ITR-7 Form – Frequently Asked Questions

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  • Last Updated on 8 April, 2021

Persons including companies that are required to furnish Income-tax return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) shall furnish the return of income under the Income-tax Act, 1961 in Form ITR-7. 

Who are required to furnish return under section 139(4A) of Income Tax Act, 1961?

If the total income in respect of the following assessees exceeds the maximum amount which is not chargeable to tax, the return of income shall be furnished in form ITR- 7 under section 139(4A) of Income Tax Act, 1961 by:  – Every person who receives income from property held under trust or other legal obligation wholly for charitable or religious purpose or in part only for such purposes. – Trust or institution, created wholly or partly for charitable or religious purpose, that receives income by way of voluntary contributions.

Who are required to furnish return under section 139(4B) of Income Tax Act, 1961?

If the total income of Chief Executive Officers of political party in case total income in respect of which the political party is assessable exceeds the maximum amount which is not chargeable to tax without giving effect to the provisions of section 13A, the return of income shall be furnished in form ITR- 7 under section 139(4B) of Income Tax Act, 1961.

Who are required to furnish return under section 139(4C) of Income Tax Act, 1961?

If the total income in respect of the following exceeds the maximum amount which is not chargeable to tax without giving effect to the provisions of section 10, the return of income shall be furnished in form ITR- 7 under section 139(4C) of Income Tax Act, 1961:

  • Research Associations
  • News agency
  • Association or institution referred to in section 10(23A)
  • Persons referred to in section 10(23AAA)
  • Institutions referred to in section 10(23B)
  • Fund or institution or university or other educational or any hospital or other medical institution
  • Mutual funds
  • Securitisation trust
  • Investors protection fund
  • Core settlement guarantee
  • Venture capital company or venture capital fund
  • Trade unions
  • Board or authority referred to in section 10(29A)
  • Body or authority or board or trust or commission (by whatever name called) referred to in section 10(46)
  • Infrastructure debt fund

Who are required to furnish return under section 139(4D) of Income Tax Act, 1961?

Every university, college or other institution, which is not required to file return under any other provision of section 139, shall be required to furnish income tax return in form ITR- 7 under section 139(4D) of Income Tax Act, 1961.

Who are required to furnish return under section 139(4E) of Income Tax Act, 1961?

Every business trust, which is not required to file return under any other provision of section 139, shall be required to furnish income tax return in form ITR- 7 under section 139(4E) of Income Tax Act, 1961.

Who are required to furnish return under section 139(4F) of Income Tax Act, 1961?

Every investment fund referred to in section 115 UB, which is not required to file return under any other provision of section 139, shall be required to furnish income tax return in form ITR- 7 under section 139(4F) of Income Tax Act, 1961.

Mandatory Provisions for furnishing return of income in Form ITR-7 for AY 2018-19:

1. E-filing of return is mandatory. 2. For the purpose of verification of return of income in form ITR- 7, Digital Signature is mandatory in case of Political Parties. However, in other cases, the following options are also available for verification:

  • e-verification through Aadhar OTP
  • e-verification through net banking ifthe bank account is linked with mobile number
  • e-verification through email OTP or mobile OTP if assessee has income below Rs. 5 Lacs
  • physical verification by sending the signed ITR-V through post at CPC, Bengaluru

 

Author Bio: Radhika Daga is a CA Final student. Connect with her on Linkedin @www.linkedin.com/in/radhikadaga.   Related Articles:

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