{"id":13138,"date":"2020-09-18T18:34:43","date_gmt":"2020-09-18T13:04:43","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=13138"},"modified":"2020-09-18T18:34:51","modified_gmt":"2020-09-18T13:04:51","slug":"form-itr-7","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/","title":{"rendered":"Form ITR 7: A Comprehensive Guide on This Income Tax Return"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The term \u201c<strong><em>Form ITR 7<\/em><\/strong>\u201d denotes an <strong><em>Income\nTax Return<\/em><\/strong> that is filed by all the <strong><em>companies<\/em><\/strong> and <strong><em>entities<\/em><\/strong>\nwhich are claiming exemption under section <strong><em>139(4A), 139(4B), 139(4C),<\/em><\/strong> and <strong><em>139(4D)\n<\/em><\/strong>of the <strong><em>Income Tax Act 1961<\/em><\/strong>.<\/p>\n\n\n\n<p>In this blog, we will discuss the concept of \u201c<strong><em>Form\nITR 7<\/em><\/strong>\u201d, together with the <strong><em>changes<\/em><\/strong> made and the <strong><em>procedure\nfor filing it<\/em><\/strong>. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a85830e2bc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a85830e2bc\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Meaning_of_Income_Tax_Return\" title=\"Meaning of Income Tax Return\">Meaning of Income Tax Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Brief_Analysis_of_ITR_Forms_1_to_6\" title=\"Brief Analysis of ITR Forms 1 to 6\">Brief Analysis of ITR Forms 1 to 6<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Form_ITR_1\" title=\"Form ITR 1\">Form ITR 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Form_ITR_2\" title=\"Form ITR 2\">Form ITR 2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Form_ITR_3\" title=\"Form ITR 3\">Form ITR 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Form_ITR_4\" title=\"Form ITR 4\">Form ITR 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Form_ITR_5\" title=\"Form ITR 5\">Form ITR 5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Form_ITR_6\" title=\"Form ITR 6\">Form ITR 6<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Who_is_Eligible_to_File_Form_ITR_7\" title=\"Who is Eligible to File Form ITR 7?\">Who is Eligible to File Form ITR 7?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Who_cannot_File_Form_ITR_7\" title=\"Who cannot File Form ITR 7?\">Who cannot File Form ITR 7?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Due_Dates_of_Filing_Form_ITR_7\" title=\"Due Dates of Filing Form ITR 7\">Due Dates of Filing Form ITR 7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Changes_Made_in_Form_ITR_7_for_the_AY_2020-2021\" title=\"Changes Made in Form ITR 7 for the A.Y. 2020-2021\">Changes Made in Form ITR 7 for the A.Y. 2020-2021<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Addition_of_4_New_Declarations\" title=\"Addition of 4 New Declarations\">Addition of 4 New Declarations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Introduction_of_Schedule_PTI\" title=\"Introduction of Schedule PTI\">Introduction of Schedule PTI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Removal_of_2_Points\" title=\"Removal of 2 Points\">Removal of 2 Points<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Addition_of_New_Point_under_Part_B\" title=\"Addition of New Point under Part B\">Addition of New Point under Part B<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Separate_Disclosures_for_NRI\" title=\"Separate Disclosures for NRI\">Separate Disclosures for NRI<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Structure_of_Form_ITR_7\" title=\"Structure of Form ITR 7\">Structure of Form ITR 7<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Part_A\" title=\"Part A\">Part A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Part_B\" title=\"Part B\">Part B<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Schedules\" title=\"Schedules\">Schedules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Verification\" title=\"Verification\">Verification<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Modes_of_Filing_Form_ITR_7\" title=\"Modes of Filing Form ITR 7\">Modes of Filing Form ITR 7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Process_to_Download_Form_ITR_7\" title=\"Process to Download Form ITR 7\">Process to Download Form ITR 7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Procedure_to_file_Form_ITR_7\" title=\"Procedure to file Form ITR 7\">Procedure to file Form ITR 7<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Offline_Process_to_File_Form_ITR_7\" title=\"Offline Process to File Form ITR 7\">Offline Process to File Form ITR 7<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#What_are_the_Modes_of_Filing_Form_ITR_7_offline\" title=\"What are the\nModes of Filing Form ITR 7 offline?