ITR-7 Form Filing
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ITR-7 Form Filing
The ITR-7 form is for people or companies who file returns under Section
Section 139(4A) or
Section 139 (4B) or
Section 139(4C) or
Section 139 (4D)
Section 139(4A)
Under section 139(4A) income from such property which is kept for religious purpose. It is necessary to file a return.
Section 139 (4B)
Section 139(4B) especially for those political parties who are eligible to file income tax return under Income Tax Act. 1961. Under this political parties are required to file returns when the total income exceeds the maximum tax limit exemption.
Section 139(4C)
Under section 139 (4C) it is necessary to file a return to those institutes for which the accumulated amount exceeds the tax exemption. Mainly this section related to scientific research institutions.
Section 139 (4D)
This section related to colleges and universities. Under this section, such deposit of university, college, khadi and village industries and other institutions which are outside the allowable limit of tax exemption, they are required to file returns under this section.
The following institutions can file their returns under section 139(4D):
- News agency
- Institute referred to in section 10(23B)
- Mutual funds
- Core settlement guarantee
- Board or authority referred to in section 10(29A)
- Research associates
- Association or institutions referred to in section 10(23A)
- Persons referred to in section 10(23AAA)
- Infrastructure debt fund
- Trade unions
- Institutions, university, or other educational institutions or any hospital or any medical institutions
- Investor protection fund
- Body or authority or board or trust or commission referred to in section 10(46)
- Venture capital company or venture capital fund
- Board or authority referred to in section 10(29A)
How can Bizlaw India help you to?
Filing Income Tax Return (ITR) 7 can be intricate, especially for trusts, political parties, and non-profit organizations, but Bizlaw India is here to simplify the process. We provide comprehensive ITR 7 filing services tailored to your needs. Here’s how we help:
- Simplified Process: We manage the entire ITR 7 filing process for trusts, political parties, and non-profits, ensuring all necessary details are accurately reported.
- Expert Guidance: Our experienced tax professionals offer expert guidance throughout the filing process, ensuring compliance with all relevant regulations.
- Timely Filing: We ensure your ITR 7 is filed on time, avoiding any penalties or legal issues.
- Audit Support: In case of any queries or audits, we represent you and handle all communications with the Income Tax Department.
Frequently Asked Questions
ITR Form 7 is required to be filed by entities including:
- Trusts.
- Political parties.
- Institutions.
- Associations.
- Any other entities claiming exemptions under sections 139(4A), 139(4B), 139(4C), or 139(4D).
ITR 7 is filed under the following sections:
- Section 139(4A): For persons receiving income derived from property held under trust or other legal obligation wholly for charitable or religious purposes.
- Section 139(4B): For political parties if their total income exceeds the maximum amount not chargeable to income tax.
- Section 139(4C): For entities such as research associations, news agencies, associations or institutions referred to in section 10(23A), etc.
- Section 139(4D): For colleges, universities, and other institutions not required to file a return of income or loss under any other provision of this section.
What is the due date for filing ITR Form 7?
Yes, ITR Form 7 must be filed electronically under digital signature for all persons except where accounts are not audited. For persons whose accounts are not required to be audited, the return can be filed using electronic verification code (EVC).
What documents are required for filing ITR Form 7?
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