Description
ITR-7 Form is specifically designed for firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who wish to file their Income Tax Returns. It applies to those claiming exemptions in the following categories:
Individuals not seeking exemptions under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) are not required to file the ITR-7 Form for Income Tax Returns.
The due date for filing the ITR7 Form varies depending on whether the accounts require auditing. Individuals not subject to audit can file by July 31, 2023, for AY 2023-24, while audit cases have a deadline of October 31, 2023. Note: The filing date for Form ITR7 for the Assessment Year 2023-24 for assesses is detailed in clause (a) of Explanation 2 to sub-section (1). The original deadline of Section 139 of the Act, which was October 31, 2023, has been extended until November 30, 2023.
Schedule-I
Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.
Schedule-J
Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.
Schedule-K
Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution.
Schedule-LA
Details in case of a political party.
Schedule-ET
Details in case of an Electoral Trust
Schedule-HP
Computation of income under the head Income from House Property.
Schedule-CG
Computation of income under the head ITR.
Schedule-OS
Computation of income under the head Income from other sources.
Schedule-VC
Details of Voluntary Contributions received
Schedule-OA
General information about business and profession
Schedule-BP
Computation of income under the head “profit and gains from business or profession
Schedule-CYLA
Statement of income after set off of current year’s losses
Schedule-MAT
Computation of Minimum Alternate Tax payable under section 115JB (n)
Schedule-MATC
Computation of tax credit under section 115JAA
Schedule AMT
Computation of Alternate Minimum Tax payable under section 115JC (p)
Schedule AMTC
Computation of tax credit under section 115JD
Schedule-SI
Statement of income which is chargeable to tax at special rates
Schedule-IT
Statement of payment of advance-tax and tax on self-assessment.
Schedule-TDS
Statement of tax deducted at source on income other than salary.
Schedule-TCS
Statement of tax collected at source
Schedule FSI
Details of income accruing or arising outside India
Schedule TR
Details of Taxes paid outside India
Schedule FA
Details of Foreign Assets
The Income Tax Department has advised the assessees to follow the sequence that is mentioned below while filing the Income Tax return. 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.
After filing the return the assessee is required to print the copies of the ITR V Form. A copy of the ITR V which is duly signed by the assessee has to be sent by the ordinary post to Bag No.1, Electronic City Office, Bengaluru – 560100 ( Karnataka) The other copy can be retained by the assessee for his record.
The required information is to be filled in the verification document. Strikeout whatever is not applicable. Pleasure ensures that the verification has been signed before the returns are furnished. Choose the designation/ capacity of the person signing the return. It is to be noted that any person who is making a false statement in return or accompanying the schedules should be liable to be prosecuted under the section which can lead to imprisonment and also a fine.
If the assessee is liable for auditing u/s 44AB and the accounts have been audited by the accountant then the details of such audit reports along with the furnishing date are to be sent to the income tax department. It is to be under the head “Audit Information”
No documents are to be attached with this return while filing ITR 7 Form. The Taxpayers should match the taxes that are deducted/ collected paid by or on behalf of them with their Tax Credit statement form 26AS.
The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:
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