Filing your Income Tax Returns (ITR) is crucial, and it depends on your income type, amount, deduction, and more. As such, there are several ITR forms that entities need to choose from to file their returns. At present, there are 7 ITR Forms, with ITR 7 Form being the last one.

 

Given that return filing is mandatory for all eligible entities, you need to ensure that you file yours on time. In addition, you need to ensure that the form you file is the correct one. Inaccurate information and forms can delay the process or even result in legal issues. 

 

Although you can rectify your return after filing, it is best to get it right on the first go. Read on to learn what is ITR 7, its deductions, how to file, and more.

What is Income Tax Return Form 7

As mentioned, different entities have to file return ITR Forms depending on the conditions they meet. ITR 7 is for those who need to file their returns as per sections 139 4(A-D). All four of these sections refer to entities involved in different work or scopes. 

 

However, a common denominator is that they all can claim deductions u/s 11 of the Income Tax Act. As such, you can also think of ITR 7 Form as a form for those who claim deductions under section 11.

 

Since accurate return filing is essential, it is best to check the form applicable to you before you begin the process. You can check this information by visiting the official Income Tax website and checking the different forms and their applicability.

Who can File ITR 7 Form?

ITR 7 filing is applicable only to those who need to file returns as per sections 139(4A), (4B), (4C), and (4D). Given below is an overview of all entities eligible under these sections:

  • 139 (4A) 

This section is for individuals/ entities who have income from properties held for charitable and religious purposes.

  • 139 (4B)

This section is only for political parties. As per Section 13A, political parties can be exempt from ITR filing if they file annual returns through ITR 7 Form.

  • 139 (4C)

This is applicable to every news agency, scientific research association, fund/ institution/ university/ educational institution/ hospital/ medical institution. In addition, the section is applicable to the associations or institutions referred to in sections 10(23A) and 10(23B).

  • 139 (4D)

This section is for universities, colleges, or other institutions not required to furnish returns as per any other provisions of the section.

How to File ITR 7?

If you are wondering how to file ITR 7, the answer is simple – you can do it online and offline. Given below are the steps on how to file ITR 7 online:

  • Step 1: Visit the official Income Tax website

  • Step 2: Register/ Login with your credentials

  • Step 3: Choose filing type and form

  • Step 4: Fill in the form with accurate details

  • Step 5: Cross-verify all your information 

  • Step 6: Verify your form(digital signature)

  • Step 7: Download ITR V as proof of return filing

 

The steps on how to file ITR 7 offline are fairly complicated. To get started, you need to download the ‘Common Offline Utility’ on the official website, and install the program on your computer. Once done, you will have to run the program, fill the form, and save it in the proper file format.

 

This file will then have to be imported to the IT website, and you can proceed from there. The offline process is tedious, and it may be better to avail the services of a CA to avoid issues. 

Structure of ITR 7 Form

You need to ensure utmost accuracy while filing and submitting ITR 7 Form. The form structure can be divided into three parts, as mentioned below:

  • Part A 

This part is for personal and business/company information. This includes residential information, investment details, audit information, and member information.

  • Schedules

This part contains numerous schedules applicable to specific assessees. Be sure to fill in this information as per your applicability.

  • Part B 

This section will be for your total income (TI) and tax on total income (TTI). You will also have to mention the details of tax payments made in the financial year. This includes TCS, TDS, self-assessment tax, and advance tax.

 

Armed with this information, make sure that you file your ITR 7 on time. Delayed return can result in a fine as well as rigorous imprisonment. Be sure to submit your ITR V after submitting ITR 7 to file a timely return.

FAQs on ITR 7

What is ITR 7 Form?

ITR 7 is available for entities that file a return as per sections 139(4A), (4B), (4C), and (4D). This means that entities claiming deduction under section 11 should file ITR 7.

What are the documents required for ITR 7 filing?

ITR 7 is a non-annexure form and, as such, requires no documentation from your end. However, you should cross-verify the information with other forms, like 26AS, to ensure accuracy.

How to file ITR 7 online?

ITR 7 online filing process is simple and can be done through the official income tax website. Simply fill out the form and electronically submit the return after completing the digital signature.

Who cannot file ITR 7?

ITR 7 filing process is not available for entities that are not eligible under sections 139 4A-D. If you do not fall u/s 139 4A, B, C, or D, you will have to file relevant forms as per rule 12.

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