#itr 7

It can be a difficult task to file Income Tax Return, especially while dealing with some specific forms like ITR 7. However, it is essential for the entities that fall under specific sections of the Income Tax Act to understand the complexities of this form. Lets discus about the complicated world of ITR 7 and simplify the process for you.

Understanding ITR 7

Target Audience: ITR 7 has been specifically customized for entities including companies, trusts, and associations who have been filed under sections 139(4A) to 139(4F) of the Income Tax Act.

Inclusivity: ITR 7 covers returns for trusts, political parties, charitable institutions, educational institutions, investment funds, and entities

Purpose: ITR 7 stands as a comprehensive platform for reporting income, claiming deductions, and making sure about the tax compliance for some of the specialized entities.

Different Sections of ITR 7

Part A: This section consists of general information about the entity including name, address, PAN, etc.

Part B: It includes the computation of total income & tax liability.

Part C: This sections consists of the details related to tax exemptions, deductions claimed, and taxes paid.

Part D: It includes the information about the entity’s balance sheet, profit and loss account, and other financial statements.

Verification: The last thing is declaration by the authorized signatory.

Filing Procedure

Preparation: Firstly, you have to gather all the relevant documents including financial statements, balance sheet, profit and loss account, and tax-related documents.

Form Completion: Then, you have to fill all the sections of ITR 7 carefully, making sure about accuracy & completeness.

Review: You should double check all the filled details to avoid the errors.

Submission: After that, you have to submit the filled form electronical via income tax e-filing portal.

Acknowledgement: After successful submission, you will get an acknowledgment receipt for your future reference.

Conclusion

Download Online ITR 7 Java Utility for AY 2014-15 & who can use ITR 7

CA Sandeep Kanoi

1. CBDT has on 03.07.2014  released Java Utility of ITR 7 for online filing of ITR-7 for Assessment Year 2014-15.

2. Who can use this Return Form?

This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). (more…)

Political Parties to File ITR-7 electronically under digital signature wef A.Y. 2014-15

CA Sandeep Kanoi

CBDT has vide Notification No.

Relevant Extract of Section 139(4B)

Section 139 (4B)The chief executive officer (whether such chief executive officer is known as Secretary or by any other designation) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this Act without…

An assessee is required to furnish a report of audit specified under sub-clause (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A,section 44AB, section 80-IA, section 80-IB, section 80-IC,…