ITR-7 Return Filing

ITR-7 Return Filing – Simplify Your Tax Compliance with Easy My Tax

Filing the ITR-7 income tax return can be complex, especially for entities like charitable trusts, political parties, scientific institutions, and local authorities that claim specific exemptions under the Income Tax Act. At Easy My Tax, we make ITR-7 filing easy and accurate so you can remain compliant without hassle.

What is ITR-7?

ITR-7 is a specialized Income Tax Return form designed for entities such as:

• Charitable or Religious Trusts (Section 139(4A))
• Political Parties (Section 139(4B))
• Scientific Research Institutions (Section 139(4C))
• Universities, Colleges, and Khadi & Village Industries (Section 139(4D))
• Other firms, companies, local authorities, AOPs, and artificial judicial persons claiming exemptions under these sections

Who Should File ITR-7?

If your entity claims exemption under any of the sections above and earns taxable income, you must file ITR-7.

Who Cannot File ITR-7 Online?

• Individuals not claiming exemptions under Sections 139(4A), (4B), (4C), or (4D)
• Entities not falling under the specified categories

ITR-7 Filing Deadlines

• July 31 — For taxpayers not subject to audit
• October 31 — For taxpayers required to have accounts audited
• Extended Deadline for AY 2023-24: November 30, 2023

Structure of ITR-7 Form

The ITR-7 form consists of two parts and 19 schedules, including:

• Part A: General Information
• Part B: Outline of total income and tax computation

Key Schedules:

• Schedule I: Accumulated amounts under Section 11(2)
• Schedule J: Investments of trust funds
• Schedule LA: Political party details
• Schedule HP: Income from house property
• Schedule BP: Profit & gains from business or profession
• Schedule MAT & MATC: Minimum Alternate Tax and credits
• Schedule FSI & FA: Foreign income and assets
• And many others covering donations, tax deducted, advance tax, and audit information

Step-by-Step Process to File ITR-7

1. Fill Part A: Basic information about the entity.
2. Fill Part B: Total income details and tax computations.
3. Complete relevant schedules: Based on your income sources and exemptions.
4. Verify: Digitally sign the verification form indicating your designation in the entity.
5. Submit: Electronically file the return on the Income Tax Portal.
6. Send Signed ITR-V: If filing without digital signature, print, sign, and mail the ITR-V to the Income Tax Department’s Bengaluru address.

Important Filing Instructions

• Round off income and tax figures as specified by the Income Tax Department.
• Write “Nil” for zero values and “NA” for non-applicable items.
• Ensure all details are accurate to avoid invalid or defective returns.
• Failure to file or making false statements can lead to prosecution and penalties.

Audit Report Filing (If Applicable)

Entities subject to audit under Section 44AB must also submit audit reports and relevant details electronically during return filing.

Documents & Annexures

No documents need to be physically attached to the ITR-7 filing. However, reconcile your tax payments and TDS with Form 26AS to ensure correctness.

Why Choose Easy My Tax for ITR-7 Filing?

• Expertise: We understand the unique requirements of charitable trusts, political parties, and other entities.
• Accuracy: Thorough review ensures no errors or omissions.
• Timely Filing: Never miss deadlines with our proactive reminders and fast processing.
• End-to-End Support: From form preparation to submission and verification, we guide you at every step.
• Secure Process: Your data privacy is our priority, handled with utmost confidentiality.

Get Started with Easy My Tax Today!

Let us handle the complexities of your ITR-7 filing so you can focus on your core mission. Contact Easy My Tax now for seamless, hassle-free income tax return filing for your organization.