- Statement from Bank
What is ITR-7 Filing?
ITR 7 Form filing is done by the companies who service the income from the properties that are of charitable or religious purposes. Properties that are held under the trusts or legal obligation in parts or even wholly are included in the category.
ITR taxpayers can fill the ITR 7 Forms by providing the returns through a bard coded form, physical paperback forms, or the digital signature mode, or the submission of return verification through ITR Form V.ITR 7 Form is a file when the person and the companies fall under section 139(4A) or Section 139 (4B) or Section 139 (4C) or Section 139(4D).
Who is Eligible to file Form ITR 7?
ITR 7 u/s 139 (4A)
Individuals having income from the property that is used solely or partially for
charitable or religious purposes and such property is to be held under a legal obligation or trust.
ITR 7 u/s 139 (4B)
This section applies specifically to the political parties. Under Section 13 A the
political parties are exempted from filing the income tax return provided that the parties are
filing the annual returns through Form ITR 7.
ITR 7 u/s 139 (4C)
Under this the ITR 7 is to be filed by the following entities:
- Association that is conducting scientific research.
- News agency
- Association u/s 10 (23A)
- Other enlisted institues u/s 10 (23B)
ITR 7 u/s 139 (4D)
Schools, colleges, and institutions are not covered under any section of the Income
Tax Act and are required to file the ITR 7 under this regulation.
ITR 7 u/s 139 (4E)
Filing the returns of the income done by a business trust.
ITR 7 u/s 139 (4F)
Is to be filed by any investment fund that is referred to in section 115 UB. There is
no necessity to furnish the returns of income or loss under any provision of this section.
Sequence for filing ITR 7 Form.
The Income Tax Department has advised the assessees to follow the sequence that is mentioned below
while filing the Income Tax return.
- Part A
- Part B
- Schedules
- Verification
Enter the information required in the verification document and strike out the which is not
applicable and this verification must be digitally signed before furnishing the final return.
It is necessary for the person signing to mention his designation in the entity on behalf of whom
the return is being filed.
Document Required for ITR-7 Return Filing
- Incorporation Certificate
