FY 2020-21 AY 2021-22 – ITR 7 Form Structure

The article discusses FY 2020-21 AY 2021-22 – Income Tax Return ITR 7 Form Structure.

Table of Contents

ITR 7 Form

Form ITR 7 is for use by assessee including Company, Firm, Association of Person (AOP), Body of Individual (BOI), Artificial Judicial Person and Local Authority who are required to furnish return under Section 139(4A), or Section139(4B) or section139(4C) or section 139(4D).

Part‐ A – General Information

The general information part contains the following:

PERSONAL INFORMATION

Name
PAN
Flat/ Door/ Block No.
Name of Premises/ Building / Village Road/ Street/Post Office Area/ Locality Town/ City/ District
State
PIN Code/ Zip Code
Date of formation/ incorporation (DD/MM/YYYY)
Status
Office Phone Number with STD code/ Mobile No.1
Mobile No.2
Email Address (Self)
Email Address‐2

Details of the project/institutions

Please fill up the details of the projects/institution run by the assessee during the year.

Whether any project/institution is run by the assessee.
Name of the project/institution.
Nature of activity
Classification

Details of registration or approval under the Income‐tax Act

Section under which registered or approved
Indicate the registration section based on which exemption is claimed in the return
Date of registration or approval
Approval/ Notification/ Registration No.
Approving/ registering Authority
Whether Application for registration is made as per new provisions
Section under which the registration is applied
Date on which the application for registration/approval as per new provisions is made
Section of exemption opted for under the new provisions

Details of registration or approval under any law other than Income‐tax Act

Law under which registered
Date of registration or approval
Approval/ Notification/ Registration No.
Approving/ registering Authority

FILING STATUS

Filed u/s
If filed voluntarily on or before the due date, tick ‘139(1)’
If filed voluntarily after the due date, tick ‘139(4)’
If this is a revised return, tick ‘139(5)’
If this is a modified return, filed in accordance with an Advanced Pricing Agreement (APA), tick ‘92CD’ (e) If filed in pursuance to an order u/s 119(2)(b)
Return required to be furnished u/s
Please specify the section under which the exemption is claimed
If revised/ defective/ modified then enter Receipt No. and Date of filing original return Or Filed in response to notice u/s
If filed in response to notice/order, please enter Unique Number/ Document Identification Number (DIN) & Date of such Notice or Order or if filed u/s 92CD enter date of advance pricing agreement

Residential Status in India
Whether any income included in total income for which claim under section 90/90A/91 has been made?
Whether this return is being filed by a representative assessee?
Whether you are Partner in a firm?
Whether you have held unlisted equity shares at any time during the previous year?

Schedule PI – Other details

A. Where, in any of the projects/institutions run by you, one of the charitable purposes is advancement of any other object of general public utility then:-

Whether there is any activity in the nature of trade, commerce or business referred to in proviso to section 2(15)
If yes, then percentage of receipt from such activity vis‐à‐vis total receipts
Whether there is any activity of rendering any service in relation to any trade, commerce or business for any consideration as referred to in proviso to section 2(15)?
If yes, then percentage of receipt from such activity vis‐à‐vis total receipts
If YES, the aggregate annual receipts from such activities in respect of that institution

B. Whether approval obtained u/s 80G?

If yes, then enter Approval No.
Date of Approval

C. Is there any change in the objects/ activities during the Year on the basis of which approval/ registration was granted

If yes, please furnish following information?

Date of such change
Whether an application for fresh registration has been made in the prescribed form and manner within the stipulated period of thirty days as per Clause(ab)of sub‐s12A?
Whether fresh registration has been granted under section 12AA
Date of such fresh registration (DD/MM/YYYY)

D. Whether registered under Foreign Contribution (Regulation) Act, 2010

(FCRA)?
If yes, then enter Registration No.
Date of Registration (DD/MM/YYYY)
Total amount of foreign contribution received during the year, if any Specify the purpose for which the above contribution is received

E. Whether a business trust registered with SEBI? If yes, then enter Registration No.

Date of Registration (DD/MM/YYYY)

F. Whether liable to tax at maximum marginal rate under section 164? [If disallowable u/s 13(1)(c) and/or 13(1)(d)]?

G. Is this your first return. FY 2020-21 AY 2021-22 – Income Tax Return ITR 7 Form Structure.

AUDIT INFORMATION

H. Are you liable for Audit under the Income‐tax Act?

Section under which you are liable for audit(specify section). Please mention date of audit report.
Whether the accounts have been audited by an accountant?
Name of the auditor signing the tax audit report
Membership No. of the auditor
Name of the auditor (proprietorship/ firm)
Permanent Account Number (PAN) of the proprietorship/ firm
Date of audit report
Date of furnishing of the audit report

I. If liable to audit under any Act other than the Income‐tax act, mention the Act, section and date of furnishing the audit report?

