Income Tax Return Filing ITR-7

ITR-7 Form Filing

ITR form-6 or ITR 6 means Income Tax return form. The companies will e-file the income tax return when it does not claim exemption under Section 11 of the Income Tax Act, 1961. In present, companies existing under this Income Tax rules and who are liable to claim exemption u/s 11 are the one who gain income from the charitable or religious purpose properties. The form is available online to download, that is from Official Income Tax website for free. No provision for offline to file ITR 6. This comprises of two parts such as part A and B.

ITR-7 is filed for causes other than individuals which including companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person fall under this category. The sections included are

PART B: CHARGEABLE INCOME TO TAX AND THE OUTLINE OF THE TOTAL INCOME AND TAX COMPUTATION OUTLINED UNDER THIS SECTION

Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.

Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.

Schedule-K: Statement of particulars regarding the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution

Schedule-LA: Details in case of a political party

Schedule-ET: Details in case of an Electoral Trust

Schedule AI: Aggregate of income derived during the year excluding voluntary contributions

Schedule EC: Amount applied to charitable or religious purposes in India – Capital Account

Schedule-HP: Computation of income under the head Income from House Property.

o Schedule-CG: Computation of income under the head Capital gains.

Schedule-OS: Computation of income under the head Income from other sources.

Schedule-VC: Details of Voluntary Contributions received

Schedule-OA: General information about business and profession

Schedule-BP: Computation of income under the head “profit and gains from business or profession

Schedule-CYLA: Statement of income after set off of current year’s losses

Schedule-MAT: Computation of Minimum Alternate Tax payable under section 115JB (n)

Schedule-MATC: Computation of tax credit under section 115JAA

Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC (p)

Schedule AMTC: Computation of tax credit under section 115JD

Schedule PTI: Pass through Income details from business trust or investment fund as per section 115UA, 115UB

Schedule-SI: Statement of income which is chargeable to tax at special rates

Schedule 115TD: Accreted income under section 115TD

Schedule FSI: Details of income accruing or arising outside India

Schedule TR: Details of Taxes paid outside India

Schedule FA: Details of Foreign Assets

ELIGIBILITY

It is a must and are to be filed by each person in receipt pattern for the income derived from the property under trust or other legal obligation specifically for section 139(4A). If the entire income does not exceed the maximum complimentary amount to income tax then it is categorised under 139 (4B). Also, filing of

• scientific research association ;
• news firm ;
• association referred to as in section 10(23A);
• institution referred to in section 10(23B);
• fund or institution or university or other educational institution or any hospital or other medical institution