\">What are the\nModes of Filing Form ITR 7 offline?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Who_can_File_ITR_7_offline\" title=\"Who can File ITR 7\noffline?\">Who can File ITR 7\noffline?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Online_Procedure\" title=\"Online Procedure\">Online Procedure<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Who_can_File_ITR_7_online\" title=\"Who can File ITR 7\nonline?\">Who can File ITR 7\nonline?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#How_to_File_ITR_7_online\" title=\"How to File ITR 7 online?\">How to File ITR 7 online?<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Download_the_E-Form\" title=\"Download the\nE-Form\">Download the\nE-Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Fill_in_the_Details\" title=\"Fill in the Details\">Fill in the Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Verification_of_Form\" title=\"Verification of\nForm\">Verification of\nForm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Submit_the_Tax_Return\" title=\"Submit the Tax\nReturn\">Submit the Tax\nReturn<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-7\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_Income_Tax_Return\"><\/span>Meaning of Income Tax Return<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>legal document<\/em><\/strong> in which a <strong><em>taxpayer\nor assessee<\/em><\/strong> <strong><em>informs<\/em><\/strong> the government and income tax department about the <strong><em>income\nearned<\/em><\/strong> by him\/her in a <strong><em>financial year<\/em><\/strong> is known as <strong><em>Income\nTax Return<\/em><\/strong>. <\/p>\n\n\n\n<p>Further, it is a <strong><em>yearly<\/em><\/strong> affair. That means\nthe taxpayer needs to <strong><em>furnish the details<\/em><\/strong> of his\/her <strong><em>income\nearned<\/em><\/strong> before the set deadline, i.e., <strong><em>31<sup>st<\/sup> July<\/em><\/strong> of\nevery year. However, due to the <strong><em>COVID-19 pandemic<\/em><\/strong>, the <strong><em>due\ndates<\/em><\/strong> of <strong><em>filing ITR<\/em><\/strong> for the <strong><em>Assessment Year 2020-2021<\/em><\/strong> has been\nextended to <strong><em>31.08.2020 and 30.11.2020<\/em><\/strong>.<\/p>\n\n\n\n<p>Moreover, there are <strong><em>different ITRs<\/em><\/strong> forms available for <strong><em>different individuals<\/em><\/strong> and <strong><em>businesses<\/em><\/strong>, and the <strong><em>process of filing Tax Return<\/em><\/strong> is known as <strong><em><a href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\">Income Tax Return Filing<\/a><\/em><\/strong>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brief_Analysis_of_ITR_Forms_1_to_6\"><\/span>Brief Analysis of ITR Forms 1 to 6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Brief-Analysis-of-ITR-Forms-1-to-6-1024x768.png\" alt=\"Brief Analysis of ITR Forms 1 to 6\" class=\"wp-image-13140\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Brief-Analysis-of-ITR-Forms-1-to-6-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Brief-Analysis-of-ITR-Forms-1-to-6-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Brief-Analysis-of-ITR-Forms-1-to-6-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Brief-Analysis-of-ITR-Forms-1-to-6.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>brief analysis<\/em><\/strong> of <strong><em>ITR\nForms<\/em><\/strong> <strong><em>1 to 6<\/em><\/strong> can be summarised as:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_ITR_1\"><\/span>Form ITR 1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em>Form ITR 1<\/em><\/strong>\u201d means an <strong><em>Income Tax Return<\/em><\/strong> or <strong><em>ITR t<\/em><\/strong>hat is filed by the individuals who are <strong><em>Resident other than Not Ordinarily Resident<\/em><\/strong> (RNOR) and are having an annual income of <strong><em>Rs 50 lacs<\/em><\/strong>. Further, the other name for <strong><em><a href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-1-sahaj-form\/\">Form ITR 1<\/a><\/em><\/strong> is <strong><em>Sahaj<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_ITR_2\"><\/span>Form ITR 2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em><a href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-2\/\">Form ITR 2<\/a><\/em><\/strong>\u201d means an ITR or Tax Return that is filed by the <strong><em>HUFs<\/em><\/strong> (Hindu Undivided Families) and <strong><em>Individuals<\/em><\/strong> who are <strong><em>not earning income<\/em><\/strong> under the head of <strong><em>Profit and Gain from Business or Profession <\/em><\/strong>(PGBP). <\/p>\n\n\n\n<p>Further, this tax return is <strong><em>not\napplicable to<\/em><\/strong> the <strong><em>individuals<\/em><\/strong> who are furnishing <strong><em>Form\nITR 1<\/em><\/strong> or <strong><em>Sahaj<\/em><\/strong> for their <strong><em>Income Declaration<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_ITR_3\"><\/span>Form ITR 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em><a href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-3\/\">Form ITR 3<\/a><\/em><\/strong>\u201d means an <strong><em>ITR or Tax Return<\/em><\/strong> that is filed by the <strong><em>HUFs<\/em><\/strong> (Hindu Undivided Families) and <strong><em>Individuals<\/em><\/strong> who are not <strong><em>generating income<\/em><\/strong> from the <strong><em>Profit and Gain from Business or Profession <\/em><\/strong>(PGBP). <\/p>\n\n\n\n<p>Further, this tax return is <strong><em>not\napplicable to<\/em><\/strong> the <strong><em>individuals<\/em><\/strong> who are furnishing <strong><em>Form\nITR 2<\/em><\/strong> with the Income Tax Department for their <strong><em>Income Declaration<\/em><\/strong>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_ITR_4\"><\/span>Form ITR 4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em><a href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-4-sugam-form\/\">Form ITR 4<\/a><\/em><\/strong>\u201d means an <strong><em>ITR or Tax Return<\/em><\/strong> that is filed by a taxpayer, who is falling under the domain of \u201c<strong><em>Presumptive Income Scheme<\/em><\/strong>\u201d, mentioned under <strong><em>section 44AD<\/em><\/strong>, section <strong><em>44ADA<\/em><\/strong>, and <strong><em>section 44E<\/em><\/strong> of the Income Tax Act 1961. Further, the other name for <strong><em>Form ITR 4<\/em><\/strong> is <strong><em>Sugam.<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_ITR_5\"><\/span>Form ITR 5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em><a href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-5\/\">Form ITR 5<\/a><\/em><\/strong>\u201d means an <strong><em>ITR or Tax Return<\/em><\/strong> that is <strong><em>filed<\/em><\/strong> by a taxpayer, who is neither <strong><em>filing ITR 7<\/em><\/strong> <strong><em>Form <\/em><\/strong>nor furnishing <strong><em>any return<\/em><\/strong> under the provision of section <strong><em>139 (4A)<\/em><\/strong>, <strong><em>139 (4B)<\/em><\/strong>, <strong><em>139 (4C)<\/em><\/strong>, or <strong><em>139 (4D)<\/em><\/strong>.<\/p>\n\n\n\n<p>Further, <strong><em>all<\/em><\/strong> the <strong><em>Heads\nof Income<\/em><\/strong> except the <strong><em>income<\/em><\/strong> stated under <strong><em>section\n11<\/em><\/strong> of the <strong><em>Income Tax Act 1961<\/em><\/strong> are covered under this Tax Return.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_ITR_6\"><\/span>Form ITR 6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><a href=\"https:\/\/swaritadvisors.com\/learning\/form-itr-6\/\">Form ITR 6<\/a><\/strong>\u201d means an <strong><em>ITR or Tax Return <\/em><\/strong>that is filed by the companies which are <strong><em>not eligible for exemption<\/em><\/strong> under the provisions of <strong><em>section 11<\/em><\/strong> of the <strong><em>Income Tax Act 1961<\/em><\/strong>. Further, this section deals with the <strong><em>income from property<\/em><\/strong> held for <strong><em>Charitable<\/em><\/strong> and <strong><em>Religious Purposes<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_Eligible_to_File_Form_ITR_7\"><\/span>Who is Eligible to File Form ITR 7?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"597\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-is-Eligible-to-File-Form-ITR-7-1024x597.png\" alt=\"Eligiblity to File Form ITR 7\" class=\"wp-image-13141\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-is-Eligible-to-File-Form-ITR-7-1024x597.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-is-Eligible-to-File-Form-ITR-7-300x175.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-is-Eligible-to-File-Form-ITR-7-768x448.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Who-is-Eligible-to-File-Form-ITR-7.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The ones who are eligible to <strong><em>file Form ITR 7<\/em><\/strong> are as\nfollows:<\/p>\n\n\n\n<ol><li>Company;<\/li><li>Trust;<\/li><li>Firm;<\/li><li>AOP (Association\nof Person);<\/li><li>Local Authority;<\/li><li>Artificial\nJudicial Person;<\/li><\/ol>\n\n\n\n<p>However, such <strong><em>entities <\/em><\/strong>can fill this Tax Return\nonly if the same is <strong><em>eligible to claim an exemption <\/em><\/strong>under the provisions of section <strong><em>139(4A),\n139(4B), 139(4C),<\/em><\/strong> and <strong><em>139(4D) <\/em><\/strong>of the <strong><em>Income Tax Act 1961. <\/em><\/strong><\/p>\n\n\n\n<p>Further, the individuals whose income are exempt\nunder the provision of <strong><em>section 10<\/em><\/strong> and is not filing any\nreturn under <strong><em>section 139<\/em><\/strong> can <strong><em>file this ITR<\/em><\/strong> as well. The list of\nsuch individuals is as follows:<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>S.no<\/strong>\n  <\/td><td><strong>Category of persons<\/strong>   <\/td><td><strong>Exempt under Section<\/strong>   <\/td><\/tr><tr><td>1. <\/td><td>Local Authority;   <\/td><td>Section 10 (20)   <\/td><\/tr><tr><td>2.