
Local authorities
Association of Persons (AOPs)
Educational institutions
Charitable and religious trusts
Investment funds that face no obligations
Business trusts
Hospitals
Universities

ITR 7 Due Date

Regular taxpayers should submit the ITR 7 Form before 31st July of the same year. In audit cases, it should be filed before it should be filed before 31st October. There’s also an extended deadline till 30th November.

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Final Words

Due to the nature of exemptions, the ITR 7 Form requires detailed financial information and does not apply to individuals or regular businesses. Instead, it is used by charitable trusts, universities, colleges, political parties and institutions. It comes with different deadlines for regular, auditing and an extension. Thus, seeking help from a trusted tax consultant is often recommended while filing ITR-7.

FAQs

What Is the Difference Between ITR-6 and ITR-7?

ITR-6 is for regular companies, while ITR-7 is for entities claiming exemptions.

Can I Carry Forward Losses in ITR-7?

Yes, but the ability to carry forward losses depends on the nature of the loss (business loss, capital loss, etc.) and the specific provisions of the Income Tax Act.

May I Revise the ITR-7 Form After Filing?

Similar to other income tax returns, you can file a revised ITR-7 to correct errors or omissions in the original return. The process is generally the same as filing the original return, but you must specify that it is a revised return.

What Is the Tax Calculation Based on in ITR-7 Filing?

Tax calculation in ITR-7 filing is calculated according to the exempt income, deductions and exemptions, tax rates and income from other sources.

May I Represent the Assessee for Filing ITR-7?

Yes, you may represent the assessee in filing ITR-7. However, you must mention your name, capacity, address and PAN/Aadhaar Number.