ITR-7 is a specialized Income Tax Return form designed for specific types of entities and organizations in India. It is primarily used by charitable trusts, religious institutions, political parties, scientific research organizations, universities, colleges, and other similar entities that are seeking tax exemptions under specific sections of the Income Tax Act These organizations must file their returns using ITR-7 when claiming exemptions under sections like 139(4A), 139(4B), 139(4C), or 139(4D).
The ITR-7 form is comprehensive and divided into two main parts part-A covers general information about the organization, while Part-B provides an outline of total income and tax computation. Taxpayers must provide detailed information including their residential status, details of any projects or institutions they run, and specifics about their registration or approval under various sections of the Income Tax Act The form requires precise documentation, including the section under which the organization is registered, exemption claims, and other critical financial details.
Filing ITR-7 has specific timelines and requirements. For the Assessment Year 2024-25, non-audit cases can file until 31st July 2024, while audit cases have a deadline of 31st October 2024 (recently extended to 15th November 2024). The return can be filed online through various modes, including bar-coded forms, physical papers, or electronic submission with digital signatures Organizations must ensure they select the correct sections for registration, such as 10(23AAA), 12A/12AB, 80G, and others, when completing their ITR-7 filing.
ITR-7 Form is specifically designed for firms, companies, local authorities, associations of persons (AOPs), and artificial judicial persons who wish to file their Income Tax Returns. It applies to those claiming exemptions in the following categories:
Visit the official Income Tax e-filing website at www.incometax.gov.in. If you already have an account, log in using your User ID (PAN) and password. If you are a new user, you will need to register first using your PAN.
Once logged in, navigate to the "e-File" menu and select "Income Tax Returns." Choose the relevant assessment year for which you are filing (e.g., FY 2023-24 for AY 2024-25) and select ITR-7 from the dropdown menu.
Complete the ITR-7 form by entering required details, including: Part A: General Information: Fill in basic details such as PAN, name, address, and type of entity (e.g., trust, political party). Schedules: Provide information on income from various sources, deductions claimed, and tax computations. This includes details related to grants received, income from properties held for charitable purposes, etc.
After filling out the form, click on the "Validate" button to check for any errors or missing information. Once validated, proceed to submit your return electronically. You can choose to file it with a digital signature or without one; if filing without a digital signature, you will need to verify your return later.
After submission, you must verify your return within 30 days for it to be considered valid. You can verify using various methods such as Aadhaar OTP, Electronic Verification Code (EVC), or by sending a signed physical copy of ITR-V to CPC, Bengaluru. Choose the method that is most convenient for you.
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