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)
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.
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
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.
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.
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