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ITR-7 Return Filing
ITR-7 Return Filing - Simplified & Hassle-Free with Petax Filings
File Your ITR-7 with Ease & Accuracy
ITR-7 is a specialized income tax return form applicable to specific entities such as firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons. These entities claim exemptions under various sections of the Income Tax Act. Filing ITR-7 can be complex, but with Petax Filings, the process becomes seamless and efficient.
Our expert team ensures compliance with tax regulations while simplifying the filing process, saving you time and effort. Get started with Petax Filings today!
What is ITR-7 Form?
ITR-7 is designed for entities that claim tax exemptions under specific sections of the Income Tax Act, including:
- Section 139(4A): Charitable or religious trusts.
- Section 139(4B): Political parties with income exceeding the non-taxable limit.
- Section 139(4C): Scientific research institutions, news agencies, educational institutions, and hospitals.
- Section 139(4D): Universities and colleges not required to file income tax returns otherwise.
- Section 139(4E) & Section 139(4F): Business trusts and investment funds not liable under other provisions.
Entities falling under these categories must file ITR-7 to maintain compliance and claim applicable exemptions.
Who Cannot File ITR-7?
Individuals and entities not claiming exemptions under Sections 139(4A), 139(4B), 139(4C), or 139(4D) are not eligible to file ITR-7.
ITR-7 Filing Due Date
The deadline for ITR-7 filing varies based on audit requirements:
- Non-Audit Cases: July 31, 2024 (Assessment Year 2024-25)
- Audit Cases: October 31, 2024
Note: The deadline may be extended as per government notifications.
Structure of ITR-7 Form
ITR-7 consists of two parts and multiple schedules:
Part A: General Information
Part B: Total Income and Tax Computation
Key Schedules:
- Schedule-I: Details of accumulated funds under Section 11(2)
- Schedule-J: Investment statement of trust or institution
- Schedule-K: Information about trustees, founders, or managers
- Schedule-LA: Details for political parties
- Schedule-ET: Details for Electoral Trusts
- Schedule-HP: Income from house property
- Schedule-CG: Capital gains computation
- Schedule-OS: Income from other sources
- Schedule-VC: Voluntary contributions received
- Schedule-BP: Business and profession income computation
- Schedule-SI: Income chargeable at special rates
- Schedule-IT: Advance tax and self-assessment tax details
- Schedule-TDS/TCS: Tax deducted or collected at source
- Schedule-FSI: Income from foreign sources
- Schedule-TR: Taxes paid outside India
- Schedule-FA: Foreign asset details
Following the correct sequence while filing ITR-7 is crucial:
- Part A
- Part B
- Schedules
- Verification
The return must be digitally signed and verified before submission.
How to File ITR-7?
Entities can file ITR-7 electronically through the following methods:
- Using a Digital Signature Certificate (DSC).
- Transmitting data electronically and submitting a signed ITR-V form.
After filing, the taxpayer must send a signed ITR-V copy to: Bag No.1, Electronic City Office, Bengaluru – 560100, Karnataka
Verification Process
- Fill in the required details and digitally sign the verification document.
- Mention the designation/capacity of the individual signing the return.
- False statements may lead to legal prosecution, fines, or imprisonment.
E-Filing Audit Reports
If the entity is subject to an audit under Section 44AB, audit report details must be submitted under the “Audit Information” section.
No Attachments Required
No additional documents or annexures need to be attached when filing ITR-7. However, taxpayers should ensure that tax payments and deductions match their Form 26AS tax credit statement.
Important Filing Instructions
- Ensure all details are correctly entered to avoid defective or invalid returns.
- Round off tax and income figures to the nearest multiple of ten.
- Loss or negative figures should be represented as “-” before the number.
- Use “Nil” for items with zero value and “NA” for non-applicable sections.
Documents Required for ITR-7 Filing
To ensure smooth processing, keep the following documents ready:
- Bank Statements (for verification of financial transactions)
- Business Bank Account Statements
- Incorporation Certificate (for entities registered under foreign governments, if applicable)
File ITR-7 Effortlessly with Petax Filings
Petax Filings simplifies the complex process of ITR-7 filing, ensuring full compliance with tax laws. Our team of experts handles everything from document preparation to submission, allowing you to focus on your core operations without worry.
Contact Us
Ready to Simplify Your Compliance Journey?
- 90030 22270
- Petaxfilings@gmail.com
- 848 Anna Salai, Saidapet, Chennai
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