Expert Assistance for ITR-7 Filing

ITR-7 is a specialized income tax return form designed for entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons claiming exemptions under specific provisions of the Income Tax Act. At Taxation Point India, our team provides expert guidance to ensure seamless, accurate, and timely ITR-7 filing for eligible entities.

What is the ITR-7 Form?

ITR-7 is intended for entities claiming exemptions under the following categories:

• Section 139(4A): Charitable or Religious Trusts
• Section 139(4B): Political Parties
• Section 139(4C): Scientific Research Institutions
• Section 139(4D): Universities, Colleges, Institutions, or Khadi and Village Industries

Who is Eligible to File ITR-7?

The ITR-7 form can be filed by entities such as Trusts, Companies, Firms, Local Authorities, Associations of Persons (AOP), and Artificial Judicial Persons claiming exemptions under Sections 139(4A) to 139(4D), as well as Section 139(4E) and 139(4F) for business trusts and investment funds.

Entities Not Eligible to File ITR-7

• Individuals not claiming exemptions under Sections 139(4A), 139(4B), 139(4C), or 139(4D)

Due Dates for Filing ITR-7

• Non-audit cases: 31st July of the assessment year
• Audit cases: 31st October (extended to 30th November for AY 2023-24)

Structure of ITR-7 Form

ITR-7 is divided into two main parts and 19 schedules to comprehensively report entity income, exemptions, and taxes.

• Part A: General Information – basic details of the entity including name, PAN, address, and registration details.
• Part B: Total Income and Tax Computation – computation of total income and taxes payable.

Key Schedules in ITR-7

• Schedule I – Details of amounts accumulated or set apart under Section 11(2)
• Schedule J – Investment of all funds of the Trust or Institution
• Schedule K – Details of Author(s)/Founder(s)/Trustee(s)/Manager(s)
• Schedule LA – Details for Political Parties
• Schedule ET – Details for Electoral Trusts
• Schedule HP – Income from House Property
• Schedule CG – Capital Gains
• Schedule OS – Income from Other Sources
• Schedule VC – Voluntary Contributions received
• Schedule OA – General information about Business or Profession
• Schedule BP – Business or Profession Income
• Schedule CYLA – Income after adjustment of current year losses
• Schedule MAT / MATC – Minimum Alternate Tax and Tax Credit
• Schedule AMT / AMTC – Alternate Minimum Tax and Tax Credit
• Schedule SI – Income at Special Rates
• Schedule IT – Advance Tax and Self-Assessment Tax
• Schedule TDS – Tax Deducted at Source
• Schedule TCS – Tax Collected at Source
• Schedule FSI / TR / FA – Foreign Income, Tax Paid Outside India, and Foreign Assets

Procedure for Filing ITR-7

• Log in to the Income Tax Portal and select “Income Tax Returns” → ITR-7.
• Complete Part A with general entity details.
• Fill in all relevant Schedules applicable to your income, deductions, and exemptions.
• Complete Part B with total income and tax computation.
• Review and verify all information in the verification section; ensure the return is digitally signed.
• Submit the return electronically and download the acknowledgment (ITR-V).
• If required, send a signed physical copy of ITR-V to the Income Tax Department at Bag No.1, Electronic City Office, Bengaluru – 560100.

Documents Required

No annexures or supporting documents are required while filing ITR-7. Taxpayers should reconcile TDS/TCS and taxes paid with Form 26AS for accurate reporting.

Important Instructions for Filing ITR-7

• Round off figures as per Income Tax Department guidelines (multiples of ten for taxes, nearest rupee for other figures).
• Write “Nil” for zero values and “NA” for non-applicable items.
• Ensure all details are accurate to avoid defective or invalid returns.
• Provide correct designation of the person signing the return.

Why Choose Taxation Point India for ITR-7 Filing?

• Expert Guidance: Professional assistance through every step of ITR-7 filing.
• Accurate Compliance: Ensuring all schedules, exemptions, and tax calculations are correct.
• Secure & Hassle-Free: Safe, online filing without manual paperwork.
• Post-Filing Support: Assistance for reconciliation, notices, or follow-ups after submission.

File your ITR-7 with Taxation Point India for accurate, compliant, and stress-free tax filing.
Contact us today to receive expert guidance and ensure timely submission of your ITR-7.