Overview of ITR 7 Form Filing

For particular entities like companies, associations of persons (AOPs), local authorities, firms, and artificial judicial persons claiming exemptions under various sections of the Income Tax Act, ITR-7 is a specialized income tax return form.

The ITR-7 Form is meant only for businesses, associations of persons (AOPs), local authorities, and artificial judicial persons wishing to file their income tax returns. It pertains to people who are asking for exceptions under the subsequent headings:

Trusts that are Charitable or Religious- Under Section 139(4A)
Political Parties - Under Section 139(4B).
Institutions for Scientific Research-Under Section 139(4C)
Universities, Colleges, Institutions, or Khadi and Village Industries- Under Section 139(4D).

Who Cannot File the ITR 7 Form Online?

If you are not requesting an exemption under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D), file the ITR-7 Form for Income Tax Returns.

Who is Eligible to File the ITR-7 Form?

Persons who are eligible for filing ITR Form 7 are as follows:

Organisations receiving revenue from properties used for religious or charitable purposes - Section 139(4A).
Income-producing entities such as news organisations and scientific research institutes are subject to Section 139(4C).
Political party-affiliated entities: Section 139 (4B).
Entities that receive revenue from khadi and village industries, universities, colleges, or other institutions - Section 139 (4D).
Individuals who receive Income from assets held in trust.
Educational institutions, either government or non-government, that are listed in Sections 10(23A) and 10(23B).
Medical institutions like hospitals, clinics, etc.

Components of the ITR-7 Form:

Part A: Overview
Part A-BS: March 31st Balance Sheet
Part A-BS-Ind AS: Balance sheet as of March 31 or as of the date of the business combination
Part A: Financial Year's Manufacturing Account
Part A-P&L: Account of Profit and Loss for the Fiscal Year
Part A- Manufacturing Account-Ind AS: The financial year's manufacturing account.
Part A- Trading Account Ind-AS: Trading account for the financial year
Part A-P&L Ind-AS: Account of Profit and Loss for the Fiscal Year.
Part A-OI: Additional details(Other Information)
Part A-QD: Quantitative information
Part A-OL: The company's receipt and payment account during its liquidation
Schedule – HP: Specifics of Residential Property Revenue
Schedule-BP: Calculating revenue from a business or occupation.
Schedule-DPM: Depreciation of plant and machinery
Schedule DOA: Depreciation of other assets
Schedule DEP: A summary of each asset's depreciation.
Schedule DCG: Gains on the sale of depreciable assets that are deemed capital.
Schedule ESR: Expense for scientific research, etc. (35CCD, 35CCC, or 35CCD deductions).
Schedule-CG: Capital gains.
Schedule 112A: From the sale of equity shares in a company that is subject to section 112A's requirement that STT be paid or from the sale of a business, business trust unit, equity-oriented fund unit, or business.
Schedule 115AD(1)(b)(iii)- Proviso: from the sale of an equity share in a business, a unit of a fund that is equity-oriented, or a unit of a business trust that is subject to section 112A payment of STT.
Schedule -OS: revenue from additional sources (other sources).
Schedule-CYLA: Information about income after deducting losses from the current year.
Schedule-BFLA: Income Statement following the deducting of carried forward losses from prior years.
Schedule-CFL: Details of losses to be carried forward to future years.
Schedule-UD: Allowance and unabsorbed depreciation under section 35(4).
Schedule ICDS: Impact of Disclosure Standards for Income Computation on Profit.
Schedule – 10AA: Deduction under section 10AA
Schedule- 80G: Information about a donation that qualifies for a section 80G deduction.
Schedule 80GGA: Information about donations to rural development or scientific research.
Schedule RA: Information about donations to research associations, etc.
Schedule-80IA: Deduction under section 80IA
Schedule-80IB: Deduction under section 80IB
Schedule- 80IC or 80IE: Deduction under section 80IC or 80IE
Schedule-VIA: Deduction under Chapter VIA.
Schedule-SI: Income subject to a special rate of taxation.
Schedule-EI: Information about exempt income.
Schedule PTI: Transfer income information from investment funds or business trusts.
Schedule-MAT: Calculation of the Section 115JB Minimum Alternate Tax Owed.
Schedule-MATC: Tax credit computation under Section 115JAA.
Schedule BBS: Information regarding taxes on distributed income for domestic companies that repurchase shares but do not list on a stock exchange.
Schedule TPSA: Secondary transfer price adjustment in accordance with section 92CE(2A).
Schedule FSI: Information about foreign income and tax benefits.
Schedule TR: An overview of the tax breaks requested for Indian taxes paid.
Schedule SH-1: Shareholding of unlisted company
Schedule SH-2: Shareholding of Startups
Schedule AL-1: Liabilities and assets as of year's end.
Schedule AL-2: Liabilities and assets as of the end of the year (relevant only for startups).
Schedule DI: Investment specifics
Schedule GST: Details of the turnover and gross receipts that were reported under the GST.
Schedule FD: Payment and receipt breakdown in foreign currencies
Part B-TI: Computation of total income.
Part B-TTI: Total income calculation.
Tax payments:
Information about Advance Tax and Self-Assessment Tax payments.
Information about Income Tax Deducted at Source (TDS) (per Form 16A/16B/16C).
Information about Tax collected at Source (TCS)

