Who is required to submit an ITR 7 Form?

Every individual receiving income from property held under a trust or other legal obligation used entirely or mainly for charity or religious purposes must file a return under section 139(4A).
Suppose the total income before applying the provisions of section 139A exceeds the maximum that is not subject to income tax. In that case, a return under section 139(4B) must be filed by the political party.
Every scientific research association, news organisation, association or institution mentioned in section 10(23A), institution mentioned in section 10(23B), fund or institution, university or other educational institution, or any hospital or other medical institution is required to file a return under section 139(4C).
Every university, college, or other institution that is not obliged to provide a return of revenue or loss under any other provision of this section must file a return under section 139(4D).
Every business trust that is not required to provide a return of income or loss under another provision of this section must file a return under section 139(4E).
Any investment fund referred to in section 115UB shall file a return under section 139(4F). Under any other requirements of this section, providing a return of income or loss is unnecessary.

Who is not required to submit an ITR 7 for the AY 2021–22?

ITR 7 cannot be filed by taxpayers who do not claim any exemption benefits under Sections 139(4A), 139(4B), 139(4C), and 139(4D). In other words, taxpayers who do not claim exemptions under these sections of the Income Tax Act, 1961, are not covered by ITR 7.

What is the ITR 7 Form's structure?

The following sections and schedules within them make up the ITR 7 Form:

General information in Part A

ITR 7 Part B Schedules for Income Tax Return Verification

General Information, Part-A

You must furnish part-A with your basic contact information and information about any projects or organisations you manage. Additionally, mention the sections under which you are filing the ITR and the areas under which the exemption is being claimed.

Name, PAN, date of incorporation, residence, taxable status, and sub-status are examples of basic personal information.
Describe your initiatives and organisations in detail.
Complete the information about the organisations or projects you managed last year.
List the project's or organisation's name, the type of activity it involves, and its classification. You must choose the activity's kind and category from the drop-down menu.
Please complete all pertinent information regarding registration or approval under the Income Tax Act in complete and accurate detail.
You must specify each section under which you are claiming exemption if you have acquired registration or approval under more than one section. To avoid having the exemption denied, always reference these sections correctly.
Please fill out all pertinent information about registration or approval under any law other than the Income Tax Act. This information must be comprehensive and accurate. To avoid having the exemption denied, always reference these parts appropriately.
Give the law that the registration or permission was made under, the date of the action, the approval or notification number, and the authority that made the decision.
File Status: Mention the section under which your income tax return is being filed.
Mention the receipt number and the date of submitting an initial return if you are filing a revised, flawed, or modified return.
Mention the unique number/Document Identification Number (DIN) and the date of the notification or order if you file the return in response to it.
Mention the specifics if the return is submitted on the assessee's behalf. This information includes the representative's name, title, location, and PAN.
Accounting Information : Do you now own any unlisted equity shares from the previous year? If so, give specifics about the equity shares, including the firm name, opening balance, purchases made throughout the year, and closing balance.
Are you subject to an Income-tax Act audit? Please specify the section for which you are subject to audit.
Give the membership number, name, and kind of auditor (firm/proprietorship) of the person signing the tax audit report. Include the proprietorship's or company's Permanent Account Number (PAN) or Aadhaar number as well as the date of the audit report.
Information about Members : Give the names and contact information of anyone who was a member of the AOP on March 31, 2021.
Name, address, percentage of ownership, PAN, Aadhaar number, enrollment ID, and status should be provided.

Part-B: The Income Statement for the Period Ended March 31, 2021

You must determine the total annual income in Part-B.

Fill out the information at items Nos. 1 through 7 for the computation of total income for the year if you are a trust or institution registered under section 12A/12AA or have acquired authorisation for section 10 (23C)(iv), (v), (vi), or (via).
Mention the amount eligible for exemption at item No. 8 or 9, or 10, if you are claiming exemption under any other provision of section 10.
Mention the amount eligible for exemption at item No. 12a if you are a political party claiming an exemption under section 13A.
Mention the amount eligible for exemption at item No. 12b if you are an electoral trust claiming an exemption under section 13B. Mention the amount under the separate heads of income subject to tax for the year at item 13.

The tax due on total income is calculated in Part B.

You must determine your tax liability under Part-B based on your total income for the fiscal year.

Determine the amount of tax on the entire income at the appropriate marginal, special, or maximum rates.
After applying the surcharge and the health and education cess, calculate the gross tax liability.
Consider the tax reliefs provided by sections 90/90A/91 when calculating the net tax due for the year.
Add the interest and penalties due for various compliance defaults to calculate the total tax liability.
To determine the net amount payable or refundable, claim the credit of prepaid taxes such as advance tax, TDS, TCS, and self-assessment tax.
Tax Payment Item No. 15

Part A: Information on Advance Tax and Self-Assessment Tax Payments

You must specify any self-assessment taxes or advance tax payments you made throughout the fiscal year. Mention the amount, date of deposit, serial number from the challan, and BSR code.

Part-B: Details of Income Tax Deducted at Source

You must fill out this section with information regarding TDS on income other than salary per Form 16A, Form 16B, or Form 16C.

TDS credit of oneself or others [others following rule 37BA] (2)
PAN or another person's Aadhar (if the TDS credit is related to other people)
Unclaimed TDS brought forward (b/f) with TAN of the Deductor, PAN, Aadhar of Tenant, and Buyer.
TDS of the current Fiscal Year (TDS Deducted During the FY 2020-21) TDS Credit Being Claimed This Year (Only Applicable If Corresponding Income Is Offered For Tax This Year, Not Applicable If TDS Is Deducted Under Section 194N) Corresponding Receipts/Withdrawals Being Offered TDS Credit Being Carried Forward

Part-C: Tax Collected at Source (TCS) Details Performed On Form 27D

You must enter information on TCS's earnings for the year following Form 27D.

Unclaimed TCS moved forward (b/f) TCS of the current fin. Tax Deduction and Tax Collection Account Number and Name. Year
Amount of the five or six claims made this year (only if corresponding income is being offered for tax this year)
Amount from (5) or (6) that will be carried forward

Frequently Asked Questions

Can ITR 7 filings be made online?

Any of the following methods can be used to verify your income tax return when filing ITR 7 electronically on the e-filing income tax department portal: electronically signing the ITR 7 form's verification section. Additionally, a political party is required to confirm using a digital signature.

Who ITR 6 Is Not For?

After connecting to the e-Filing portal, choose e-File > Income Tax Returns > File Income Tax Return > Select the current AY and Mode of Filing to download the offline utility as an alternative (Offline). Next, select Download from the Offline Utility menu.

What day is ITR 7 due for AY 2021–22?

The deadline for domestic corporations to file their returns for 2021–2022 is October 31, 2022. However, the deadline to file an ITR will be November 30, 2022, if the corporation has any overseas transactions or certain domestic transactions for which a report in Form No. 3CEB is needed under Section 92E.

Yes, a business must include information in ITR-7 such as details regarding the audit report and the date of giving such notification to the department if it is required to have its accounts audited u/s 44AB and a chartered accountant audits its accounts.

ITR 7 Return Filing

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