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
- Â 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 30th September of the relevant AY. In other case, assessee’s are required to file their return within 31st 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.