ITR FOR COMPANY
BASIC PLAN
ELIGIBILITY FOR ITR-7 FORM
The following individuals and associations are eligible to file the ITR-7 form:
1) All individuals who obtain income from property if said property is in the name of a trust.
2) All individuals who receive income for the sole purpose of charity or a religious offering.
3) Any political party that earns a net income that is more than the ceiling limit that is exempt from income tax.
4) Associations that carry out scientific research.
5) News organisations and companies.
6) Organisations as mentioned in Section 10(23A) and Section 10(23B).
7) Educational institutions such as school, colleges or universities.
8) Medical institutions such as hospitals, clinics etc.
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ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 6,999/-
ITR FOR COMPANY
STANDARD PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 9,999/-
ITR FOR COMPANY
PREMIUM PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 12,999/-
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ITR-7 Form Return Filing
ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
No Annexures required.
» No document (including TDS certificate) should be attached with this return form while filing ITR-7.
» Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.
E-filing Audit Reports:
» If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”
ELIGIBILITY FOR ITR-7 FORM
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.
HOW TO FILE ITR-7 FORM
The Income-tax department advises to fill the Income-tax returns in the following sequence:
» 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.
PROCEDURE TO FILE ITR-7 FORM
» ITR 7 can be filed with the Income Tax Department in the following ways:
» 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.
INSTRUCTIONS TO FOLLOW WHILE FILING ITR-7 FORM
The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:
STRUCTUE OF ITR-7 FORM
» The ITR-7 form has been divided into 2 parts and 23 schedules.
From the AY 2019-20, a taxpayer has to also provide information on the details of registration or approval.
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 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-VC: Details of Voluntary Contributions received.
- Schedule AI: Aggregate of income derived during the year excluding voluntary contributions.
- Schedule ER: Amount applied to charitable or religious purposes in India – Revenue Account.
- Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account.
- Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement
- Schedule-HP: Computation of income under the head Income from House Property.
- Schedule-CG: Computation of income under the head Capital gains.
- Schedule-OS: Computation of income under the head Income from other sources.
- 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 PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB.
- Schedule-SI: Statement of income which is chargeable to tax at special rates.
- Schedule 115TD: Accreted income under section 115TD
- Schedule FSI: Details of income accruing or arising outside India.
- Schedule TR: Details of Taxes paid outside India.
- Schedule FA: Details of Foreign Assets.
- Schedule-SH: Details of shareholding in an unlisted company.
- Part B-TI: Computation of total income.
- Part B-TTI: Computation of tax liability on total income.
- Tax payments: 1. Details of payments of Advance Tax and Self-Assessment Tax 2. Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C). 3. Details of Tax Collected at Source (TCS).
FREQUENTLY ASKED QUESTION - FAQ.
Who can file ITR-7 Form?
ITR-7 must be filed by Companies, Firms, Local authorities, Association of Person (AOP), and Artificial Judiciary Person that are claiming exemption in any of the following categories:
- Having income from charitable /religious trust- Section 139 (4A).
- Having income from a political party – Section 139 (4B).
- Having income from scientific research institutions – Section 139 (4C).
- Having income from university or colleges or institutions or khadi and village industries – Section 139 (4D).
Who cannot file through ITR-7?
ITR-7 cannot be filled by the following taxpayers: » Individual, Companies, and HUFs. Those entities who have filed the return through new ITR-5 and ITR-6
Who should not file ITR-7 Form?
ITR-7 cannot be used by a tax assessee who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C), or Section 139 (4D).
When should ITR-7 be filed?
ITR-7 form is to be used when the tax assessee is a Trust, filing as a Company, Firm, Local authority, Association of Person (AOP) or Artificial Judiciary Person and is claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).
What is ITR-7 Form?
ITR-7 is filed by persons including companies that fall under Section 139(4A), 139 (4B) or 139(4C), or 139 (4D).
What is the difference between ITR-5 and ITR-7?
- TR-5 is to be filed by a partnership firm, an association of persons, the body of individuals, artificial judicial person, cooperative societies.
- Whereas ITR 7 is to be used by the trust and the Non-profit Organization.
What documents are to be attached with ITR-7 Form?
No documents including the TDS certificate is to be attached while filing ITR-7 return.
Does ITR-7 require the furnishing of information about Tax audit?
Yes, in case an entity is required to get its account audited u/s 44AB and its accounts are audited by a chartered accountant, such entity must furnish the details in ITR-7 like details about audit report and date of furnishing such report to the department.
How is verification filed?
- Fill the complete information on the verification document by striking out what doesn’t apply to the entity.
- Verification must be duly signed before return filing.
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