Particulars of persons who were partners/ members in the AOP on 31stday of March, 2021 (to be filled by venture capital fund/investment fund)

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)

Under section 11(2) or under third proviso to section 10(23C), where 85% of the income is not applied or is not deemed to have been applied, to charitable or religious purposes in India during the previous year but is accumulated or set apart, either in whole or in part, for application to such purposes of India, such income so accumulated or set apart shall not be included in the total income of the previous year, if certain conditions are satisfied. One of the conditions, inter alia, is that the accumulation cannot be carried forward beyond five years.

Schedule‐J‐Statement showing the funds and investments as on the last day of the previous year

If you are a trust or institution registered under section12A/12AA or have obtained approval for the purposes of sub‐clause(iv),(v),(vi)or(via)of clause(23C)of section10, it is mandatory to fill up the details of investment of funds in this Schedule.

Schedule‐K‐ Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution

In this Schedule, please mention the particulars of the author(s)/ founder(s)/ trustee(s)/ manager(s) of the trust/institution or persons who have made substantial contribution to the trust/institution or their relatives, with their names, complete addresses, PAN and Aadhaar numbers.

Schedule‐LA ‐ Political Party

This Schedule should be mandatorily filled up in case you are a political party, claiming exemption under section 13A.

Schedule‐ET ‐ Electoral Trust

This Schedule should be mandatorily filled up in case you are an electoral trust, claiming exemption under section 13B.

Schedule‐VC ‐ Voluntary Contributions

This Schedule should be mandatorily filled up by all persons filing return in Form ITR‐7.

Schedule‐AI ‐ Aggregate of income derived during the previous year excluding Voluntary contributions

This Schedule should be filled up if you are claiming exemption under section11 or sub‐clauses (iv), (v), (vi) or (via) of section10(23C).

Schedule‐ER‐Revenue expenditure incurred during the year and amount applied to stated objects of the trust/institution during the previous year‐ Revenue Account

This Schedule should be filled up if you are claiming exemption under section 11 and 12 or sub‐clauses (iv), (v), (vi) or (via) of section 10(23C).

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

This Schedule should be filled up if you are claiming exemption under section 11 or sub‐clauses (iv), (v), (vi) or (via) of section10(23C).

Schedule‐IE‐1 ‐ Income & Expenditure statement

Please furnish the Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under section10(21) or 10(22B) or 10(23AAA) or 10(23B) or 10(23D) or10(23DA) or10(23EC) or10(23ED) or10(23EE) or10(23FB) or10(29A) or 10(46) or 10(47) or other clauses of section 10 under which income is unconditionally exempt.

Schedule‐IE‐2 ‐ Income & Expenditure statement

Please furnish the Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under section 10(23A) or10(24).

Schedule‐IE‐3 ‐ Income & Expenditure statement

Please furnish the Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under sub‐clauses (iiiab) or (iiiac) of section 10(23C) (i.e. university or other educational institutions or hospital or other similar institutions wholly or substantially financed by the Government).

Schedule‐IE‐4 ‐ Income & Expenditure statement

Please furnish the Income & Expenditure statement for the year in this Schedule, if you are claiming exemption under sub‐clauses(iiiad) or (iiiae) of section10(23C) (i.e. university or other educational institutions or hospital or other similar institutions if the aggregate annual receipt does not exceed the prescribed amount)

Schedule HP‐ Details of Income from House Property – Taxable income

Address of property
Town/City
State
Pin code/ Zip code
Is the property co‐owned
Assessee’s percentage of share in the Property
Name of Co‐owners
PAN/Aadhaar No. of Co‐ owner(s)
Percentage share in property
Type of House property
Name(s) of Tenant
PAN/Aadhaar No. of Tenant(s)
PAN/TAN/Aadhaar No. of Tenant(s)

Gross rent received/ receivable/ lettable value during the year
The amount of which cannot realized rent be
Tax paid to local authorities
Total
Annual Value
30% of Annual Value
Interest payable on borrowed capital
Total
Arrears/ Unrealized rent received during the year less 30%
Income from house property 1

14. Income from house property 2

15. Pass through income/Loss, if any

16. Income under the head “Income from house property”

Schedule CG – Capital Gains – Taxable income

Capital gains arising from sale/transfer of different types of capital assets have been segregated. In a case where capital gains arises from sale or transfer of more than one capital asset, which are of same type, please make a consolidated computation of capital gains in respect of all such capital assets of same type.

