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:
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.