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)
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
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)
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