ITR-7 is an income tax return form that is used by persons including companies, firms, and other entities, who are required to furnish their income tax return under section 139(4A), section 139(4B), section 139(4C), section 139(4D), or section 139(4E) of the Income Tax Act, 1961. Here is all the information about ITR-7 form:

Part A: General Information

This section contains general information about the assessee, including the name of the person, PAN, address, email ID, and contact details.

Part B: Gross Total Income

This section contains details of the person’s gross total income, including income from salaries, house property, business/profession, capital gains, and other sources.

Part C: Deductions and Total Taxable Income

This section contains details of deductions claimed by the person, including deductions under Chapter VI-A, and total taxable income.

Part D: Tax Computation and Payment

This section contains details of the tax computation and payment, including details of tax deducted at source, advance tax, self-assessment tax, and any other taxes paid.

Part E: Details of Audit

This section is applicable only if the person is required to get their accounts audited under section 44AB of the Income Tax Act. It contains details of the audit report, including the name of the auditor, date of audit, and the audit report number.

Part F: Balance Sheet and Profit and Loss Account

This section is applicable only if the person is required to get their accounts audited under section 44AB of the Income Tax Act. It contains details of the balance sheet and profit and loss account.

Part G: Additional Information

This section contains any additional information that the person may want to provide.

Part H: Verification

This section contains a declaration by the person filing the return.

Annexure

The ITR-7 form also includes several annexures, including

Annexure – SI

This annexure contains details of the income from salaries and TDS.

Annexure – FSI

This annexure contains details of the Foreign Income and Assets of the person.

Annexure – EI

This annexure contains details of the exempt income received by the person.

Annexure – PTI

This annexure contains details of the income from the partnership firm and TDS.

Annexure – MAT

This annexure contains details of the Minimum Alternate Tax (MAT) paid by the person.

Annexure – TDS

This annexure contains details of tax deducted at source.

Annexure – TCS

This annexure contains details of tax collected at the source.

These are the different sections and annexures that make up the ITR-7 form. Assesses the need to fill in all the relevant information accurately and submit the form by the due date to avoid any penalties or fines.

Eligibility for ITR 7 Form filing

The following persons/entities are eligible to file the ITR-7 form:

1. Persons with Disability: Individuals who are residents of India and have a disability and are not required to file returns of income under any other provisions of the Income Tax Act, 1961.
2. Political Parties: Political parties that are registered under section 29A of the Representation of the People Act, 1951, and are required to furnish a return of income under section 139(4B) of the Income Tax Act, 1961.
3. News Agencies, Scientific Research Associations, etc.: News agencies, scientific research associations, institutions, associations, or bodies that are involved in scientific research, and are required to furnish a return of income under section 139(4A) of the Income Tax Act, 1961.
4. Colleges, Universities, and Other Educational Institutions: Colleges, universities, and other educational institutions that are not run for profit or commercial purposes, and are required to furnish a return of income under section 139(4C) of the Income Tax Act, 1961.
5. Hospitals and Other Charitable Institutions: Hospitals and other institutions that are not run for profit or commercial purposes, and are required to furnish a return of income under section 139(4C) of the Income Tax Act, 1961.
6. Trusts: Trusts that are not required to file income tax returns under any other provisions of the Income Tax Act, 1961, and are required to file a return of income under section 139(4A), section 139(4B), section 139(4C), section 139(4D), or section 139(4E) of the Income Tax Act, 1961.

It is important to note that persons who are required to file their income tax returns under any other provisions of the Income Tax Act, 1961, are not eligible to file an ITR-7 form. It is also essential to ensure that all the relevant information is accurately filled in the form and submitted before the due date to avoid any penalties or fines.

Things to consider while filing ITR 7

Here are some instructions to be followed while filing the ITR-7 form:

1. Gather all the necessary information and documents: Before starting to fill in the ITR-7 form, gather all the necessary information and documents, such as financial statements, TDS certificates, bank statements, and other relevant documents.
2. Choose the correct assessment year: Ensure that you select the correct assessment year for which you are filing the tax return.
3. Fill in all the mandatory fields: Ensure that you fill in all the mandatory fields in the ITR-7 form. Fields marked with an asterisk (*) are mandatory.
4. Choose the correct type of form: There are different types of ITR-7 forms available, depending on the type of entity filing the tax return. Choose the correct type of form that applies to your entity.
5. Verify the information entered: After filling in the form, verify all the information entered to ensure that it is accurate and complete.
6. Calculate the tax liability: Calculate the tax liability based on the information provided in the form.
7. Pay the tax, if applicable: If there is any tax liability, pay the tax before submitting the ITR-7 form.
8. Verify the tax return: After filling in the ITR-7 form, verify it using one of the available options, such as an Electronic Verification Code (EVC) or Digital Signature Certificate (DSC).
9. Submit the ITR-7 form: After verifying the tax return, submit the ITR-7 form online.
10. Save the acknowledgment: After submitting the ITR-7 form, save the acknowledgment as proof of filing the tax return.

It is important to ensure that all the instructions are followed correctly while filing the ITR-7 form to avoid any errors or penalties.