ITR-7 Form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption as one the following :
- Charitable /Religious trust under Section 139 (4A)
- Political party under Section 139 (4B)
- Scientific research institutions under Section 139 (4C)
- University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D)
ITR 7 Form can be filed with the Income-tax Department in any of the following ways, –
(i) by furnishing the return electronically under digital signature;
(ii) by submitting the data in the return electronically under electronic verification code;
(iii) by submitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
However, a political party shall compulsorily furnish the return in the manner mentioned at (i) above. From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.
- Income tax login details
- Financials and P&L Account
- Any other information/documents as required
1. Allows carry forward of losses
2. Define financial worth
3. Loan Processing and high risk cover
4. Claim refund of TDS paid from salary
5. Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh
6. Taxpayers are often served notices from the IT department for delayed & missed return submissions.
7. Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
8. Most embassies and consulates require you to submit IT returns for the last 3 years
|Collect the information
||Review and make necessary changes
||Filing of ITR-7