Income Tax Return Form 7 or ITR 7 is an income tax return form that is to be submitted by tax assessees who are required to file returns under key sub-sections of Section 139 of the Income Tax Act, 1961.
Eligibility Criteria for Tax Filing using ITR Form 7
The following the key individuals/businesses who can file income tax return using ITR-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/partially for charitable or religious purposes. Additionally, in order to file income tax return using ITR 7, such property 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 are exempt from taxation u/s Section 13A, this exemption applies only if they file annual returns 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)
Under existing income tax rules, returns need to be mandatorily filed using ITR 7 u/s 139 (4C) by the following entities:
- 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)
Under rules of Section 139 (4D) all institutions, college and university who are not covered under any other section are required to mandatory file their income tax returns using ITR Form 7.
How to Download ITR Form 7
ITR 7 for assessment year (AY) 2019-20 for reporting income earned in 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:
ITR Form 7 Structure
ITR Form 7 consists of 4 key sections:
- Part A
- Part B
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 institution and so on. Subsequent subsections of ITR 7 Part A are:
- Filing Status – Details of 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*:
|ITR 7 Schedule
|For assessee covered u/s 11(2) and 10(23C)
|For assessee registered u/s 12A and 12AA or covered under specific subsections of 10 (23C)
|For authors/founders/trustees/managers of trusts and institutions.
|For political parties
|For electoral trust
|For voluntary contributions
|For those claiming exemption u/s 11, 12 or various subsections of 10(23C)
|For providing details of various revenue expenditure
|For providing details of spending for charitable or religious purposes
|For providing details of income from house property
|For providing details of short and long term capital gains
|For providing details of unlisted share holdings
*The list of ITR 7 Schedules provided here is indicative and not exhaustive.
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ITR Form 7 Part B
ITR 7 Part B consists of 3 major sections as follows:
- ITR 7 Part B – TI: This subsection needs to be filled out with details of income (statement of total income) for the applicable financial year.
- ITR 7 Part B – TTI: This ITR-7 subsection needs to be filled out with details of tax liability applicable to total income as reported in Part B – TI.
- Tax Payments: Contains details of total tax paid for the fiscal using mechanism such as TDS, TCS, advance tax and self-assessment tax.