What is the Deadline for Filing ITR 7 Form?

Whether or not the accounts required to be audited determines the ITR7 Form filing deadline. For the current assessment year, those who are not subject to an audit may file by July 31st of the assessment year; audit cases must be filed by September 30 of the assessment year.

Explanation 2 to sub-section (1) provides specifics on the filing date for Form ITR7 for assesses for the Fiscal Year in clause (a).

Sequence for filing ITR 7 income tax form:
The Income Tax Department has instructed the assessees to file their income tax returns in the order listed below.

Part A
Part B
Schedules
Verification.
A digital signature is required for this verification before the final return is submitted. Fill out the necessary information in the verification document and cross out any that are not relevant.

The signer has to declare that he represents the entity that the return is being filed on behalf of.

The Process to file ITR 7 returns:

The Income Tax Department accepts ITR 7 income tax filings in the following methods:

Utilize the digital signature certificate and submit the returns electronically.
Send the information included in the return and then complete the ITR V Return Form to verify the return.
Copies of the ITR V Form must be printed by the assessee following filing the return. The assessee must properly sign a copy of the ITR V and mail it via regular mail to

Bag No.1, Electronic City Office, Bengaluru - 560100 (Karnataka)

The assessee may keep the other copy for his records.

Key changes in the ITR-7 for AY 2024-2025

Legal Entity Identifier (LEI): Businesses requesting a tax refund of at least Rs. 50 crore are now required to provide the LEI's information.
Tax on Accreted Income (New Schedule 115TD): This new schedule, which is applicable to entities that no longer qualify for tax exemptions, contains information on reporting Tax due on accreted income.
Capital Gains Accounts Scheme (CGAS): The date, account number, and IFS code of deposits made to CGAS are now required to be included in ITR-6.
Contributions to political parties (New Schedule 80GGC): Information about the contributions made, including a breakdown by mode (cash/other) and transaction reference numbers, is required.
Deductions for Startup (New Schedule 80-IAC): Businesses that want to deduct under Section 80-IAC are required to include information such as their certificate number, business nature, and date of incorporation.
Offshore Banking Unit/IFSC Deductions (New Schedule 80LA): Organisations wishing to submit Section 80LA deduction claims are required to provide information about their entity type, income type, registration information, and the year they first filed for the deduction.
Payments to MSMEs Beyond Time Limit: It is necessary to provide information on any payments made to MSMEs that surpass the time limit outlined in the MSME Act, which prevents deductions under Section 43B.
Winnings from Online Gaming: Schedule OS has been updated to include online gaming income that is subject to Section 115BBJ taxation.
Dividend Income from IFSC Units: Dividend income from an IFSC unit is subject to a 10% reduced tax rate, as shown in Schedule OS.Deadline to File Returns: The appropriate deadline for filing the return (October 31 to November 30) must be chosen in a new column.
Audit Report Acknowledgment & UDIN: Organisations that are audited are now required to provide the UDIN and the audit report's acknowledgement number.
icro or Small Enterprise Recognition: In accordance with the MSME Act, businesses are required to declare their status as recognised and to supply their registration number.
Reason for Tax Audit under Section 44AB: Organisations that are audited under Section 44AB are required to provide a justification for the audit, such as surpassing turnover thresholds or choosing not to be subject to presumed taxes.

Key changes in the ITR-7 Form

The following summarises the main modifications made to Form ITR-6:Information about DPIIT's recognition of the startupSpecifics of the statement submitted on Form-2Details on the gross receipts and turnover reported for GSTdividing donations into two categories: cash and non-cash.

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