Get an expert at affordable price

ITR-7 FORM FY 2019-20

Income Tax department has designed various ITR forms depending on various criteria. Taxpayers has to choose right ITR forms to file their return. Comprehensive details have been elaborated for taxpayers who can file ITR-7. ITR-7 FORM FY 2019-20

Who is Eligible to File ITR-7 for AY 2020-21?

ITR-7 is for persons including Companies required to furnish return under section 139(4A), 139(4B), 139(4C), 139(4D) only

Audit Reports under section 44AB

Audit Report needs to filed electronically with digital signature of Auditors and thereafter approved by companies representative.

Structure of ITR-7 form

ITR-7 contains the following parts and schedules as follows:

Part ‘A’ – General Information

• Personal Information
  • Filing Status
  • Other details
  • Audit Information
  • Member Information

SCHEDULES TO THE RETURN FORM

• Schedule I: Details of amounts accumulated / set apart within the meaning of section 11(2) or in terms of third proviso to section 10(23C)
  • Schedule J: J Statement showing the funds and investments as on the last day of the previous year [to be filled if registered under section 12A/12AA or approved under section 10(23C)(iv)/10(23C)(v)/ 10(23C)(vi)/10(23C)(via)/10(21)]
  • Schedule K: Statement of particulars regarding the Author(s) / Founder(s) / Trustee(s) / Manager(s), etc., of the Trust or Institution [to be mandatorily filled in by all persons filing ITR-7]
  • Schedule LA: Political Party
  •  
  • Schedule VC: Voluntary Contributions [to be mandatorily filled in by all persons filing ITR-7]
  • Schedule AI: Aggregate of income derived during the previous year excluding Voluntary contributions [to be filled by assesses claiming exemption u/s 11 and 12 or u/s 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C)(via)]
  • Schedule ER: Revenue expenditure incurred during the year and amount applied to stated objects of the trust/institution during the previous year – Revenue Account [to be filled by assessee claiming exemption u/s 11 and 12 or u/s 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C)(via)]
  • Schedule EC: Amount applied to charitable or religious purposes in India or for the stated objects of the trust/institution during the previous year–Capital Account [excluding amount exempt u/s 11(1A)] [to be filled by assesses claiming exemption u/s 11 and 12 or u/s 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C)(via)]
  • Schedule IE-1: Income & Expenditure statement [Applicable for assessees claiming exemption under sections 10(21), 10(22B), 10(23AAA), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(23FB), 10(29A), 10(46), 10(47) and other clauses of section 10 where income is unconditionally exempt]
  • Schedule IE-2: Income & Expenditure statement [Applicable for assessee claiming exemption under sections 10(23A), 10(24)]
  • Schedule IE-3: Income & Expenditure statement [applicable for assessee claiming exemption under sections 10(23C)(iiiab) or 10(23C)(iiiac)] (please fill up separate schedule for each institution):
  • Schedule IE-4: Income & Expenditure statement [applicable for assessee claiming exemption under sections 10(23C)(iiiad) or 10(23C)(iiiae)] (please fill up separate schedule for each institution):
  • Schedule-HP: Details of Income from House Property
  • Schedule-CG: Capital Gains (Long Term Capital gain / Short Term Capital Gain)
  • Schedule-OS: Income from Other Sources
  • Schedule-OA: General
  • Schedule-BP: Computation of income from business or profession
  • Schedule-CYLA: Details of Income after set off of Current Year Losses
  • Schedule-PTI: Pass Through details from business trust or investment fund as per section 115UA, 115UB
  • Schedule-SI: Income chargeable to tax at special rates
  • Schedule-115TD: Schedule-SI: Income chargeable to tax at special rates
  • Schedule-FSI: Details of Income outside India and tax relief (available only in case of resident)
  • Schedule-TR: Summary of tax relief claimed for taxes paid outside India (available only in case of resident)
  • Schedule-FA: Details of Foreign Assets and Income from any source of outside India
  • Schedule-SH:  SHAREHOLDING OF UNLISTED COMPANY
• Part ‘B’ – Gross Total Income
  • Schedule-TI: Computation of Total Income
  • Schedule-TTI: Computation of tax liability on total income (Computation of Tax Liability, Taxes Paid, Bank Account)
  • Schedule-15: TAX PAYMENTS

CONNECT US FOR EASY ITR FILING

Also read:

• Income Tax Login and Registration
• Reset password IT Portal
• Equalisation Levy – e-Commerce and Others
• Startup Income Tax exemption
• Foreign Tax Credit (FTC)
• Non-filing of Return – NMS