ITR-7
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The ITR-7 Form is used for filing income tax returns by specific entities and individuals. Let’s break it down:
Eligibility Criteria:
- Section 139(4A): Income of Charitable and Religious Trusts.
- Section 139(4B): Political Parties.
- Section 139(4C): Scientific research institutions.
- Section 139(4D): University, college, or other educational institutions.
Who Should File ITR-7?:
- Trusts: If you receive income from property held under trust or other legal obligations wholly for charitable or religious purposes (or in part only for such purposes).
- Political Parties: If the total income (without considering provisions of section 139A) exceeds the maximum amount not chargeable to income tax.
- Scientific Research Associations, Universities, and Other Institutions: Various entities like scientific research associations, news agencies, universities, hospitals, and mutual funds, among others, fall under this category.
Important Points:
- No Annexures Required: You don’t need to attach any documents (including TDS certificates) while filing ITR-7.
- Audit Reports: If you’re liable for audit under section 44AB of the Income Tax Act or any other law, provide details of the audit report in the “Audit Information” section.
- E-filing: You can e-file your ITR-7 form, and Cleartax automatically selects the right ITR form for you.
The following entities are required for ITR-7 return fling u/s:
- 139(4A)
- Receiving income from property held under trust or other legal obligation, wholly or partially for charitable or religious purposes.
- Income from voluntary contributions.
- 139(4B)
- Political parties whose income exceeds the maximum amount not chargeable to tax.
- 139(4C)
- Scientific Research Associations
- Hospitals
- Funds
- Educational Institutions or Universities
- Associations or Institutions mentioned in Section 10(23A)
- News Agencies
- Institutions referred to in Section 10(23B)139(4D)Every college, university, or association is not required to furnish details of the return of income or loss under any other provision of this section.
- 139(4E)Business trusts return filing income.
- 139(4F) Investment funds referred to in section 115UB.
Entities who are not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C), or Section 139 (4D).
- PAN Card: Permanent Account Number card for the entity or organization.
- Financial Statements: Such as Balance Sheet, Profit and Loss Account, and any other financial statements relevant to the entity’s income.
- Income Details: Documentation showing income from all sources, including properties held for charitable or religious purposes.
- Bank Statements: Statements from all bank accounts held by the entity.
- Investment Details: Documentation related to investments made by the entity, such as mutual funds, stocks, or other financial instruments.
- Details of Donations: If applicable, details of donations received or made by the entity for charitable or religious purposes.
- Trust Deed or Legal Documents: Copies of trust deeds or any legal documents establishing the entity’s status and obligations.
- Receipts and Invoices: Any receipts, invoices, or other relevant documents supporting the income and expenses declared in the return.
- Tax Deduction Certificates: Certificates for tax deducted at source (TDS) or tax collected at source (TCS), if any.
- Previous Year’s Tax Return: Copy of the previous year’s Income Tax Return (ITR), if available.
These are general requirements and may vary based on the specific circumstances of the entity and the tax laws of the relevant jurisdiction. It’s advisable to consult with Juro Legal or refer to the official guidelines provided by the tax authorities for precise information.