The Income Tax Act, 1961, levies tax on income of entities earned in a specific financial year. The person liable to pay income tax hereinafter referred to as “assessee” could be an individual, partnership, Hindu Undivided Family, or any other business entity. Taxpayers have been categorized in the Act to make tax compliances easy for everyone. Taxpayers shall compute income tax liability based on methods and conditions laid down in Income Tax Act, 1961. Apart from the category of taxpayer and methods for filling ITR, forms used for filing income tax return also vary as per the assessee filing the ITR. This article covers comprehensive information on Form ITR-7.
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Those persons whose income is from property used either solely or partially for charitable or religious trust and such property must be held under a legal obligation or trust.
This section specifically applies to political parties. As per section 13A political parties are exempted from filing income tax return provided they file the annual return through form ITR-7.
Under this, ITR-7 is filed by following entities:
Schools, colleges, and institutions not covered under any section of the Income Tax Act are required to file ITR-7 under this regulation.
Filing of Return of Income by a business trust
Filing of Return of Income by Investment Fund
The income tax department has outlined several methods through which taxpayers can file ITR-7:
Make sure to enter the information required in the verification document and strike out the one which is not applicable and such verification must be digitally signed before furnishing the final return. The person signing the return shall mention its designation in such an entity on behalf of whom the return is being filed.
The income tax department has outlined several methods through which taxpayers can file ITR-7:
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.
Once the return is filed, the assessee shall get the print of two copies of the ITR-V form, one copy shall be sent through the post to the CPC office and the second copy shall be retained for record.
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.
ITR-7 must be filed by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :
ITR-7 must be filed by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :
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