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Income Tax Return Form-7

ITR 7 online filing step by step guide

Jun 10, 2022

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ITR 7

Filing Income Tax returns is one of the major responsibilities of citizens. Anyone who crosses the threshold amounts (fixed by the Indian Government) of income is subjected to land-up in the desirable tax slab. To cater for citizens of all age groups, the Income Tax Department of India has introduced seven types of return forms. ITR 7 is one of them.

The various aspects related to this form such as eligibility criteria, the form structure, and the other information with respect to its filing details are discussed in this article.

Eligibility Criteria to file ITR 7 

Companies, Firms, Artificial Judiciary persons, and the Association of Person (AOP) are eligible to file ITR 7. Other than that Charitable or Religious Trust u/s 139 (4A), Scientific Research Institutions u/s 139 (4C), Political Party u/s 139 (4B), University or Colleges, Institutions or Khadi and Village industries u/s 139 (4D) can also file. Given the condition that they claim exemptions under Section 139 (4D), Section 139 (4C), Section (4B), and Section (4A).

 

Who cannot file ITR 7 for AY 2020-21 & AY 2021-22

Individuals or Firms who are not claiming exemptions under Section 139 (4D), Section 139 (4C), Section (4B), and Section (4A) are not responsible to file ITR 7 Form.

ITR Form 7 Filing mode

The ITR Form 7 is mandatorily filed online only on the Income Tax Department website. The two ways of filing are:

  1. Via digital signature
  2. By transmitting the required information via digital or electronic mode and subsequently submitting the verification via ITR-V Form.

Note:1. Two print-outs of ITR-V should be taken out and duly signed by the assessee. This is because one will be with the assessee and the other one will be with Income Tax Department for record purposes. 2. No other document is supposed to be attached along with TR Form 7. One should thoroughly check the deductions which are carried on their behalf with their Tax Credit Statement Form 26AS.  3. If the assessee is liable for Audit u/s 44AB then the details of such audit report & date of furnishing it to the department have to be filled under the head “Audit Information”.  

Overview of Verification Documentation

The Political Parties compulsorily need to verify via Digital Signature Certification (DSC) which is duly signed by CEO or the company’s secretary. Apart from it there are further options for verification for other people such as- 

  1. Authentication by Electronic Verification Code (EVC) 
  2. Duly signed ITR-V acknowledgement and posted it to the CPC office. 

All the process has to be carried out online.

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View of ITR Form 7

ITR Form 7 consists of two parts, that are, Part A and Part B. The other section, such as Schedule and Verification helps one to maintain income tax standards & authenticate the taxpayer details.

Part A is about general information and Part B is about Statement of Income for the period which ended on 31st March of the current financial year. The various schedules are Schedule I, Schedule J, Schedule K, Schedule LA, Schedule ET, Schedule VC, Schedule AI, Schedule ER, Schedule EC, Schedule IE-1, Schedule IE-2, Schedule IE-3, Schedule-4, Schedule HP, Schedule CG, Schedule OS, Schedule OA, Schedule BP, Schedule CYLA, Schedule PTI, Schedule SI, Schedule 115TD, Schedule FSI, Schedule TR, Schedule FA and Schedule SH.

The details & Part A of the ITR Form 7 are shown below:

  1. Name (as mentioned in deed of creation/ establishing/ incorporation/ formation)
  2. PAN
  3. Flat/Door/Block No
  4. Name Of Premises/Building/Village
  5. Date of formation/incorporation
  6. Road/Street/Post Office
  7. Area/Locality
  8. Office Phone Number with STD code/Mobile No. 1
  9. Fax Number/Mobile No. 2
  10. Email Address 1
  11. Email Address 2
  12. Whether any project/institution run by the assessee? (Yes/No) If Yes, then please furnish the details: Details of the projects/institutions run by you
  13. Details of registration or approval under the Income-tax Act (Mandatory, if required to be registered)
  14. Details of registration or approval under any law other than the Income-tax Act

Filing Status

  1. Return filed u/s (Tick)
    • 139(1)-On or before the due date
    • 139(4)-After the due date
    • 139(5)-Revised Return
    • 92 CD Modified return
    • 119 (2)(b) After Condonation of delay
  1. Or filed in response to notice u/s
    • 139(9)
    • 142(1)
    • 148
    • 153A
    • 153
  1. The return is furnished under section
    • 139(4A)
    • 139(4B)
    • 139(4C)
    • 139(4D)
    • Others
    • Please specify the section under which the exemption is claimed
  1. If revised/ defective/Modified, then enter Receipt No. and Date of filing the original return (DD/MM/YYYY)
  2. If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b), enter the date of such notice/order, or if filed u/s 92CD enter date of advance pricing agreement
  3. Residential status?
    • Resident
    • Non-resident
  1. Whether any income included in total income for which claim under section 90/90A/91 has been made?
  2. Whether this return filed by a representative assessee?
  3. Whether you are a Partner in a firm?
  4. Whether you have held unlisted equity shares at any time during the previous year?
  5. Is this your first return? Yes No Audit Information
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    Other Features

