ITR-7 Return

What is the ITR-7 Form

ITR-7 is filed when persons including companies are required to file their returns as per these section:

  • Section 139(4A): Income of Charitable and Religious Trusts
  • Section 139 (4B): Political Parties
  • Section 139 (4C): Scientific research institutions
  • Section 139 4(D): University, college or other institution

No annexure required

No document (including TDS certificate) should be attached with this return form while filing ITR-7.

Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

E-filing audit reports

If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”

Who is eligible to file the ITR-7 Form

  • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every
  1. Scientific research association
  2. News agency ;
  3. Association or institution referred to in section 10(23A);
  4. Institution referred to in section 10(23B);
  5. Fund or institution or university or other educational institution or any hospital or other medical institution.
  • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.
  • Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
  • Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section.

What is the structure of the ITR-7 Form

He ITR-7 form has been divided into 2 parts and 23 schedules. From the AY 2023-24, a taxpayer has to also provide information on the details of registration or approval.

Part-A – General information

Part-B – Outline of the total income and tax computation with respect to income chargeable to tax.

  • 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)/10(21) read with section 35(1) in last 7 financial years viz., previous years
    relevant to the current AY.
  • Schedule-D: Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of
    section 11.
  • Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of
    the previous year.
  • Part A-BS : Details of Application and Sources of Fund as on 31st March 2022
  • Schedule R: Reconciliation of Corpus of Schedule J and Balance sheet
  • Schedule-LA: Details in case of a political party.
  • Schedule-ET: Details in case of an Electoral Trust
  • Schedule-VC: Details of Voluntary Contributions received.
  • Schedule AI: Aggregate of income derived during the year excluding voluntary contributions
  • Schedule ER: Amount applied to charitable or religious purposes in India – Revenue Account
  • Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account
  • Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statements as applicable
  • Schedule-HP: Computation of income under the head Income from House Property.
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule VDA: Income from transfer of virtual digital assets u/s 115BBH
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-OA: General information about business and profession
  • Schedule-BP: Computation of income under the head “profit and gains from business or profession
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB Schedule-SI: Statement of income which is chargeable to tax at special rates
  • Schedule 115TD: Accreted income under section 115TD
  • Schedule FSI: Details of income accruing or arising outside India
  • Schedule TR: Details of tax relief claimed for taxes paid outside India
  • Schedule FA: Details of Foreign Assets and Income from any source outside India
  • Schedule-SH: Details of shareholding in an unlisted company
  • Part B-TI: Computation of total income
  • Part B-TTI: Computation of tax liability on total income Tax payments:
  1. Details of payments of Advance Tax and Self-Assessment Tax
  2. Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C/16D).
  3. Details of Tax Collected at Source (TCS)