The Income Tax Department of India issues Form ITR 7 forms for Trusts to file their income tax returns.
Persons including companies, who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4D) or section 139(4E) or section 139(4F) can use the Form ITR-7 to file their tax return.
This return form is divided into the following 3 parts:
Part A-GEN mainly seeks general information requiring furnishing of personal information like name and address, PAN number, date of creation, filing status, other details and audit details. The second part, i.e., Part-B is regarding an outline of the total income and tax computation in respect of income chargeable to tax. There are the following 25 schedules:
You can fill your Form ITR 7 as per the given guidelines:
As per the Income Tax Department, an assessee should follow the below-mentioned sequence while filing ITR:
You can file form ITR 7 online with the Income Tax Department in the below-mentioned ways:
Keep the following points in mind while filling up the verification document:
|Changes in ITR 7||Details|
|Penalty for late filing of ITR||A new field has been added where the late filers need to provide the details of late filing fees paid.|
|Capital gains as a result of transfer of unquoted shares||A new filed has been added for the taxpayers to provide information on unquoted shares in accordance with the amendment in the section 50CA of the Finance Act, 2017.|
|Reporting gifts||A field has been added to report the amount taxable as gift.|
|Credit of refund to foreign bank account||A field has been added where an NRI taxpayer can provide the details of a foreign bank account in which he wants the credit of the tax refund he wants to claim.|
|Reporting disallowance of expenses||A new field has been added to report disallowance of expenses in case of TDS default.|
|Claiming credit of TDS deducted in the name of another person||A new field has been added to facilitate the claim for TDS credit where the TDS was deducted in the name of another person or from a common pool or other similar situations.|
|Claiming relief under DTAA||The form now asks the taxpayer claiming relief as per DTAA to report more details like rate as per treaty, rate as per I-T Act and applicable rate etc.|
|Claiming exemption on capital gains||The taxpayers now need to provide more details in the form if they are claiming capital gains exemption.|
|Reporting remission or cessation of trading liability||New forms require separate reporting of remission or cessation of trading liability in case of income from other sources.|
|Reporting GST payments and refunds||New columns have been introduced in the ITR forms to report the details of GST paid and refunded.|
|Reporting cash donations||Political parties now need to report if they have received any cash donation in excess of Rs 2,000 in the form.|
|Change in applicability||A trust will now be required to provide the details of fresh registration in case its stated objects have changed.|
All these changes have been made by the tax department in the ITR form are aimed at making the assessment procedure online. Therefore, we can see that the department is seeking more and more information from the taxpayers to facilitate e-assessment.
Disclosure of ‘unexplained income’ and ‘dividend income’ in excess of Rs 10 lakh
Under ‘schedule OS,’ you are required to declare unexplained credit or investment and dividend received from domestic companies exceeding Rs 10 lakh.
Under the head ‘Audit Information,’ if the assessee is liable for audit u/s 44AB and the accounts have been audited by an accountant, then the details of such audit report along with the date of furnishing it (if filed before the return) to the department has to be filled.