    1. An (i) Where, in any of the projects/institutions run by you, one of the charitable purposes is the advancement of any other object of general public utility then:
      • a
        • (i) Whether there is any activity in the nature of trade, commerce or business referred to in the proviso to section 2(15)?
        • (ii) If yes, then the percentage of receipt from such activity vis-à-vis total receipts
    1. If ‘a’ or ‘b’ is YES, the aggregate annual receipts from such activities in respect of that institution
    2. B
      • (i) Whether approval obtained u/s 80G?
      • (ii) If yes, then enter Approval No
      • (iii) Date of Approval (DD/MM/YYYY)
    1. C
    2. (i) Is there any change in the objects/activities during the Year on the basis of which approval/registration was granted?
    3. (ii) If yes, please furnish the following information:-
      • date of such change (DD/MM/YYYY)
      • b Whether an application for fresh registration has been made in the prescribed form and manner within the stipulated period of thirty days as per Clause (ab) of sub-section (1) of section 12A
      • c Whether fresh registration has been granted under section 12AA
      • d date of such fresh registration (DD/MM/YYYY)
    1. D
      • Whether registered under Foreign Contribution (Regulation) Act, 2010 (FCRA)?
      • ii If yes, then enter Registration No.
      • iii Date of Registration (DD/MM/YYYY)
      • iv
        • a total amount of foreign contribution received during the year, if any
        • b Specify the purpose for which the above contribution is received
    1. E
      • Whether a business trust registered with SEBI?
      • If yes, then enter Registration No
      • Date of Registration (DD/MM/YYYY)
    1. F Whether liable to tax at the maximum marginal rate under section 164? (If disallowable u/s 13(1)(c) and/or 13(1)(d))?
    2. G Is this your first return?

    Audit Information

    • H Are you liable for audit under the Income-tax Act?
    • If liable to audit under any Act other than the Income-tax Act, mention the Act, section and date of furnishing the audit report?

    Members Information

    J Particulars of persons who were members in the AOP on the 31st day of March 2020 (to be filled by venture capital fund/ investment fund)

    1. S. No
    2. Name and Address
    3. Percentage of share (if determinate)
    4. PAN
    5. Aadhaar Number/ Enrolment Id (if eligible for Aadhaar)
    6. Status

    A brief insights & view about various Schedules are as follows:

    1. Schedule I: Details Of Amounts Accumulated / Set Apart Within The Meaning Of Section 11(2)) Or In Terms Of Third Proviso To Section 10(23C)
    2. Schedule J: Statement Showing The Funds And Investments As On The Last Day Of The Previous Year [To Be Filled If Registered under Section 12A/12Aa Or Approved Under Section 10(23C)(Iv)/10(23C)(V)/ 10(23C)(Vi)/10(23C)(Via)/10(21)]
    3. Schedule K: Statement of particulars regarding the Author(s) / Founder(s) / Trustee(s) / Manager(s), etc., of the Trust or Institution [to be mandatorily filled in by all persons filing ITR-7]
    4. Schedule LA: Political Party
    5. Schedule ET: Electoral Trust
    6. Schedule VC: Voluntary Contributions (To Be Mandatorily Filled In By All Persons Filing ITR 7)
    7. Schedule AI: Aggregate Of Income Derived During The Previous Year Excluding Voluntary Contributions [To Be Filled By Assesses Claiming Exemption U/S 11 And 12 Or U/S 10(23C)(Iv)/(V)/(Vi)/(Via)]
    8. Schedule ER: Revenue Expenditure Incurred During The Year And Amount Applied To Stated Objects Of The Trust/Institution During The Previous Year – Revenue Account [To Be Filled By Assessee Claiming Exemption U/S 11 And 12 Or U/S 10(23C)(Iv),(V),(Vi),(Via)]
    9. Schedule EC: Amount Applied To Charitable Or Religious Purposes In India Or For The Stated Objects Of The Trust/Institution During The Previous Year–Capital Account [Excluding Amount Exempt U/S 11(1A)] [To Be Filled By Assesses Claiming Exemption U/S 11 And 12 Or U/S 10(23C)(Iv)/(V)/(Vi)/(Via)]                    
    10. Schedule IE- 1: Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(21), 10(22B), 10(23Aaa), 10(23B), 10(23D), 10(23Da), 10(23Ec), 10(23Ed), 10(23Ee), 10(29A), 10(46), 10(47) And Other Clauses Of Section 10 Where Income Is Unconditionally Exempt)
    11. Schedule IE- 2: Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23A), 10(24)
    12. Schedule IE- 3 Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23C)(Iiiab) Or 10(23C)(Iiiac) (Please Fill Up Separate Schedule For Each Institution)
    13. Schedule IE- 4 Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23C)(Iliad) Or 10(23C)(Iiiae)( (Please Fill Up Separate Schedule For Each Institution)
    ITR 6 Online Filing
    1. Schedule HP: Details Of Income From House Property (Please Refer To Instructions) (Drop Down To Be Provided Indicating Ownership Of Property)
    2. Schedule CG: Capital Gains
    3. Schedule OS: Income From Other Sources
    4. Schedule OA: General
    5. Schedule BP: Computation Of Income From Business Or Profession
    6. Schedule CYLA: Details Of Income After Set-Off Of Current Years Losses
    7. Schedule PTI: Pass-Through Income Details From Business Trust Or Investment Fund As Per Section 115Ua, 115Ub
    8. Schedule SI: Income Chargeable To Tax At Special Rates
    9. Schedule 115TD: Accreted Income Under Section 115Td
    10. Schedule FSI: Details Of Income From Outside India And Tax Relief
    11. Schedule TR: Summary Of Tax Relief Claimed For Taxes Paid Outside India
    12. Schedule FA: Details Of Foreign Assets And Income From Any Source Outside India
    13. Schedule SH: Shareholding Of Unlisted Company

