Easy Guide On ITR 7 Form
As an Indian citizen, it is everyone’s moral duty to file their income tax returns. Irrespective of whether they are individuals, companies, political parties, charitable institutes, or others, e filing of income tax return is essential.
But the significant confusion lies in the type of ITR form one must fill out. The income tax department has created different forms for different income groups. This way, people will only have to fill in information related to their profession or income and do not have to spend time on irrelevant ones.
Here in this article, let’s decode everything about ITR Form 7.
What Is The ITR 7 Form?
The ITR 7 is the form that companies, firms, associations of people, local authorities, and artificial judiciary people must fill out during income tax return filing. This form is filled when the said people have to claim an exemption under the below categories:
- Under section 139 (4A) – if their source of income is from a charitable or religious trust.
- Under section 139 (4B) – if their source of income is through a political party.
- Under section 139 (4C) – if their income source is a scientific research institution
- Under section 139 (4D) – if they are earning from colleges, universities, institutions, villages, or khadi industries.
Who Should File ITR 7?
Below is the list of people who should use the ITR 7 form while e-filing of income tax return.
- Return under section 139 (4A) – It must be filed by everyone receiving income from any property held under legal obligations or trust. This property can be completely for religious or charitable purposes. Or this can be used for partial purposes as well.
- Return under section 139(4B) – Every political party whose total income, without the effect of section 139A provision, exceeds the total maximum amount not chargeable to income tax should fill this form.
- Return under section 139(4C) – This form is required to be filed by the below categories:
- Scientific research agency or association
- News agency
- Institutions or associations under section 10(23A)
- Institution under section 10(23B)
- The fund, university, institution, educational institution, hospital or other medical institution.
- Return under section 139(4D) – This form should be filed by a college, university or institution, not required to show a return of loss or income under any provision of section 139 (4D).
- Return under section 139(4E) – It should be filed by all business trusts, not required to show a return of loss or income under any or all provisions related to this section.
- Return under section 139(4F) – Any investment fund must file this form under section 115UB. They are not required to show a return of loss or income per any other provisions of the discussed section.
What Is The Last Date Of Filing The ITR 7 Form?
One of the most important things to know in the case of filing ITR form 7 is its due date. The ITR filing last date with form 7 is different from the others. The last date of the ITR 7 form depends on their account audits. Taxpayers who do not require the audit of their accounts can complete e-filing of income tax return by 31st July 2023 for the financial year 2023-24. At the same time, others whose accounts need to be audited must file their ITR by 31st Oct 2023 for the financial year 2023-24.
Structure Of The ITR 7 Form
The ITR 7 of the income tax is divided into two sections and 23 schedules. For the current financial year 2023-24, all taxpayers must provide information on registration or approval details. Part A of the form contains all general information about the taxpayer. At the same time, Part B of the form discusses the income and tax calculation regarding chargeable income to tax.
Concluding Thoughts
Like any other ITR form, ITR 7 also holds significant importance and should not be taken lightly. Eligible people should ensure they fill the form with complete understanding to avoid any errors.
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