ITR 7 Form Filling & E-Filing Guide

Jun 25, 2018 | 1 year ago | Read Time: 3 minutes | By iKnowledge Team

Individuals and Trusts that fall under the following category are eligible to file returns through ITR 7 Form

  • Section 139 (4A)
  • Section 139 (4B)
  • Section 139 (4C)
  • Section 139 (4D)

Since the ITR 7 form deals with the annexure-less return, individuals or Trusts do have to submit documents while filing a return. Individuals or trusts are not expected to file even TDS certificates while filing returns under ITR 7 form of the Indian tax system. The only condition required for ITR Filing using ITR 7 Form is the tallying of tax deduction or collection by or on behalf of the organization with the FORM26AS which is their Tax Credit Statement.

Who can file ITR 7 for Assessment Year 2017-2018?

  • Any individual or Trust whose income is derived from property, owned by the trust or any other legal party, that is held entirely or in part for charitable and religious causes should file their returns under Section 139 (4A).
  • Political parties have to file their returns under Section 139 (4B) only when the total income exceeds the maximum chargeable subjected to tax evaluation.
  • Individuals belonging to the following agency are required to file returns under Section 139 (4C).
  •  Association or institution mentioned in Section 10 (23A)
  •   Fund, university, educational institution or any other institution
  •  Hospitals or any other medical institution
  •  Institutions that have been referred to in Section 10 (23B)
  •  News Agencies
  • Scientific research institution
  • Every college, university or other institutions, who do not have to provide details of the return or loss of income under the section’s other provisions, must file their income tax return under the Section 139 (4D).

Detailed Structure of ITR 7 Form:

ITR 7 Form has the following two parts in addition to 23 schedules:

  • Part A: General details
  • Part B: With regard to the income chargeable for tax evaluation, the complete statement of total and tax computation.

Methods to File ITR 7 Form

In order to file their ITR 7 Form for the assessment year 2017-18, individuals can either opt for online or offline modes. All individuals with an income exceeding INR 5 Lakhs and who pay taxes can file their income tax return via online or offline modes.

Guidelines while filing returns via ITR 7 Form

  • For schedules that are not applicable, individuals must write ‘NA’ for that field.
  • Individuals must also write ‘NA’ against items or particulars that are not applicable.
  • Nil figures must be denoted as ‘Nil’.
  • To denote a negative sign, individuals must write ‘-’ prior to negative figures.
  • While filing returns through ITR 7 Form, all figures should be written as the nearest number which is a multiple of ten.

Order for filling out parts and schedule

The following order is an easy way to file returns under ITR 7 Form

  • Part A
  • All schedules
  • Part B
  • Verification

Procedure for Submission of Verification Document

Individuals must provide all the relevant details required for the verification document. They should also strike out any section or region specified for information that is not relevant. It is important for individuals to sign the verification document before filing income tax returns. Along with the signature, individuals must also provide their designation.

Any individual who provides false information, in the form or supplementary schedules, will be prosecuted under Section 277 of the Income Tax Act, 1961. Also, individuals will face imprisonment along with a fine as per the above-mentioned Section of the Income Tax Act.

Some of the latest Amendments in the Income Tax Return Form no 7, for the current financial year, FY 2018-19 are as follows:  

  • A penalty will be imposed for late filing of the Income Tax Return.
  • Additional provisions have been made for NRI taxpayers to provide details of bank accounts in a foreign country. Individuals will then receive tax refund credits directly into their bank account located at a foreign location.
  • New columns have been introduced to report the details of GST paid and refunded.

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Advt. no.: IA/Jun 2018/4131


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