    Part B- TI

    • Voluntary Contributions other than Corpus fund
    • Voluntary contribution forming part of corpus [(Ai + Bi) of schedule VC]
    • Aggregate of income referred to in sections 11, 12 and sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi) and 10(23C)(via) derived during the previous year excluding Voluntary contribution included in 1 and 2 above (10 of Schedule AI)
    • Application of income for charitable or religious purposes or for the stated objects of the trust/institution:
    • Additions
    • Income chargeable u/s 11(4) [as per item No. E36 of Schedule BP]
    • Total (2+3-4viii+5viii+6)
    • Amount eligible for exemption under sections 10(21), 10(22B), 10(23A), 10(23AAA),10(23B), 10(23EC), 10(23ED), 10(23EE), 10(29A)
    • Amount eligible for exemption under section 10(23C)(iiiab), 10(23C)(iiiac), 10(23C)(iiiad), 10(23C)(iiiae), 10(23D), 10(23DA), 10(23FB), 10(24), 10(46), 10(47)
    • The amount eligible for exemption under any other clause of section 10 (other than those at 8 and 9)
    • Income chargeable under section 11(3) read with section 10(21)
    • Income claimed/ exempt under section 13A in case of a Political Party
    • Income claimed/ exempt under section 13B in case of an Electoral Trust (item No. 6vii of Schedule ET)
    • Income not forming part of items No. 7 to 12 above
    • Gross income [7+11+13v-8-9-10-12a-12b]
    • Losses of current year to be set off against 13v (total of 2ix, 3ix and 4ix of Schedule CYLA)
    • Gross Total Income (14-15)
    • Income chargeable to tax at the special rate under sections 111A, 112 etc. included in 16
    • Deduction u/s 10AA
    • Total Income [16-18]
    • Income which is included in 19 and chargeable to tax at special rates (total of col. (i) of schedule SI)
    • Net Agricultural income for rate purpose
    • Aggregate Income (19-20+21) [applicable if (19-20) exceeds the maximum amount not chargeable to tax]
    • Anonymous donations, included in 22, are to be taxed under section 115BBC @ 30% (Diii of Schedule VC)
    • Income chargeable at maximum marginal rates (22-23)

    Part B TTI

    • Tax payable on total income
    • Surcharge
    • Health and Education cess @ 4% on (1f+ 2iii)
    • Gross tax liability (1f+ 2iii + 3)
    • Tax relief
    • Net tax liability (4 – 5c)
    • Interest and fee payable
    • Aggregate liability) (6 + 7e)
    • Taxes Paid
    • Amount payable (Enter if 8 is greater than 9e, else enter 0)
    • Refund(If 9e is greater than 8) (refund, if any, will be directly credited into the bank account)
    • Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts) (In case of nonresidents, details of any one foreign Bank Account may be furnished for the purpose of credit of refund)
    • Do you at any time during the previous year

    Tax Payments

    • Details of payments of Advance Tax and Self-Assessment Tax
    • Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued or Form 16B/16C furnished by Deductor(s)]
    • Details of Tax Collected at Source (TCS) [As per Form 27D issued by the Collector(s)]
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