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).
ITR-7 can be filed by the following people :
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.
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.
Association that is conducting scientific research.
News agency
Association u/s 10 (23A)
Other enlisted institutes u/s 10 (23B)
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.
Filing the returns of the income done by a business trust.
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.
The Income-tax department has outlined several methods through which the taxpayers can file ITR-7:
All the details must be filed properly as indicated or else the return will be defective or invalid.
The figures relating to tax and incomes must be rounded off to the nearest multiples of ten rupees.
Other figures must be rounded off to the nearest one rupee.
Negative figures or the loss figures shall be written as "-" before such a number unless provided otherwise
“Nil” to be written for Figures with zero or nil value.
If any item doesn’t apply to the assessee write “NA” against it.
| Bank statement of the Business. |
| Certificate of incorporation provided by the Foreign Government |
1. Is the balance sheet mandatory for ITR 5 Filing?
The reported figures of the balance sheet should match with the audited balance sheet in case the account was required to be audited. Any other activity that is not being accounted for in the book of accounts need not be included in the balance sheet.
2. What is ITR 5?
ITR 5 Form is for firms LLPs, AOPs, BOIs, AJPs, estates of deceased, the estate of insolvent, business trust, and the investment fund.
3. How to file ITR-7 online?
For the online filing of ITR-7, the assessee needs to print two copies of the ITR VII form. One copy of the ITR VII should be duly signed by the assessee and has to be sent to Post Bag No.1, Electronic City Office, Bengaluru – 560100 via ordinary post. Another copy should be kept with the assessee himself as a record.
4. Is it possible to shift from ITR 3 to ITR 4?
Switching from ITR 3 to ITR 4 is not possible unless the sales are declared in 44AD. Also, if the individual gets income from two residential houses he needs to choose ITR3.
5. Is ITR 5 an annexure less form?
No documents are to attached with the ITR 5 which also includes the TDS certificate. The documents enclosed with this return form will be detached and returned to the person filing the return.
