ITR Form 7

ITR Form VII

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 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*