Know your Income tax form ITR-7


WHAT IS ITR-7

ITR 7 Form is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

ITR 7 APPLICABLE FOR:

ITR-7 form is to be used when the assessee is one of the following:

  • Having income from charitable /religious trust- Section 139 (4A)
  • Having income from a political party - Section 139 (4B)
  • Having income from scientific research institutions - Section 139 (4C)
  • Having income from university or colleges or institutions or khadi and village industries - Section 139 (4D)
  • Filing of return of income by Business Trust- Section 139 (4E)
  • Filing of return of income by Investment Fund- Section 139(4F)

WHO IS NOT ELIGIBLE TO FILE ITR 7 FORM:

  • Who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D) or 139(4E) or 139(4F)

ITR-7

DUE DATE FOR FILING ITR 7 FORM

Due date of filing income tax return for FY 2017-18:

  • Whose accounts are required to be audited, is 30th September, 2018.
  • Whose accounts are not required to be audited, is 31st July, 2018.

CHANGES W.E.F. 1ST APRIL, 2018 (ITR 7 FY 2017-18 or AY 2018-2019)

  • Late filing fee (Section 234F) for the delay in the filing of ITR.
  • Political parties now need to report if they have received any cash donation in excess of Rs 2,000 in the form.
  • New columns have been introduced in the ITR forms to report the details of GST paid and refunded
  • Schedule PL has been modified for the taxpayers to provide GST related details.
  • A new field has been added to report disallowance of expenses in case of TDS
  • Trust will now be required to provide the details of fresh registration in case its stated objects have changed
  • Disclosure of 'unexplained income' and 'dividend income' in excess of Rs 10 lakh

WHAT ARE THE DIFFERENT MODE OF FILING ITR 7

  • Online: Through xml file upload and signed by Digital signature certificate.

DETAILS REQUIRED IN ITR 7 FORM


Schedules for Filling Income Tax Returns
Description
Click on applicable links to navigate to the respective sheet / schedule.
Personal Information, Filing Status, Other Details Personal Information, Other Details
Audit Details Audit Information
PART B TI , PART B TTI, Verification State of Income, Tax Liability
18A Details of payments of Advance Tax and Self-Assessment
18B Details of Tax Deducted at Source (TDS) on Income
18C Details of Tax Collected at Source (TCS)
Schedule I Details of amounts accumulated / set apart within the meaning of section 11(2)
Schedule J Details Of Investment Of Funds
Schedule K Statement of particulars regarding the Author(s) / Founder(s) / Trustee(s) / Manager(s), etc., of the Trust or Institution
Schedule LA Political Party
Schedule ET Electoral Trust
Schedule AI Aggregate of income referred to in section u/s 11 and 12 derived during the previous year excluding Voluntary contribution forming part of corpus as per section 11(1)(d) and voluntary contributions
Schedule ER Amount applied to charitable or religious purposes in India during the previous year - Revenue Account
Schedule EC Amount applied to charitable or religious purposes in India during the previous year-Capital Account [excluding application from borrowed funds and amount exempt u/s 11(1A)]
Schedule HP Details of Income from House Property
Schedule CG Capital Gains
Schedule OS Income from other sources
Schedule VC Voluntary Contributions
Schedule OA General.Do you have any income under the head business and profession?
Schedule BP Income From Business Or Profession
Schedule CYLA Details of Income after set-off of current years losses
Schedule MAT Computation of Minimum Alternate Tax payable under section 115JB
Schedule MATC Computation of tax credit under section 115JAA
Schedule AMT Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC Computation of tax credit under section 115JD
Schedule PTI Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
Schedule SI Income 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 Income from outside India and tax relief
Schedule FA Details of Foreign Assets

PENALTY ON LATE FILING OF ITR 

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10,000.

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

  • Rs. 5000 if return is furnished on or before 31 December of assessment year.
  • Rs. 10,000 in any other case.
  • Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
  • If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs.

The author can also be reached at rocguru.com@gmail.com

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Karan Khattri 
on 12 July 2018
Published in Income Tax
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