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ITR-7

Companies and entities that manage income from properties held for charitable or religious purposes are required to file Form ITR-7. This includes properties that are either wholly or partially held under a trust or a legal obligation.

ITR-7 can be filed through various modes, such as a barcoded return, paper form, digital signature, or by electronically submitting the return and verifying it later using ITR-V.

Form ITR-7 must be filed by individuals or entities covered under Section 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act

Eligibility for ITR 7 Form filing:
ITR 7 u/s 139 (4A)

Individuals or entities who earn income from assets held under a legal obligation or trust and are used either wholly or partially for charitable or religious purposes are required to file ITR-7. This form is specifically designed for those seeking exemption under the Income Tax Act for income applied towards charitable or religious activities.

ITR 7 u/s 139 (4B)

This section specifically applies to political parties. Political parties are exempt from paying income tax under Section 13A of the Income Tax Act, provided they submit their annual returns using Form ITR-7. To maintain this exemption, the party must comply with all prescribed conditions and file the return accurately and on time.

ITR 7 u/s 139 (4C)

Under this provision, ITR-7 must be filed by the following entities:

  • Associations engaged in scientific research

  • News agencies

  • Associations as specified under Section 10(23A)

  • Other notified institutions under Section 10(23B)

ITR 7 u/s 139 (4D)

Schools, colleges, and other educational institutions that are not covered under any specific provisions of the Income Tax Act are still required to file ITR-7 under this rule. This ensures proper reporting of income and compliance with tax regulations, even if they are not claiming any specific exemptions under the Act.

ITR 7 u/s 139 (4E)

submitting tax forms for income received from a business trust.

ITR 7 u/s 139 (4F)

is required to be filed by each investment fund listed in section 115 UB. Under any provision of this section, it is not necessary to submit the returns of income or loss.

Documents Required For Business Tax Return FilingITR-7 Return Filing:
  • Bank statement (commercial bank statement)
  • Incorporation Certificate (certificate of incorporation provided by the foreign government)
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