Income Tax efiling in India for FY 2023-24 (AY 2024-25)
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File ITR Now Hire eCA NowITR-7 Form,A comprehensive guide to understanding the ITR7 Form
In this article, we will be discussing the ITR-7 Form in detail.
What is the ITR-7 Form?
ITR-7 is introduced when individuals including companies fall under section 139 (4A) or section 139 (4B) or section 139 (4C) or section 139 4 (D).
Click here to view the latest ITR-7 form from the Department of Taxation.
No annexures required
No text (including TDS certificate) should be attached to this return form when you install ITR-7.
Taxpayers are advised to match their deducted / collected / paid taxes with their own Form 26AS of their Tax Credit Statement.
E-filing audit reports
If the auditor is responsible for the audit s / s 44AB and the accounts are audited, the details of that audit report and the date of submission to the department must be completed under the heading "Audit Information."
Myitronline automatically selects the right ITR Form for you
Not sure which form to choose? Our software automatically selects it when you upload an e-file.
Who is eligible to file the ITR-7 Form?
- A refund under section 139 (4A) is required to be filed by any recipient of money received from property held under a fund or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
- Refunds under section 139 (4B) are required to be included in a political party if the amount of revenue other than the provisions of section 139A exceeds the maximum taxable income.
- Returns under section 139 (4C) are required to be filed by everyone
- scientific research organization;
- media company;
- the organization or institution referred to in section 10 (23A);
- the institution referred to in section 10 (23B);
- a fund or institution or university or other educational institution or any hospital or medical institution.
- Refunds under section 139 (4D) are required to be filed by an entire university, college or other institution, which is not required to recoup income or losses under any other provision provided by this section.
- Refunds under section 139 (4E) must be filed by each business trust which is not required to provide reimbursement for revenue or loss under any of the other provisions of this section.
- The repayment under section 139 (4F) must be deposited by any investment fund referred to in section 115UB. No refunds or losses are required under any of the other provisions of this section.
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What is the structure of the ITR-7 Form?
Form ITR-7 is divided into two sections and 23 schedules.
From AY 2019-20, the taxpayer must also provide details of the registration or accreditation details.
Part-A – General information
Part-B – Outline of the total income and tax computation with respect to income chargeable to tax.
- Schedule I: Details of the amounts collected / divided within the meaning of section 11 (2) in the previous year's viz, previous years applicable to the current assessment year.
- Schedule-J: Statement showing the investment of all Trust or Institutional funds as the last day of the previous year.
- Schedule-K: Statement of information regarding the Author (Founders) / Founders / Trustees / Managers, etc.
- Schedule-LA: Details if a political party.
- Program-ET: Details in the event of an Electoral Trust
- Program-VC: Details of Voluntary Donations received
- AI program: Total income earned during the year without voluntary donations
- Schedule ER: Amount used for charitable or religious purposes in India - Revenue Account
- EC Program: Amount used for charitable or religious purposes in India - Capital Account
- Edit IE-1, IE-2, IE-3 and IE-4: Statement of income and expenditure
- Program-HP: Head Income Calculation Income from House Buildings.
- Program-CG: Calculation of income under Capital capital gains.
- OS-OS: Head Income Calculation Revenue from other sources.
- Schedule-OA: General information about business and employment
- Schedule-BP: Income calculation “profit and profit from business or profession
- Program-CYLA: Statement of income after the current set of losses
- Set PTI: Transfer income information from a business fund or investment fund in terms of section 115UA, 115UB
- Schedule-SI: Statement of taxable income at special rates
- Schedule 115TD: Revenue spent under section 115TD
- FSI Program: Income details in or out of India
- Schedule TR: Details of Payments Taxed outside India
- FA Program: Export Details
- Program SH: Details of shares in an unlisted company
- Part B-TI: Complete accounting
- Part B-TTI: Calculation of tax debt on gross income
- Payment of taxes: 1. Advance and Self-Assessment Tax tax details 2. Source tax deduction (TDS) income (Form 16A / 16B / 16C). 3. Source Tax Collected from Source (TCS)
How do I fill out the ITR-7 Form?
Instructions for completing ITR-7
Sequence of completing parts and programs
The Department of Revenue advises checking to follow the order outlined below when completing the income tax return.
- Part A
- Part B
- Schedules
- Verification
Have more questions?
Why not check out our FAQ page? You will find answers to all kinds of tax-related questions there.
How do I file my ITR-7 Form?
This return form must be submitted online with the Department of Revenue authorization:
- by providing a computerized return under a digital signature
- by forwarding the details to the electronic return and then submitting the return confirmation in the ITR-V return form
After completing the return, the viewer must print two copies of the ITR-V form. One copy of ITR-V, duly signed by the observer, must be sent by regular mail to Post Bag No. 1, Electronic City Office, Bengaluru - 560100 (Karnataka).
One copy may be retained by an observer with his or her own record.
How to fill out the verification document?
- Fill in the required details in the verification document.
- Hit anything that doesn't work.
- Please make sure the verification is signed before submitting a refund.
- Select the position / capacity of the person signing the form.
Political parties are obliged to ensure the return of a digital signature certificate (DSC) by the CEO or secretary, and some people have the following options to verify:
- With DSC (digital signature certificate)
- Electronic Verification Code (EVC) mode validation
- Properly signed the ITR-V approval and submit it to the CPC office.
Please note that any person who makes a false statement in the penalties or schedules in connection with this shall be liable to prosecution under section 277 of the Taxation Act, 1961 and shall be liable to imprisonment and imprisonment on conviction.
How do you send your ITR-V to the CPC Office?
If the ITR-7 income tax return is computerized, there is no need to send it to the CPC office.
We have a guide to help you print and send your ITR-V to the CPC office.
Read our Guide
Frequently asked questions
What documents are required for registration of PAN by Association of Person(other than trusts), Body of Individuals (BOI), Local Authority, or Artificial Juridical Person formed or registered in India?
Copy of agreement/certificate of registration number issued by the registered community registrar or charitable commissioner or other relevant authority.
Any other document issued by the government (central or national) sets out the identity and address of that person.
In the case of the company, local authority, political party or association of persons, who can verify the income tax return?
- Company– Managing Director. In the event of any unavoidable cause, no Managing Director, or any other Company Director may guarantee a refund.
- Local Council - Chief Executive Officer.
- Political Party - The Chief Executive Officer of that party, whether known as Secretary or otherwise.
- Any other organization- any member of the organization or the Chief Executive Officer.
- Any other person - that person or other person with the ability to represent himself or herself.
The persons who can verify the income tax return in the following cases are:
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