ITR-7 Form: Structure and Procedure of Filing the Form

ITR-7 form is for people including organizations needed to furnish return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) of the Income Tax Act, 1961 only. People including organizations that are charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, university, college, or other institutions such as an NGO or similar organizations can file it. An Income Tax Return is essentially a document that is filed according to the provisions of the Income Tax Act, revealing one’s income, profits and losses, and different deductions as well as details regarding a tax refund or tax liability. The Income Tax Return (ITR) filing deadline for the financial year 2019-20 (the assessment year 2020-21) prior would have finished on November 30, 2020.

The administration has now extended the deadline for filing an income tax return by a month. The new deadline is December 31. To provide relief to taxpayers in view of the current Covid-19 pandemic.

The pertinence of ITR form fluctuates relying upon the sources of income of the citizen, the amount of the income earned, and the category the taxpayer belongs to like individuals, HUF, company, etc. If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”

Procedure of Filing ITR-7 Form

This return form has to be mandatorily filed online with the Income Tax Department in the following ways:

• by outfitting the return electronically under digital signature
• by sending the information in the return electronically and from that point submitting the verification of the return in Return Form ITR-V

After the filing of the return, the assessee should print out two duplicates of the ITR-V Form. One duplicate of ITR-V, duly signed by the assessee, must be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy might be held by the assessee for his record.

How to Fill Out the ITR-7 Form?

The Income Tax Department advises the assesses to follow the sequence mentioned below while filling out the Income Tax Return:

• Part A
• Part B
• Schedules
• Verification

Structure of ITR-7 Form

The ITR-7 form has been divided into 2 parts and 23 schedules.

Part-A – General information

From the AY 2019-20, a taxpayer has to also provide information on the details of registration or approval.

Part-B – Outline of the total income and tax computation with respect to income chargeable to tax.

• Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.
• Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.
• Schedule-K: Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution.
• Schedule-LA: Details in case of a political party.
• Schedule-ET: Details in case of an Electoral Trust
• Schedule-VC: Details of Voluntary Contributions received
• Schedule AI: Aggregate of income derived during the year excluding voluntary contributions
• Schedule ER: Amount applied to charitable or religious purposes in India – Revenue Account
• Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account
• Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement
• Schedule-HP: Computation of income under the head Income from House Property.
• Schedule-CG: Computation of income under the head Capital gains.
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-OA: General information about business and profession
• Schedule-BP: Computation of income under the head “profit and gains from business or profession
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule 115TD: Accreted income under section 115TD
• Schedule FSI: Details of income accruing or arising outside India
• Schedule TR: Details of Taxes paid outside India
• Schedule FA: Details of Foreign Assets
• Schedule-SH: Details of sharehoolding in an unlisted company
• Part B-TI: Computation of total income
• Part B-TTI: Computation of tax liability on total income
• Tax payments:
  1. Details of payments of Advance Tax and Self-Assessment Tax
  2. Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C).
  3. Details of Tax Collected at Source (TCS)

For more information, visit the website of All India ITR