ITR 7 Form is filed by those individuals and companies fall under

  • Section 139(4A)
  • Section 139 (4B)
  • Section 139 (4C)
  • Section 139 4(D)

It is an annexure-less return so no document (including TDS certificate) should be attached with this return form while filing ITR 7. It is mandatory to match the taxes deducted or collected by or on behalf of them with their Tax Credit Statement(FORM26AS).

Eligibility to File ITR 7 for AY 2017-18

  • Income Tax Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every
    • scientific research association;
    • news agency;
    • association or institution referred to in section 10(23A);
    • institution referred to in section 10(23B);
    • fund or institution or university or other educational institution or any hospital or other medical institution.
  • Under section 139(4D)- It is mandatory to file the return by every university, college or other institution, which is not required to furnish the return of income or loss under any other provision of this section.

Structure of the ITR 7 Form

 ITR 7  is divided into two parts and 23 schedules

Part-A – General information
Part-Statement of total income and tax computation with respect to income chargeable to tax.

Modes to file ITR 7 Form

Individuals can use either online or offline option to submit their ITR 7 Form from the AY 2017-18.and all the individuals who are paying tax and earned an income more than 5 lakhs shall furnish their ITR by offline and online mode. 

Common guidelines while filing your ITR 7 form:

  • Write —NA— in across, if any schedule is not Applicable to you.
  • Write NA against that item  or particular  which is not applicable to you,
  • Write “Nil” across the nil figures.
  • Kindly, put a “-” sign prior to any negative figure.
  • All figures shall be rounded off to the nearest multiple of ten.

Sequence for filling out parts and schedules

The easiest wy to file your ITR  in this order

  • Part A
  • All the schedules
  • Part B
  • Verification

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, Bulk Return or Revised Return Filing.