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Easy Guide to File Online ITR 7 Form for AY 2019-20

ITR 7 Filing Guide

It is a moral duty of every organization and taxpayer to file an income tax return and pay the taxes. Recently the budget 2019 income tax amendments have stated that the ITR is important to be filed in case the electricity bill is more than 1 lakh and more than 2 lakh for foreign travel expense. The income tax return form 7 is to be filed by all the Charitable /Religious trust u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D). These organizations have to file the form for claiming the exemptions.

What is ITR 7 Form?

The Firms, Companies, Local authority, Association of Person (AOP) and Artificial Judiciary Person are eligible for filing Income Tax Return through ITR-7 Form if they are claiming exemption as one of the following categories:

  • Under Section 139 (4A)- if they earn from a charitable /religious trust
  • Under Section 139 (4B)- if they earn from a political party
  • Under Section 139 (4C)- if they earn from scientific research institutions
  • Under Section 139 (4D)- if they earn from university or colleges or institutions or khadi and village industries

Who are Not Eligible to File ITR 7 Form Online?

Taxpayers who are not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C) or Section 139 (4D) are not liable to file ITR-7 Form for Income Tax Return.

What is the Eligibility Criteria for Filing Online ITR 7 Form?

Any taxpayer can use ITR-7 Form for filing Income Tax Return if they file as a Trust, Company, Firm, Local authority, Association of Person (AOP) or Artificial Judicial Person and claims exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).

What is the Last Date for Filing ITR 7 Form?

The due date for filing ITR-7 Form is different depending upon the audit of the accounts. Tax Assessees whose accounts are required to be audited can file till 30th September while those whose accounts are not required to be audited can file until 31st July.

Read Also: Penalties for Late Income Tax Return Filing in India

Know the Steps to File ITR 7 Online

Part A-GEN

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

Filing Status

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

Schedules To The Return Form (Fill As Applicable)

  • 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)
  • 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)]
  • 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)
  • Schedule LA: Political Party
  • Schedule ET: Electoral Trust
  • Schedule VC: Voluntary Contributions (To Be Mandatorily Filled In By All Persons Filing Itr-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)]
  • 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)]
  • 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)]
  • 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)
  • Schedule IE- 2: Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23A), 10(24)
  • 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):
  • Schedule IE- 4 Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23C)(Iiiad) Or 10(23C)(Iiiae)( (Please Fill Up Separate Schedule For Each Institution):
  • Schedule HP: Details Of Income From House Property (Please Refer To Instructions) (Drop Down To Be Provided Indicating Ownership Of Property)
  • Schedule CG: Capital Gains
  • Schedule OS: Income From Other Sources
  • Schedule OA: General
  • Schedule BP: Computation Of Income From Business Or Profession
  • Schedule CYLA: Details Of Income After Set-Off Of Current Years Losses
  • Schedule PTI: Pass-Through Income Details From Business Trust Or Investment Fund As Per Section 115Ua, 115Ub
  • Schedule SI: Income Chargeable To Tax At Special Rates
  • Schedule 115TD: Accreted Income Under Section 115Td
  • Schedule FSI: Details Of Income From Outside India And Tax Relief
  • Schedule TR: Summary Of Tax Relief Claimed For Taxes Paid Outside India
  • Schedule FA: Details Of Foreign Assets And Income From Any Source Outside India
  • Schedule SH: Shareholding Of Unlisted Company

Part B – TI Statement Of Income For The Period Ended On 31St March, 2019

  • 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)
  • 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 item 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 special rate under section 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 maximum amount not chargeable to tax]
  • Anonymous donations, included in 22, to be taxed under section 115BBC @ 30% (Diii of Schedule VC)
  • Income chargeable at maximum marginal rates (22-23)

Part B – TTI Computation of tax liability on total income

  • 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

14 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)]

Verification

I, son/ daughter of, solemnly declare that to the best of my knowledge and belief, the information is given in the return and the schedules, statements, etc. accompanying it is correct and complete is in accordance with the provisions of the Income-tax Act, 1961. I further declare that I am making this return in my capacity as _________________ and I am also competent to make this return and verify it. I am holding permanent account number (if allotted) (Please see instruction). I further declare that the critical assumptions specified in the agreement have been satisfied and all the terms and conditions of the agreement have been complied with. (Applicable, in a case where the return is furnished under section 92CD)
Place……. Date…… Sign here……