ITR-7 Form Filing – Income Tax Return

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The ITR-7 form can be used by company, firm, local authority, association of person (AOP) and artificial judicial person, who are claiming exemption as one of the following:

a.Charitable / religious belief under section 139 (4A)
b.Political parties under section 139 (4B)
c.Scientific Research Institute under Section 139 (4C)
d.Under Section 139 (4D), University or College or Institute or Khadi and Village Industries

Income Tax Returns ITR 7 Form

Filing Income Tax Returns ITR 7 Form

ITR 7 form can be filed with the Income Tax Department in any of the following ways, – (i) by submitting returns electronically under digital signature; (ii) transmitting data in return electronically under electronic verification code; (iii) By transferring data electronically in return and submitting validation of returns in return form ITR-V; However, a political party will essentially submit returns in the manner specified in (i) above. Since the assessment year 2013-14, an assessee who is required to submit the audit report under section 10 (23C) (iv), 10 (23C) (v), 10 (23C) (vi), 10 (23C) . (Via), 10A, 10AA, 12A (1) (B), 44AAB, 44DA, 50B, 800-IA, A0-IB, IC0-IC, A0-ID, J0JJAA, A0 LA, 9 2E, 115 JB or 115WW will file it. Report electronically or before the date of return of income.

Section 139 (4A): Income tax returns for charitable and religious trusts
Presumed Taxation Plan for SMEs
Under the Trust or other legal liability for income from all income related to charitable or religious purposes or partially or for income, each person will be given voluntary contribution referred to in Section 2 (24) (IIA), if the total income In relation to this, he is able to be evaluated as a representative (the total income being calculated under this Act without effecting the provisions of sections 11 and 12) The amount which is not chargeable to income tax, presents the return of such income, has been verified in the prescribed form and in the prescribed manner and such other details can be determined, as per Section 139 ( 1) can be done within the allowed time.

Section 139 (4B) Political Parties
Under the Trust or other legal liability for income from all income related to charitable or religious purposes or partially or for income, each person will be given voluntary contribution referred to in Section 2 (24) (IIA), if the total income In relation to this, he is able to be evaluated as a representative (the total income being calculated under this Act without effecting the provisions of sections 11 and 12) The amount which is not chargeable to income tax, presents the return of such income, has been verified in the prescribed form and in the prescribed manner and such other details can be determined, as per Section 139 ( 1) can be done within the allowed time.

Section 139 (4C): Income Tax return for persons claiming exemption under section 10
If the total income tax is not more than the effect of the provisions of Section 10, then the following assessors have to file returns in the form number ITR-7. Such a return would be recorded in the same way as it was a refund given under section 139 (1).

Projected Taxation Plan for Transporters

Under these provisions, the necessary estimates for filing returns are as follows:

1.Search Associations referred to in section 10 (21);
2.News Agency mentioned in section 10 (22B);
3.Association or organization specified in section 10 (23A);
4.Institution mentioned in section 10 (238); Sub-clause (iv) or institution referred to in sub-clause (v) or any university or other educational institution or sub-section (vi) or in any hospital or other medical institution in the trust or institution is referred to sub- Section (through), Section 10 (23C);
a.Mutual funds specified in section 10 (Section 23D);
b.Securitization Trust referred to in section 10 (23DA);
c.Venture Capital Company or Vocational Capital Fund specified in section 10 (23FB);
5.Trade Union Association is specified in sub-section (A) or (b) of section 10 (24).
6.The body or authority or board or trust or commission referred to in clause (46) of section 10 (also called the name);
7.Infrastructure credit fund outlined in clause (47) of section 10;

Section 139 (4D): Colleges and Universities
Sub-clause (iv) or institution referred to in sub-clause (v) or any university or other educational institution or sub-section (vi) or in any hospital or other medical institution in the trust or institution is referred to sub- Section (through), Section 10 (23C);

Filing Income Returns by a Business Trust [Section 139 (4E)]:
Presumed Taxation Plan for SMEs
1.Every business trust, which is not required to furnish the return of income or loss under any other provision of this section, will have to furnish the return of his income or loss of his income in the previous year.
2.All the provisions of the Income Tax Act, 1961 will be applicable in such a way as to the necessary returns for filing under Section 139 (1)
Filing returns of income by investment fund [Section 139 (4F)] – Income tax

Filing of income return by investment fund [Section 139 (4F)]:
1Each investment fund is specified in Section 115UB, which is not required to furnish the return of income or loss under any other provision of this section, every one will submit a return in respect of income or loss in the previous year.
2.All the provisions of the Income Tax Act, 1961 shall apply in such a way as to the necessary returns for filing under section 139 (1).

When the return is to be filed as a statutory obligation. 139 (1), (4A), (4B), (4C)]
Taxpayers to attract the minimum income to fill the provision
Company or firm [sec. 139 (1)] any income or loss
Any person other than a person or company, compulsory returns, if taxable income (plus deductible U / S 10A, 10B, 10BA and Sec 80C to 80U) exceeds the exemption limit.
In relation to the income received from the property placed under the Trust for charitable or religious purposes, a person [Sec. 139 (4A)] If the income (exemption u / s is 11 to 12) tax exceeds no more than.
Chief Executive Officer of every political party [Sec. 139 (4b)] If the income is more than the maximum amount (without giving U / S 13A exemption), which is not chargeable for tax.
Institutions for the development of Institute, Khadi and Village Industries for the control or supervision of scientific research association, news agency, association / any business, related to institution, fund / institution, educational / medical institute, trade union etc. If the income is more than the amount not chargeable to the tax (u have no exemptions) / s 10).
The University / Educational Institution is present only for educational purposes, and not for profit purpose, if the total annual receipt is Rs. Not more than 1 crore if the income exceeds the exemption limit (without discount U / S 10).
Hospitals / other institutions are fully available for medical purpose and not for the purpose of profit if the total annual receipt is not more than Rs. 1 crore. If the income exceeds the exemption limit (excluding U / S 10 discount).
Any university / college / other institution will have to deposit any income or loss (returns or whether there is income or loss or not. Such a return will be submitted, even if it is not required by any other provision)

BASIC

all inclusive fees

Rs.9000
  • Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.
STANDARD

all inclusive fees

Rs.12000
  • Income tax return filing for a taxpayer with taxable income of more than Rs.10 lakhs.
PREMIUM

all inclusive fees

Rs.15000
  • Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

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Who can file an ITR 7 form?

ITR-7 should be filed by company, firm, local authority, association of person (AOP) and artificial judicial person who are claiming exemption in any of the following categories:

1.Income from charitable / religious trust – Section 139 (4A)
2.Income from any political party – Section 139 (4B)
3.Receiving Income from Scientific Research Institutions – Section 139 (4C)
4.Income from Universities or Colleges or Institutions or Khadi and Village Industries – Section 139 (4D)

Who should not enter the ITR-7 form?

Can not be used by the assesser using ITR7 which is not claiming exemption under section 139 (4A), section 139 (4b), section 139 (4C) or section 139 (4D).

When should ITR-7 be filtered?

The ITR-7 form is used when the assessee is registered as a Trust, Company, Firm, Local Authority, Association of Person (AOP) or Artificial Judiciary Person, Section 139 (4A), Section 139 (4b) , Section 139 (4C) or Section 139 (4D).

What is the due date for filling the ITR-7 form?

The due dates for all tax assessments, whose accounts need to be audited, is September 30. The fixed date for the tax assessors, whose accounts are not required to be audited, is July 31.

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