Who can use ITR7 Form?

ITR 7 Form can be used by persons including companies who are required to furnish return under

• Section 139(4A) : Filing return by charitable/Religious trust
•  Section 139(4B) : Filing return by Political Party
• Section 139(4C) : Filing return by certain Institutions
• Section 139(4D) : Filing return by Scientific Research University

Now, let us know the detailed filing of returns under these above mentioned sections.

Sec 139(4A)

Where the total income of a charitable or religious trust or institution before exemption u/s 11 and 12 exceeds the maximum amount which is not chargeable to tax, then such trust or institution is required to furnish the return of income in ITR 7 within the time allowed u/s 139 (1).

It’s important to note that according to Sec.12A, exemption u/s 11 and 12 is available only where the trust or institution gets its account audited.

Sec 139(1) describes the due date of filing the return of income, which is as follows:

All the companies or firms & the persons whose accounts are required to be audited are duly required to file their return within 30^th September of the relevant AY. In other case, assessee’s are required to file their return within 31^st July of the relevant AY.

Sec 1394B)

Where the total income of a political party before exemption u/s 13A exceeds the maximum amount not chargeable to tax, then the chief executive officer of such political party shall required to furnish the return of income in ITR 7 within the prescribed due date.

In order to avail exemption u/s 13A, the account of a political party must be audited.

Sec 139(4C):

The following associations or institutions shall furnish their return of income in ITR 7 within the due date, if the total income before exemption u/s 10, exceeds the maximum amount not chargeable to tax.

• Scientific Research Association.

• News Agency.

• Professional Association/ Institution for control.

• Institution for development of Khadi and Village Industries.

• Fund, University or other educational institution.

• Hospital or other medical institution.

• Trade Union or Association.

Sec 139(4D):

The Scientific Research University/College/Institution are required to file their return of income in ITR 7 u/s Sec139 (4D).

Relevant to note:

If any person fails to furnish the return of income which he is required to furnish u/s 139(4A) or (4C) within time allowed, he shall be liable to penalty of Rs. 100 per day during which the default continues.