ITR 7- How to file ITR 7? Eligibility, Due Date

The Income Tax Return Form ITR 7 for Assessment Year (AY) 2024-25 has been updated and notified by the Central Board of Direct Taxes (CBDT). The ITR 7 form is specifically for entities required to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income-tax Act, 1961. These include trusts, political parties, institutions, and other specified entities.

 

Key takeaways for ITR 7 –

1. Legal Entity Identifier (LEI): Entities with an LEI must furnish it in the ITR 7 form if they engage in transactions exceeding Rs. 50 crores as per RBI regulations.
2. If you’re seeking a refund of ₹50 crores or more, you’ll need to furnish the LEI details, including the LEI number and its valid-up-to date.
3. Audit Report Acknowledgement and UDIN: Entities undergoing tax audits must provide the acknowledgement number of the audit report filed in Form 10B/10BB along with the Unique Document Identification Number (UDIN).
4. Filing Procedure: The form must be filed electronically through the e-filing portal, and verification can be done via Digital Signature Certificate (DSC), Electronic Verification Code (EVC), or Aadhaar OTP. Audit reports must be filed electronically before submitting the ITR 7.
5. The due date for filing ITR 7 without an audit is typically July 31 of the assessment year. For entities requiring an audit, the deadline is extended to September 30.
6. No annexures are required to be attached with this return form while filing ITR 7.
7. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

 

What is ITR 7 Form?

 

Who is eligible to file ITR 7?

 

What is the structure of the form ITR 7?

The ITR 7 form consists of three main components:

Part A: General information, where you provide details about your identity, any projects or institutions you run, and the sections under which you’re filing the return and claiming exemptions.

Part B: This section outlines your total income and tax computation related to income chargeable to tax.

Schedules: There are several schedules in the ITR 7 form, including –

1. Schedule IA: – Details of accumulated income taxed in earlier assessment years as per section 11(3).
2. Schedule-D: – Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of section 11.
3. Schedule DA: – Details of deemed application of income taxed in earlier assessment years as per section 11(1B).
4. Schedule J: –  Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.
5. Schedule LA: – Details in case of a political party.
6. Schedule ET: – Details in case of an Electoral Trust
7. Schedule VC: – Details of Voluntary Contributions received.
8. Part A-BS: – Details of Application and Sources of Fund as on 31st March 2024
9. Schedule R: – Reconciliation of Corpus amount in Schedule J with Schedule Balance sheet
10. Schedule AI: – Aggregate of income derived during the year excluding voluntary contributions.
11. Schedule A: – Amount applied to stated objects of the trust/institution during the previous year from all sources
12. Schedule IE-1, IE-2, IE-3 and IE-4: – Income and expenditure statements as applicable
13. Schedule HP: – Computation of income under the head Income from House Property
14. Schedule CG: – Computation of income under the head Capital gains.
15. Schedule VDA: – Computation of income from transfer of Virtual Digital Assets.
16. Schedule OS: – Computation of income under the head Income from other sources.
17. Schedule OA: – General information about business and profession.
18. Schedule BP: – Computation of income under the head “profit and gains from business or profession”.
19. Schedule CYLA: – Statement of income after set off of current year’s losses.
20. Schedule PTI: – Pass through Income details from business trust or investment fund as per section 115UA, 115UB.
21. Schedule-SI: – Statement of income which is chargeable to tax at special rates.
22. Schedule 115TD: – Accreted income under section 115TD.
23. Schedule 115BBI: – Specified income of certain Institutions covered u/s 115BBI.
24. Schedule FSI: – Details of income accruing or arising outside India and tax relief.
25. Schedule TR: – Details of tax relief claimed for taxes paid outside India.
26. Schedule FA: – Details of Foreign Assets and Income from any source outside India.
27. Schedule-SH: -Details of shareholding in an unlisted company.

 

What is the manner of filing of ITR 7?

Clarification: ITR 7 can be filed with the Income‐tax Department electronically on the e‐ filing web portal of Incometax Department (www.incometax.gov.in) and verified in any one of the following manners–

1. Digitally signing the verification part, or
2. Authenticating by way of electronic verification code (EVC), or
3. Aadhaar OTP
4. By sending duly signed paper Form ITR‐V – Income Tax Return Verification Form by speed post only to CPC at the following address– Centralized Processing Centre, Income Tax Department, Bengaluru— 560500, Karnataka”.

The Form ITR‐V‐Income Tax Return Verification Form should reach within 30 days from the date of efiling the return.

The confirmation of the receipt of ITR‐V at Centralized Processing Centre will be sent to the assessee on e‐mail ID registered in the e‐Filing account.

Note: However, a political party shall compulsorily furnish the return through a digital signature certificate(DSC) 

 

Section under which return can be filed?

The return in Form ITR 7 can be filed under the following sections –

1. If filed voluntarily on or before the due date, 139(1)
2. If filed voluntarily after the due date, 139(4)
3. If it is a revised return, 139(5)
4. if it is a modified return, 92(CD)
5. If filed in pursuance to an order u/s 119(2)(b) condoning the delay, 119(2)(b)
6. If it is an updated return, 139(8A)

 

Frequently Asked Questions

Q1: Do I need to mention the Residential Status in ITR 7?

Ans: Yes. Please specify the residential status in India whether it is Resident or Non-Resident.

Q2: Do I need to mention income included in total income for which claim under section 90/90A/91 has been made?

Ans: Yes. Indicate whether any foreign source income is included in total income in respect of which relief for taxes paid outside India has been claimed u/s 90 or 91 or 90A. Please fill up the details of such income and tax relief claimed in Schedule FSI and Schedule TR respectively.

Q3: Can a representative assessee file ITR-7?

Ans: Yes. In case the return is being filed by a representative assessee, please furnish the following information :‐

• Name of the representative
• Capacity of the representative
• Address of the representative
• PAN/Aadhaar Number of the representative