ITR 7 Filing requirement
This query is : Resolved
Quick Summary
22 December 2021
Dear Sir,
Please correct my understanding....
ITR 7 would be filed by the assessee only if they have exempted income...
Please correct my understanding....
ITR 7 would be filed by the assessee only if they have exempted income...
22 December 2021
Eligibility Criteria for ITR-7:
The following individuals and associations are eligible to file the ITR-7 form:
All individuals who obtain income from property if said property is in the name of a trust
All individuals who receive income for the sole purpose of charity or a religious offering
Any political party that earns a net income that is more than the ceiling limit that is exempt from income tax
Associations that carry out scientific research
News organizations and companies
Organizations as mentioned in Section 10(23A) and Section 10(23B)
Educational institutions such as school, colleges or universities
Medical institutions such as hospitals, clinics etc
These individuals/organizations have to file the form ITR7 for claiming the exemptions. Above the exemption criteria/limit tax is payable by these assesses also.
The following individuals and associations are eligible to file the ITR-7 form:
All individuals who obtain income from property if said property is in the name of a trust
All individuals who receive income for the sole purpose of charity or a religious offering
Any political party that earns a net income that is more than the ceiling limit that is exempt from income tax
Associations that carry out scientific research
News organizations and companies
Organizations as mentioned in Section 10(23A) and Section 10(23B)
Educational institutions such as school, colleges or universities
Medical institutions such as hospitals, clinics etc
These individuals/organizations have to file the form ITR7 for claiming the exemptions. Above the exemption criteria/limit tax is payable by these assesses also.
Message likes :
1 times
22 December 2021
So fast....thank you Sir....
We have few trusts whose income is completely 100% exempted u/s.10(23da)...
Query 1 - If we have exempted income under above section, we need to file ITR 7. Right Sir ?
Query 2 - If there is a 'deficit' in the trust, and the purpose of the trust creation has not been
completed, Then Sir ?
Thank you Sir.
We have few trusts whose income is completely 100% exempted u/s.10(23da)...
Query 1 - If we have exempted income under above section, we need to file ITR 7. Right Sir ?
Query 2 - If there is a 'deficit' in the trust, and the purpose of the trust creation has not been
completed, Then Sir ?
Thank you Sir.
22 December 2021
1. Correct.
2. Tax liability will arise if the funds are not utilized as specified under the act.
2. Tax liability will arise if the funds are not utilized as specified under the act.
Message likes :
1 times
22 December 2021
Thanks a lot Sir....trying to frame one more question....
23 December 2021
Good Morning Sir,
Could you please educate me on the following wording derived from the instructions of ITR-5.
"Trust other than trusts eligible to file Form ITR-7 is eligible to use Form ITR-5"
My understanding:
a) If there is an exempted (ex. u/s.10(23da) income, we need to file Form ITR-7.
b) If there is no income, we need to file Form ITR-5.
Request you to help me in this regard.
Thanks a lot in advance.
Could you please educate me on the following wording derived from the instructions of ITR-5.
"Trust other than trusts eligible to file Form ITR-7 is eligible to use Form ITR-5"
My understanding:
a) If there is an exempted (ex. u/s.10(23da) income, we need to file Form ITR-7.
b) If there is no income, we need to file Form ITR-5.
Request you to help me in this regard.
Thanks a lot in advance.
23 December 2021
Be there be income or not, being "securitisation trust" as defined in clause (u) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and regulated under the said regulations; you need to file ITR 7.
Message likes :
1 times
23 December 2021
Thanks a lot for the support Sir....
23 December 2021
Most Welcome ...
24 December 2021
Dear Sir,
Scenario:
We have 'Excess of expenditure over income' in IE a/c. of our "securitisation trust". Whereas the Investment (SRs) in the trust can be redeemed in next 5 years.
Query:
How do we report the 'deficit' and in which schedule(s) of ITR-7.
Please guide me Sir.
Scenario:
We have 'Excess of expenditure over income' in IE a/c. of our "securitisation trust". Whereas the Investment (SRs) in the trust can be redeemed in next 5 years.
Query:
How do we report the 'deficit' and in which schedule(s) of ITR-7.
Please guide me Sir.
24 December 2021
Here the reporting in ITR should coincide with the statutory audit report. Either it would be reported as business loss or should not be claimed at all depends upon the condition mentioned therein.
24 December 2021
Okay Sir...
Till AY 2020-21, we have been filing 'zero' return through ITR-7 without reporting the 'deficit' ie. business loss (since the entire income is exempted u/s.10(23DA)).
After realisation of complete investment, expenses (includes previous years), we were declaring the income and distributing the same to the investors u/s.115TCA.
Query:
For the AY 2021-22, the ITR-7 is holding us to file and saying that 'the cell exemption U/s.10(23DA) and schedule IE-1 should be numeric'.
Need your suggestion Sir.
Till AY 2020-21, we have been filing 'zero' return through ITR-7 without reporting the 'deficit' ie. business loss (since the entire income is exempted u/s.10(23DA)).
After realisation of complete investment, expenses (includes previous years), we were declaring the income and distributing the same to the investors u/s.115TCA.
Query:
For the AY 2021-22, the ITR-7 is holding us to file and saying that 'the cell exemption U/s.10(23DA) and schedule IE-1 should be numeric'.
Need your suggestion Sir.
24 December 2021
Technically, I think, it should be left blank, or no need to file any field in schedule PGBP.
Still I would request you to take help of local CA, to solve the problem.
Still I would request you to take help of local CA, to solve the problem.
Message likes :
1 times
24 December 2021
Thanks a lot for the help and time Sir....Learnt a lot...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- ADVANCE PAYMENT OF ADVOCATE
- Management System (IMS)
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Condonation . E-Verification of last year return .
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
