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Income Tax Return Filing ITR-7

New e-filing site launched by Income Tax Dept. on June 7, 2021. Streamlined ITR filing, including ITR-1, ITR-2 (offline), ITR-4 (online/offline), and other ITRs. Faster refunds, unified dashboard for tax interactions.

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Who is required to submit an ITR-7 Form?

  • Certainly, here's the information without bold formatting:

    Section 139(4A): Individuals Receiving Income from Charitable or Religious Trust Property:
    Individuals who receive income from property held under a trust or legal obligation used mainly for charitable or religious purposes are required to file a return under this section.

    Section 139(4B): Political Parties:
    Political parties need to file a return under this section if their total income before applying the provisions of section 139A exceeds the maximum limit that is not subject to income tax.

    Section 139(4C): Scientific Research Associations, Educational Institutions, Hospitals, and Others:
    Entities like scientific research associations, news organizations, educational institutions, medical institutions, etc., mentioned in sections 10(23A), 10(23B), and other relevant sections are required to file a return under this section.

    Section 139(4D): Universities, Colleges, and Certain Institutions:
    Universities, colleges, or other institutions that are not required to file a return of income or loss under any other provision must file a return under this section.

    Section 139(4E): Business Trusts:
    Business trusts that are not obligated to file a return of income or loss under any other provision must file a return under this section.

    Section 139(4F): Investment Funds:
    Investment funds referred to in section 115UB are required to file a return under this section. This provision applies even if other requirements of filing a return of income or loss are not applicable.

    It's important to note that the specific provisions and requirements can vary based on the details of each section and the specific circumstances of each entity. If you fall into any of these categories, it's recommended to consult the relevant sections of the Income Tax Act or seek advice from a tax professional to ensure accurate compliance with the filing requirements.

Who is not required to submit an ITR 7 for the AY 2021–22?
Taxpayers who do not claim any exemption benefits under Sections 139(4A), 139(4B), 139(4C), and 139(4D) are not required to submit ITR 7. In other words, taxpayers who do not seek exemptions under these sections of the Income Tax Act, 1961, are not covered by ITR 7.

How do I file Form ITR 7?
You can submit Form ITR 7 electronically through the e-filing platform or by physical submission. Regardless of the method, you must file your income tax return on or before the due date specified for the ITR.

- The e-filing platform of the Income Tax Department provides electronic submission options. You can either "Prepare online and submit" or use a tool to facilitate the process.
- Under the "Prepare online and submit" option, you log in to your income tax account and complete the ITR. After saving, verifying, and confirming the details, you can submit your tax return.
- The Income Tax Department also offers a JAVA program and an excel tool. These tools allow you to input information about your income, tax deductions, exemptions, and investments. After completing and validating each part and schedule, you can upload the file to your e-filing account. Once uploaded, provide the ITR 7 details and verification.

Remember, the specific steps and procedures may vary based on the platform and tools available during the time of filing. Always refer to the official Income Tax Department resources or consult a tax professional for accurate guidance and compliance.

What is the ITR 7 Form's structure?

  • Sure, here's the information provided without bold formatting:

    General Information, Part-A:

    Part-A of the ITR 7 form requires basic contact information and details about projects or organizations managed by the individual filing the return. Additionally, the sections under which the ITR is being filed and exemptions claimed must be mentioned.

    1. Basic personal information: Name, PAN, date of incorporation, residence, taxable status, sub-status.
    2. Detailed information about managed initiatives and organizations.
    3. Information about organizations or projects managed in the previous year:
    - Project/organization name, type of activity, classification (selected from dropdown).
    4. Information about registration/approval under the Income Tax Act:
    - Specify each section if more than one.
    5. Information about registration/approval under laws other than the Income Tax Act:
    - Law, date of action, approval/notification number, authority.
    6. File status: Section under which the ITR is filed.
    7. Receipt number and date for revised, flawed, or modified returns.
    8. Unique number/DIN and date of notification/order for return filed in response.
    9. Details if the return is submitted on behalf of the assessee:
    - Representative's name, title, location, PAN.

    Accounting Information:

    1. Ownership of unlisted equity shares from the previous year.
    2. Subject to Income-tax Act audit - specify the section.
    3. Information about auditor signing the tax audit report:
    - Membership number, name, type (firm/proprietorship), PAN/Aadhaar, audit report date.

    Information about Members:

    1. Names and contact information of AOP members as of March 31, 2021:
    - Name, address, ownership percentage, PAN, Aadhaar, enrollment ID, status.

    Part-B: The Income Statement for the Period Ended March 31, 2021:

    1. Computation of total annual income:
    - Items 1 to 7 for trusts/institutions registered under section 12A/12AA or authorized under section 10 (23C)(iv), (v), (vi), or (via).
    2. Exemption amount (item 8, 9, or 10) under section 10 provisions.
    3. Exemption amount (item 12a) for political parties under section 13A.
    4. Exemption amount (item 12b) for electoral trusts under section 13B.
    5. Separate heads of income subject to tax (item 13).
    6. Calculation of tax due on total income.

    Tax Payment Item No. 15:

    Part A: Information on Advance Tax and Self-Assessment Tax Payments:

    - Mention self-assessment tax or advance tax payments made during the fiscal year.
    - Provide amount, deposit date, challan serial number, BSR code.

    Part-B: Details of Income Tax Deducted at Source:

    1. Information about TDS on income other than salary per Form 16A, Form 16B, or Form 16C:
    - TDS credit for self or others (rule 37BA).
    - PAN or Aadhaar (if TDS credit is related to others).
    - Unclaimed TDS brought forward (with TAN of Deductor, PAN, Aadhaar of Tenant, Buyer).
    - TDS deducted during FY 2020-21.
    - TDS credit claimed this year.
    - Corresponding receipts/withdrawals offered for tax.
    - Carried forward TDS credit.

    Part-C: Tax Collected at Source (TCS) Details Performed On Form 27D:

    - Enter TCS earnings for the year following Form 27D.
    - Unclaimed TCS carried forward.
    - TCS of the current fiscal year.
    - Tax Deduction and Tax Collection Account Number and Name.
    - Amount claimed this year.
    - Amount carried forward.

FAQ

Frequently Asked Questions

After connecting to the e-Filing portal, choose e-File > Income Tax Returns > File Income Tax Return > Select the current AY and Mode of Filing to download the offline utility as an alternative (Offline). Next, select Download from the Offline Utility menu.
If the income is sourced from property held under trust for charitable purposes, ITR 7 is relevant whether or not your trust is registered.
According to Section 277 of the Income Tax Act of 1961, anyone guilty of making false information in a return or schedule faces imprisonment and a fine.
Yes, a business must include information in ITR-7 such as details regarding the audit report and the date of giving such notification to the department if it is required to have its accounts audited u/s 44AB and a chartered accountant audits its accounts.
Any of the following methods can be used to verify your income tax return when filing ITR 7 electronically on the e-filing income tax department portal: electronically signing the ITR 7 form's verification section. Additionally, a political party is required to confirm using a digital signature.
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