ITR 7 - How to file ITR 7 online

What is the ITR 7 form?

To begin with, ITR 7 is filed by individuals or companies who are required to furnish returns by claiming exemptions under different sections of the Income Tax Act, like section 139 (4A) 139 (4B) 139(4C) 139 (4D). Remember that ITR 7 is a special type of income tax return designed for entities like companies, local authorities, firms, associations of persons, and other artificial judicial persons.²

Understanding the eligibility of the ITR 7 form

Now that you have a fair understanding of the ITR 7 form, let’s understand the eligibility criteria for filing the ITR 7 form to ensure that you are filing the right form to get income tax returns.

Here’s a list of eligible persons who can file the ITR 7 form:²

Companies, local authorities, firms, associations of persons and other artificial judicial persons who are claiming tax exemptions under the following sections of the Income Tax Act:

• Section 139 (4A)
• Section 139 (4B)
• Section 139 (4C)
• Section 139 (4D).

Apart from this, remember that any individual or legal entity who is not claiming deductions under the above-mentioned sections of the Income Tax Act is not eligible to fill out the ITR 7 form.²

ITR 7 form: All you need to know about the form

Before we move ahead with the filing process and understanding the structure of the ITR 7 form, there are two important details that you must keep in mind:

• No annexures required

  Unlike other ITR forms you do not have to attach any document or annexure to claim deductions and returns under the ITR 7 form. It is advised that you evaluate the taxes with your tax credit statement form 26 AS.³

• E-filing audit report:

  In any case where you are liable for an audit under section 40 AB of the Income Tax Act or you are required to get an audit under the Income Tax Act or any other law for the time being in force then you have to attach an audit report along with details like auditor’s information and date on which you electronically submitted the report. All this information is to be provided in the “audit information” section of the ITR 7 form.³

Structure of the ITR 7 form

Know that the ITR 7 form is divided into two parts and 23 schedules. The first part or Part A deals with general information and the second part/Part B deals with details of the income and tax computation.

Take a look at some of the schedules under the ITR 7 form:³

• Schedule VC deals with the details of the voluntary contributions received by the assessee.

Note: Make sure to check the detailed list of schedules under the ITR 7 from the official website of the Income Tax Department.

Filing ITR 7 form online: All you need to know

Here’s how you can fill out the ITR-7 form: ⁴

• Electronically through the Income tax department on the e-filing official web portal.
• Remember that you need to perform verification in any of the following ways:
• Digitally signing the verification section.
• Electronically authenticating by generating a verification code
• Through Aadhar Card OTP
• By sending a signed paper Form ITR‐V verification Form. Remember that the Form ITR V Income Tax Return Verification form must arrive within 30 days from the date of e-filing the return. The confirmation of the receipt is sent via email.

Conclusion

Filing income tax returns has been made simpler through the e-filing portal introduced by the income tax department and now that you have a fair understanding of the ITR 7 form, you can proceed to fill the form seamlessly.

FAQs

1. Who has to fill the ITR 7 form?

   The ITR 7 form is to be filled by individuals or companies claiming tax deductions under sections 139 (4A) 139 (4B) 139(4C) 139 (4D) of the Income Tax Act. ²

2. Do I need to attach documents with my ITR 7 form?

   No. You do not have to attach annexures or documents while filing the ITR 7 form. However, remember where you are liable for an audit under section 40 AB of the Income Tax Act or you are required to get an audit under the Income Tax Act or any other law for the time being in force then you have to attach an audit report along with details like auditor’s information and date on which you electronically submitted the report. All this information is to be provided in the “audit information” section of the ITR 7 form. ³

Sources

1. https://cleartax.in/s/which-itr-to-file
2. https://www.indiafilings.com/itr-7-form#:~:text=ITR%2D7%20is%20a%20specialized,of%20the%20Income%20Tax%20Act
3. https://cleartax.in/s/itr7
4. https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-06/ITR-7_FAQ_AY_2024-25.pdf