Schedule‐OS ‐ Income from other sources – Taxable income

Gross income chargeable to tax at normal applicable rates

Dividends, Gross
Interest, Gross
Rental income from machinery, plants, buildings etc.,
Gross Income of the nature referred to in section 56(2)(x) which is chargeable to tax

*Aggregate value of sum of money received without consideration

*In case immovable property is received without consideration, stamp duty value of property

*In case immovable property is received for inadequate consideration, stamp duty value of property in excess of such Consideration as adjusted as per section 56(2)(x)

*In case any other property is received without consideration, fair market value of property

*In case any other property is received for inadequate consideration, fair market value of property in excess of such consideration

Any other income (please specify nature) Income due to disallowance of exemption under clauses of section 10

2. Income chargeable at special rates

Income from winnings from lotteries, crossword puzzles etc. chargeable u/s 115BB
Income chargeable u/s 115BBE

*Cash credits u/s 68

*Unexplained investments u/s 69

*Unexplained money etc. u/s 69A

*Undisclosed investments etc. u/s 69B

*Unexplained expenditure etc. u/s 69C

*Amount borrowed or repaid on hundi u/s 69D

Any other income chargeable at special rate
Pass through income in the nature of income from other sources chargeable at special rates
Amount included in 1 and 2 above, which is chargeable at special rates in India as per DTAA

3. Deductions under section 57

4. Amounts not deductible u/s 58

5. Profits chargeable to tax u/s 59

6. Net Income from other sources chargeable at normal applicable rates

7. Income from other sources (other than from owning race horses) (2+6) (enter 6 as nil, if negative)

8. Income from the activity of owning and maintaining race horses

9. Income under the head “Income from other sources”(7+8e)(taken as nil if negative)

10. Information about accrual/receipt of income from Other Sources

Schedule‐OA – General

In case you have any income under the head “business and profession”, please furnish the general information relating to such business activity during the year in this Schedule, such as nature of business, method of accounting, method of valuation of stock etc.

Schedule‐BP – Computation of income from business or profession – Taxable income

In case you have any income under the head ‘Profits and gains of business or profession’, please fill up the particulars for computation of income under that head in this Schedule.

Schedule‐CYLA‐ Details of Income after set‐off of current year losses

If the net result of computation under the head ‘income from house property’, ‘profits and gains from business or profession’ and ‘income from other sources’ is a loss figure, please fill up the figure of loss in the first row under the respective head. Please note that loss from speculative business or specified business cannot be set off against income under other heads for the current year.

Schedule PTI‐Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

In this Schedule, please report the details of pass through income/loss as per form 64Bor 64C received from business trust or investment fund as referred to in section 115UA or 115UB

Investment entity covered by section 115UA/115UB
Name of business trust/ investment fund
PAN of the business trust/ investment fund
Head of Income & Current year income
Share of current year loss distributed by Investment fund
Net Income/ Loss (7‐8)
TDS on such amount, if any

Schedule‐SI – Income chargeable to tax at special rates

In this Schedule, please report income forming part of total income which is chargeable to tax at special rates at column(i) and tax chargeable thereon at such special rates at column(ii). The amount under various types of incomes has to be taken from the amounts mentioned in the relevant Schedules as indicated against each type of income.

Schedule‐115TD‐ Accreted income under section 115TD

This Schedule should be filled upon by the trust 6s or institutions registered under section12AA, where any of the events mentioned in clauses(a),(b)or(c)of sub‐section

(1) of section 115TD has taken place during the previous year.

Schedule FSI‐ Details of Income from outside India and tax relief

Schedule FSI is applicable for the assessee who is resident in India.

Schedule TR‐ Summary of tax relief claimed for taxes paid outside India

Schedule TR is applicable for the taxpayer who is resident in India.

Schedule FA‐ Details of Foreign Assets and Income from any source outside India

If you are a resident in India, you are required to furnish details of any foreign asset etc. In this Schedule. This Schedule need not be filled up if you are‘ not ordinarily resident’ or a ‘non‐resident’.

