Simplified Guide to ITR-7 Filing
What is ITR-7?
ITR-7 is a tax return form for entities like charitable trusts, political parties, and research institutions claiming tax exemptions under certain sections of the Income Tax Act. With Sadaweh Financial Solutions (OPC) Pvt. Ltd., you can streamline this complex process and ensure compliance.
Who Can File ITR-7?
| Section | Eligible Entities |
| 139(4A) | Charitable or religious trusts with income from property held under trust for charitable purposes. |
| 139(4B) | Political parties with income above the non-taxable limit. |
| 139(4C) | Research institutions, hospitals, universities, and news agencies. |
| 139(4D) | Universities and colleges not required to file returns under other sections. |
| 139(4E) | Business trusts and investment funds not required to file under other sections. |
| 139(4F) | Investment funds with no obligation to file under other provisions. |
Who Cannot File ITR-7?
Entities that do not qualify under the above exemptions are not eligible to file ITR-7.
Key Deadlines for Filing ITR-7
| Requirement | Due Date for AY 2024-25 |
| No Audit Required | July 31, 2024 |
| Audit Required | October 31, 2024 |
| Extended Deadline | November 15, 2024 |
Structure of ITR-7 Form
| Part | Details |
| Part A: General Info | Entity details: name, PAN, address, etc. |
| Part B: Tax Computation | Total income and tax calculations. |
| Schedules | Detailed breakdown of incomes, exemptions, and deductions. See key schedules below. |
Important Schedules in ITR-7
| Schedule | Purpose |
| Schedule I | Amounts accumulated under Section 11(2). |
| Schedule J | Investments by trusts or institutions. |
| Schedule VC | Voluntary contributions received. |
| Schedule CG | Capital gains calculation. |
| Schedule BP | Business or profession income computation. |
| Schedule MAT/AMT | Minimum Alternate Tax (MAT) or Alternate Minimum Tax (AMT). |
| Schedule IT/TDS/TCS | Advance tax payments, tax deducted or collected at source. |
| Schedule FA | Details of foreign assets. |
Filing Process for ITR-7
| Step | Action |
| 1. General Info | Fill in Part A with basic entity details. |
| 2. Tax Details | Fill in Part B with income and tax computation. |
| 3. Schedules | Complete relevant schedules based on income and deductions. |
| 4. Verification | Verify and digitally sign the form. |
Submission Methods
| Method | Details |
| Digital Signature (DSC) | File using a digital signature for secure verification. |
| ITR-V Submission | Upload return and send signed ITR-V to Bag No. 1, Electronic City Office, Bengaluru – 560100. |
Verification Document Checklist
| Step | Details |
| Fill Details | Enter required information and strike out irrelevant sections. |
| Sign | Sign digitally or manually (if submitting ITR-V). |
| Designation | Include the designation of the person signing the return. |
Audit Report Filing (If Applicable)
| Requirement | Action |
| Audit Required | Submit audit report along with the date of filing. |
Important Filing Instructions
| Instruction | Details |
| Accuracy | Ensure all details are correct to avoid rejection. |
| Rounding Off | Round off figures to the nearest multiple of 10. |
| Zero Values | Write “Nil” for items with zero value. |
| Not Applicable Items | Write “NA” for inapplicable items. |
Why Choose Sadaweh Financial Solutions (OPC) Pvt. Ltd.?
| Feature | Benefit |
| Expert Guidance | Professional help throughout the process. |
| Timely Filing | Avoid penalties by filing before the due date. |
| Tax Reconciliation | Match taxes with Form 26AS for accuracy. |
| Hassle-Free Process | Step-by-step guidance simplifies filing. |
| Post-Filing Support | Get assistance even after submission. |
Get Started Now!
Experience a smooth and stress-free ITR-7 filing process with Sadaweh Financial Solutions (OPC) Pvt. Ltd. Our experts ensure your tax compliance is accurate, timely, and effortless.