If you get a chance to file an Income Tax Return without undergoing the hassle of collecting and gathering documents, it turns out to be extremely helpful, isn’t it? That is exactly how ITR 7 helps you out.
This post comprises everything about this ITR form – from the applicability to the structure. Read ahead to understand more.
ITR 7 Form: Who Gets to Fill It?
ITR 7 applicability comprises those companies that garner their Income from such properties that are used for religious or charitable purposes. Apart from that, properties that have been held under legal or trusts obligations as a whole or in parts also come under the same category.
Further, below-mentioned is the additional eligibility criteria for form 7 of ITR:
Entities getting income from a news agency, scientific research institutions, and more under Section 139 (4C)
Entities getting income from institutions, colleges, universities or village industries under section 139 (4D)
Individuals getting income from property registered under trust
Non-government or government educational institutions mentioned under section 10 (23A) and 10 (23B)
Structure of ITR 7
Now that you have understood what ITR 7 means, following is the structure of this form.
Ready to Invest? Talk to our investment specialist
Part-A: General information
Part-B: Total income and tax computation
Schedule-I: Details of amounts gathered
Schedule-J: Details of institutions’ or trusts’ fund investments as per the last day of the previous year
Schedule-K: Particular statement of Managers, Founders, Trustees, Authors, and more of the institution of the trust
Schedule-LA: Details of the political party (if applicable)
Schedule-ET: Details of the Electoral Trust (if applicable)
Schedule AI: Total income derived during the year exempting voluntary contributions
Schedule ER: Amount applied to religious or charitable purposes in India (Revenue Account)
Schedule EC: Amount applied to religious or charitable purposes in India (Capital Account)
Schedule-VC: Details of voluntary contributions received
Schedule-OA: General information about profession or business
Schedule-BP: Details of income under the head profit and gains from business or profession
Schedule-CYLA: Statement of income after setting off the current year’s losses
Schedule-MAT: Details of minimum alternate tax payable under section 115JB (n)
Schedule-MATC: Details of tax credit under section 115JAA
Schedule AMT: Details of alternate minimum tax payable under section 115JC (p)
Schedule AMTC: Information regarding tax credit under section 115JD
Schedule PTI: Information regarding pass-through income from business trust or investment fund as per section 115UA, 115
Schedule-SI: Statement of income chargeable to tax at special rates
Schedule 115TD: Accreted income under section 115TD
Schedule FSI: Information regarding income collected from abroad
Schedule TR: Information regarding Taxes paid abroad
Schedule FA: Details of foreign assets
How to Fill ITR 7 for AY 2019-20?
Being an annexure-less ITR form, this one doesn’t allow offline filing. Thus, you would have to choose the online method. For that, follow some simple steps:
Open the official website of the income tax Department
If you have an account, log into it or register if you are a new user
Open your dashboard
Select Form 7
Fill in the details
Sign the verification form digitally
And that is it
Now that you know what ITR 7 means and how you can file it, the process is not going to pose any significant hurdles. So, if you come under the ITR 7 applicability, go for this form without missing out.
Disclaimer: All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund, or designing a portfolio that suits your needs.
Shepard Technologies Pvt. Ltd. (with ARN code 112358) makes no warranties or representations, express or implied, on products offered through the platform. It accepts no liability for any damages or losses, however caused, in connection with the use of, or on the reliance of its product or related services. Terms and conditions of the website are applicable.