Schedule SH ‐ Shareholding of Unlisted Company

If you are an unlisted company, please furnish the following details in respective columns of this Schedule:

The details of shareholding as on 31stMarch,2021;
The details of equity share application money pending allotment as on 31stMarch, 2021;and
The details of shareholder who did not have a shareholding as on 31stMarch, 2021 but had a shareholding during the financial year2020‐21.

Part B – TI ‐ Computation of total income

Voluntary Contributions other than Corpus fund
Voluntary contribution forming part of corpus
Aggregate of income referred to in sections 11, 12 and sections 10(23C)(iv),
10(23C)(v), 10(23C)(vi) and 10(23C)(via) derived during the previous year excluding Voluntary contribution included in 1 and 2 above
Application of income for charitable or religious purposes or for the stated objects of the trust/institution:‐

In this item, please fill up the details of application of income for charitable or religious purposes or for the stated objects of the trust or institution during the previous year
Amount applied during the previous year‐ Revenue Account
[Excluding application from borrowed fund, deemed application, previous year accumulation up to 15% etc, i.e. not from the income of prev. year] [S. No. F from Schedule ER]
Amount applied during the previous year‐ Capital Account [Excluding application from Borrowed Funds, deemed application, previous year accumulation up to 15% etc., i.e. not from income of the prev. year] [S. No. B of Schedule EC]
Amount applied during the previous year‐ Revenue/ Capital Account (Repayment of Loan
Amount deemed to have been applied during the previous year as per clause (2) of Explanation to section 11(1)

*If (iv) above applicable, whether option in Form No.9A has been furnished to the Assessing Officer

*If yes, date of furnishing Form No. 9A (DD/MM/YYYY)

Amount accumulated or set apart for application to charitable or religious purposes or for the stated objects of the trust/ institution to the extent it does not exceed 15 per cent of income derived from property held in trust/ institution under section11(1)(a)/11(1)(b)or in terms of third proviso to section 10(23C) [restricted to the maximum of 15% of above for 12A/12AA above for 10(23C)(iv)/(v)/(vi)/(via)
Amount in addition to amount referred to in (iv) above, accumulated or set apart for specified purposes if all the conditions in section 11(2) and 11(5) or third provisotosection10(23C) are fulfilled (fill out Schedule I)
Amount eligible for exemption undersection 11(1)(c)

*Approval number given by the Board

*Date of approval by board

*Total. FY 2020-21 AY 2021-22 – Income Tax Return ITR 7 Form Structure.

Additions

In this item, please enter the amounts, which are required to be added back on account of non‐compliance of various provisions of the Act. Exemptions cannot be claimed against these additions.

Income chargeable under section 11(1B)
Income chargeable under section 11(3)
Income in respect of which exemption undersection 11 is not available

Being anonymous donation (Diii of Schedule VC)
Disallowable u/s 13(1)(c) or 13(1)(d) (including Part E of Schedule J)

4. Income chargeable under section 12(2)

5. Amount disallowable under section 11(1) r.w.s 40(a)(ia) or 10(23C) r.w.s 40(a)(ia)

Amount disallowable under section 11(1) r.w.s 40A(3)/(3A) or 10(23C) r.w.s 40A(3)/(3A)
Total

6. Amount eligible for exemption undersections 10(21),10(22B),10(23A), 10(23AAA),10(23B), 10(23EC),10(23ED), 10(23EE), 10(29A)

7. Amount eligible for exemption under section 10(23C)(iiiab), 10(23C)(iiiac), 10(23C)(iiiad), 10(23C)(iiiae), 10(23D), 10(23DA), 10(23FB), 10(24), 10(46), 10(47)

8. Amount eligible for exemption under any other clause of section 10 (otherthanthoseat8and9)

9. Income chargeable under section 11(3) read with section 10(21)

10. Income claimed/ exempt under section 13A in case of a Political Party

Income claimed/ exempt under section 13B in case of an Electoral Trust (item No. 6vii of Schedule ET)

11. Income not forming part of item No. 7 to 12 above:‐

12. In this item, please furnish the head wise break‐up of income which is not eligible for exemption for the previous year.

Income from house property[4ofScheduleHP] (enter nil if loss)
Profits and gains from business or profession[as per item No. D34 of Schedule BP]

*Income under the head Capital Gains

-Short term (A5 of schedule CG)

-Long term (B4 of schedule CG) (enter nil if loss )

-Total capital gains (enter nil if loss)

-Income from other sources [as per item No. 9 of Schedule OS]