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Quick Filing Guide to ITR 7 by Well-known Gen IT Software

How to File ITR 7 Form

ITR 7 can be file by Any person including companies who are required to furnish return under section139(4A) or section139(4B) or section139(4C) or section 139(4D)

Important Points to Know While Furnishing the ITR-7

Why So Difficult to File ITR 7 Form?

The ITR 7 is much more different than the general ITR i.e. 1,2,3,4 etc as its schedule is not similar to these general IT forms. This ITR 7 return form is particularly filed by the trusts and institutions which is generally not filed on a common basis, therefore, making it hard to understand its filing requirements. The department brings multiple variances in the ITR 7 compared to other general ITR forms as it has been non-common to the assesses over its filing.

How to Make Easy Filing of ITR 7 by Gen IT Software?

View here easy steps of filing income tax return form 7 through Gen IT Software. The income tax software makes it simpler for the Indian chartered accountants and tax professionals

When the Taxpayer Claims the Exemption Under Section 11

The section under which the exemption is claimed must be chosen as section 11 inside the Schedule Part-A General

Step 1: Go to General Information – Select the section under which exemption is claimed

The registration information under section 12A/12AA must be furnished in the Schedule Part-A General.

Step 2: Go to General Information – Fill Details of “Details of registration or approval under Income Tax Act”

Taxpayers income must be reported in the Schedule-AI and/or Schedule-VC

Step 3: Go to Application of Fund – Aggregate of Income Referred – Enter Details

Note: The donation income must be reported in schedule-VC (Voluntary contribution) and income excluding the donation must be furnished in schedule AI.

Step 4: The revenue expenditure must be disclosed in the schedule-ER.

Step 5: The capital expenditure must be disclosed in schedule-EC.

Exemption u/s 11(1A) Claimed in Schedule EC Not Exceed the Net Consideration Reported in the Schedule-AI.

Majors Points Need to be Recognised:

Significant Errors During ITR FIling

  1. The taxpayer is claiming for the exemption however could not furnish the registration or the approval details in the scheduled part-A General.
  2. Assessee registered u/s 12A/12AA however he does not file the Audit Report in Form 10B in the given time.
  3. The wrong report was furnished by the taxpayer i.e.the taxpayer is registered u/s 12A/12AA but Audit Report is filed in Form 10BB instead of Form 10B.
  4. The taxpayer is subjected to furnish the Form 9A however he does not file the Form 9A in the due date u/s 139(1) – Exemption claimed does not permit.
  5. The exemption beneath section 11(2) for accumulation is claimed however Form 10 and the income return not furnished within the due date as provided u/s 139(1)

Audit Report E-filing Form 10B Under IT

Under section 12A(1)(b) of the income tax act (up to the assessment year 2019-20) when the sum of income of the trust or the institutions is more than the basic slab and these trusts or institutions is subjected to the audit and to file the Form 10B including the return. (from the assessment year 2020-21) act gets revised from the Assessment year 2020-21). Under section 12A(1)(b) r.w.s. 44AB audit report in Form 10B would be furnished one month before the last date of filing the return of the income beneath sub-section 1 of section 139.

View and Download Form ITR 7 in PDF Format

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