What is ITR-7 Tax Form?
ITR-7 form is an Income Tax Return filing form, which is filed by an individual when individuals as well as companies fall under certain sections like 139(4A), 139(4B), 139(4C), 139(4D).
Here is the updated ITR-7 Form from the official Income Tax Department.
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What are the Documents required to furnish returns under ITR-7?
Documents along with TDS certificate should not be attached to ITR-7 while filing income tax returns. Any such document will be detached from the form and it will be given back to the taxpayer. A taxpayer can cross check the tax deducted/collected/paid by the tax payer in his/her Tax Credit Statement form 26AS.
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Who all can fill this ITR Form?
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- Under section 139(4A) return is supposed to be filed every person in receipt of income derived from the property held under trust or any other legal obligation completely for charitable or religious purposes or in part for such activities.
- Under Section 139(4B) return is supposed to be filed by a political party, if their total income without giving effect to the provisions of section 139A exceeds maximum amount that is not chargeable to the income tax.
- Under section 139(4C) returns are supposed to be filed by the following institutions: –
- News Agencies
- Scientific Research Associations
- Institutions mentioned under section 10(23b)
- Association / institution referred under section 10(23a)
- Funds / institutions / universities / educational institutions / hospitals / medical institutions
- Under section 139(4D) returns are supposed to be filed by every college, university or other institutions, that is not necessary to furnish return of income or loss under any other provision of this section.