ITR-7 is the income tax return form designed for companies, firms, local authorities, associations of persons, and artificial judicial persons who want to file their income tax returns. ITR-7 applies to those claiming exemptions in the following categories -
- 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
In addition to the above, there is no need to attach any other document with this form. Taxpayers should match the taxes deducted/collected or paid with their tax credit statement Form 26AS.
Who is eligible to file ITR-7?
Persons who are eligible for filing ITR Form 7 are as follows:
- Entities having income from properties that are for charitable or religious purposes - Section 139(4A)
- Entities having income from scientific research institutions, news agencies, and so on- Section 139(4C)
- Entities having income from a political party – Section 139 (4B)
- Entities having income from university or colleges or institutions or khadi and village industries – Section 139 (4D)
- Individuals having 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.
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
- A taxpayer also has 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 :
- 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.
- Schedule IA: Details of accumulated income which was taxed in previous assessment years as per section 11(3).
- Schedule-D: Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of section 11.
- Schedule DA: Details of accumulated income taxed in previous assessment years as per section 11(1B).
- 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 A : Amount applied to stated objects of the trust/institution during the previous year from all sources
- 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-VC: Details of Voluntary Contributions received
- 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 115BBI: Specified income of certain institutions under section 115BBI
- Schedule FSI: Details of income accruing or arising outside India
- Schedule TR: Details of Taxes paid outside India
- Schedule FA: Details of Foreign Assets
- SCHEDULE SH : SHAREHOLDING OF UNLISTED COMPANY
- Verification
Part B
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Part B-TI: Calculation of total income.
- Part B1: Applies when claiming exemptions under Sections 11 and 12 or Sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), and 10(23C)(via), provided Part B3 does not apply.
- Part B2: Applies when claiming exemptions under Sections 13A/13B and Sections 10(21), 10(22B), 10(23A), 10(23AAA), 10(23B), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(23C)(iiiab), 10(23C)(iiiac), 10(23C)(iiiad), 10(23C)(iiiae), 10(23D), 10(23DA), 10(23FB), 10(24), 10(46), and 10(47).
- Part B3: Applies if total taxable income falls under the twenty-second proviso to Section 10(23C) or Section 13(10).
- Part B-TTI: Calculation of tax liability on total income.
Tax Payments:
- Details of Advance Tax and Self-Assessment Tax payments.
- Details of Tax Deducted at Source (TDS) on income (as per Form 16A/16B/16C/16D/16E).
- Details of Tax Collected at Source (TCS).
ITR-7 due date is applicable to those eligible to file ITR-7. Given below are the due dates for filing ITR-7 -
- July 31st: For taxpayers not required to get their accounts audited.
- September 30th: For taxpayers required to undergo an audit, including companies.
Note: The deadline may change based on Income Tax Department notifications. For example, the ITR-7 filing deadline for Assessment Year 2023-24 was extended from October 31, 2023, to November 30, 2023. The ITR filing deadline for FY 2024-25 is 31st July 2025, as per current information.
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.
Sequence for Filing ITR-7 Form
As per the Income Tax Department, the assessees must follow the below-mentioned sequence while filing the ITR-7 Form -
- Part A
- Part B
- Schedules
- Verification
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.”
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