Maximize Your Income Tax Refund
File Your Taxes with the Experts

Start Today

  • TrustedTrusted by 1 Million+ Users
  • User Rating4.8 Star User Rating
  • Secure2500 Cr. Taxes Saved Already
Maximize Your Income Tax Refund

ITR 7- How to file ITR-7 Online for FY 2022-23 (AY 2023-24)

Updated on: 23 May, 2024 03:12 PM

The CBDT notifies 7 various ITR forms to file the ITR. The Income Tax Act of 1961 releases all the ITR forms and specifies the following procedures. Taxpayers need to accurately fill out the relevant ITR form and file it with the Income Tax Department within the specified due date. Filing an incorrect or incomplete ITR can lead to penalties and legal consequences. In this excerpt, we will talk about ITR-7, and how to file and download ITR-7.

If you are confused with the relevant form to file ITR, leave it to Tax2win. When you file ITR with Tax2win, we select the right ITR form automatically for you.

What is ITR-7 Form?

ITR-7 is filed by assessees, including companies who fall under Section 139(4A), section 139 (4B), section 139 (4C), or Section 139 4(D). This further means:-

  • 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

Download ITR-7

Who is eligible to file ITR-7?

Persons who are eligible for filing ITR Form 7 are as follows:

  • Entities who have income from properties that are for charitable or religious purposes - Section 139(4A)
  • Entities who have income from scientific research institutions, news agencies, and so on- Section 139(4C)
  • Entities who have income from a political party – Section 139 (4B)
  • Entities who have income from university or colleges or institutions or khadi and village industries – Section 139 (4D)
  • Individuals who have income from property that is in the name of trust
  • Government or non Government educational institutions mentioned in Section 10(23A) and Section 10(23B)
  • Medical institutions such as hospitals, clinics, etc.

What is the structure of the form ITR-7?

The ITR-7 form has been divided into 2 parts that are Part A, Part B, and 23 schedules. They are as follows:

  • Part-A includes General information
  • From the Assessment Year (AY) 2023-24, a taxpayer has also to provide complete information regarding the details of registration or approval.
  • Part B includes a detailed outline of the total income and tax computation of the taxpayer with respect to income liable for taxation.
  • 23 Schedules :
    1. Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.
    2. Schedule-D: Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of section 11.
    3. Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.
    4. Part A-BS : Details of Application and Sources of Fund as on 31st March 2022
    5. Schedule R : Reconciliation of Corpus of Schedule J and Balance sheet
    6. Schedule-LA: Details in case of a political party.
    7. Schedule-ET: Details in case of an Electoral Trust
    8. Schedule-VC: Details of Voluntary Contributions received.
    9. Schedule AI: Aggregate of income derived during the year excluding voluntary contributions
    10. Schedule A : Amount applied to stated objects of the trust/institution during the previous year from all sources
    11. Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statements as applicable
    12. Schedule-HP: Computation of income under the head Income from House Property.
    13. Schedule-CG: Computation of income under the head Capital gains.
    14. Schedule-OS: Computation of income under the head Income from other sources.
    15. Schedule-VC: Details of Voluntary Contributions received
    16. Schedule-OA: General information about business and profession
    17. Schedule-BP: Computation of income under the head “profit and gains from business or profession
    18. Schedule-CYLA: Statement of income after set off of current year’s losses
    19. Schedule PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB
    20. Schedule-SI: Statement of income, which is chargeable to tax at special rates
    21. Schedule 115TD: Accreted income under section 115TD
    22. Schedule 115BBI: Specified income of certain institutions under section 115BBI
    23. Schedule FSI: Details of income accruing or arising outside India
    24. Schedule TR: Details of Taxes paid outside India
    25. Schedule FA: Details of Foreign Assets
  • Verification

How to fill out the ITR-7 Form?

There are various ways that are outlined by the income tax department to file the ITR Form 7 for taxpayers. They are as follows:

  • The taxpayer can provide a return in a physical paper form. These days this method is not promoted by the department.
  • The assessee can provide a return under a digital signature. This is compulsory for all political parties.
  • You can provide a Barcoded return.
  • One can send return data electronically and then submit the E-verification of the return in Return Form ITR-V.

After filing of the return, the assessee should print out two copies of the ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to
Centralised Processing Centre,
Income Tax Department,
Bengaluru - 560500, Karnataka.
The other copy may be retained by the assessee for his record.

What is the procedure for filling out the document of verification?

Verification is the final step while using ITR Form 7. This verification is done electronically and is called E-verification. All the detailed information is to be entered in the E-verification form. Strike out the information that is not applicable. Ensure that the verification has been signed before furnishing the income return. The designation of the person signing the return of income should be mentioned.

E-filing of 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 is to be sent to the income tax department. It has to be filled in under the head “Audit Information.”

What are all supplementary documents required to file ITR7?

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.

Format of ITR Form-7

Format of ITR Form-7

Frequently Asked Questions

Q- Is filing ITR Form mandatory?

Yes, to file a return of income tax one must fill out ITR forms which states detailed information of the taxpayer and his or her tax liabilities and deductions.

Q- Who cannot filI ITR Form 7?

ITR Form-7 is not filed by an individual, company, HUFs and those who file an income tax return in new ITR Form 5 and ITR Form 6.

Q- Can AOP file ITR 7?

Any person claiming exemption under section 11, or covers under section 139(4A),(4B),(4C) and(4D) can file ITR-7 i.e. AOP can file ITR-7.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.