<\/td><td>Regimental Fund or Non Public Fund created by the Armed forces of the Union;   <\/td><td>Section 10 (23 AA)   <\/td><\/tr><tr><td>3.<\/td><td>Fund, by whatever name called, established by the LIC&nbsp;Life Insurance   Corporation of India on or after the 01.08.1996, or by any other insurer;   <\/td><td>Section 10 (23 AAB)   <\/td><\/tr><tr><td>4.<\/td><td>Authority (whether called as the KVIC (Khadi and Village Industries Board) or by any other name);   <\/td><td>Section 10 (23 BB)   <\/td><\/tr><tr><td>5.<\/td><td>Body or any Authority;   <\/td><td>Section 10 (23 BBA)   <\/td><\/tr><tr><td>6.<\/td><td>SAARC Fund for the Regional Projects established by the Colombo Declaration;   <\/td><td>Section 10 (23 BBC)   <\/td><\/tr><tr><td>7.<\/td><td>IRDA (Insurance Regulatory and Development Authority);    <\/td><td>Section 10 (23 BBE)   <\/td><\/tr><tr><td>8.<\/td><td>CERC (Central Electricity   Regulatory Commission);   <\/td><td>Section 10 (23 BBG)   <\/td><\/tr><tr><td>9.<\/td><td>Prasar Bharati;   <\/td><td>Section 10 (23 BBH)   <\/td><\/tr><tr><td>10.<\/td><td>Prime Minister National Relief   Fund   <\/td><td>Section 10 (23C) (i)   <\/td><\/tr><tr><td>11.<\/td><td>Prime Minister Fund for Promotion   of Folk Art;   <\/td><td>Section 10 (23C) (ii)   <\/td><\/tr><tr><td>12.<\/td><td>Prime Minister Aid to the Students   Fund;   <\/td><td>Section 10 (23C) (iii)   <\/td><\/tr><tr><td>13.<\/td><td>National Foundation for the Communal   Harmony   <\/td><td>Section 10 (23C) (iiia)   <\/td><\/tr><tr><td>14.<\/td><td>Swachh Bharat Kosh   <\/td><td>Section 10 (23C) (iiiaa)   <\/td><\/tr><tr><td>15.<\/td><td>Clean Ganga Fund   <\/td><td>Section 10 (23C) (iiiaaa)   <\/td><\/tr><tr><td>16.<\/td><td>Provident fund on which the provisions of the Provident Funds Act, 1925 applies;   <\/td><td>Section 10 (25) (i)   <\/td><\/tr><tr><td>17.<\/td><td>Recognized Provident Fund (RPF);   <\/td><td>Section 10 (25) (ii)   <\/td><\/tr><tr><td>18.   <\/td><td>Approved Superannuation Funds (SF);   <\/td><td>Section 10 (25) (iii)   <\/td><\/tr><tr><td> 19.   <\/td><td>Approved Gratuity Fund;   <\/td><td>Section 10 (25) (iv)   <\/td><\/tr><tr><td>  20.   <\/td><td>Other funds specified in the sub-clause (v) of section 10 (25);   <\/td><td>Section 10 (25) (v)   <\/td><\/tr><tr><td>  21.   <\/td><td>Employees State Insurance Fund (ESIF)   <\/td><td>Section 10 (25A)   <\/td><\/tr><tr><td>   22.   <\/td><td>Agricultural Produce Marketing Committee (APMC);   <\/td><td>Section 10 (26AAB)   <\/td><\/tr><tr><td>23.   <\/td><td>Corporation, a body of individuals, institution or association or person established for promoting the interests   of members belonging to the Scheduled Castes (SC) or Scheduled Tribes (ST) or backward classes (OBC);   <\/td><td>Section 10 (26B)   <\/td><\/tr><tr><td> 24.  <\/td><td>Corporation established for   promoting the interests of the members belonging to the minority community   <\/td><td>Section 10 (26BB)   <\/td><\/tr><tr><td>  25   <\/td><td>Corporation established for the welfare and economic upliftment of ex-servicemen;   <\/td><td>Section 10 (26BBB)   <\/td><\/tr><tr><td>  26   <\/td><td>NPS (New Pension System) Trust   <\/td><td>Section 10 (44)   <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_cannot_File_Form_ITR_7\"><\/span>Who cannot File Form ITR 7?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any <strong><em>company<\/em><\/strong> or <strong><em>entity<\/em><\/strong> which is not\nclaiming exemption under section <strong><em>139(4A), 139(4B), 139(4C),<\/em><\/strong> and <strong><em>139(4D)\n<\/em><\/strong>of the <strong><em>Income Tax Act 1961<\/em><\/strong> cannot <strong><em>file Form ITR 7<\/em><\/strong> with the Tax\nAuthorities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_Dates_of_Filing_Form_ITR_7\"><\/span>Due Dates of Filing Form ITR 7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The due dates for filing <strong><em>Form\nITR 7<\/em><\/strong> depends upon the <strong><em>Audit of the Company\u2019s Account<\/em><\/strong>. The\ntax assessee who needs to <strong><em>get his\/her audit<\/em><\/strong> can file a tax\nreturn till <strong><em>31.10.2020<\/em><\/strong>. However, the individuals who <strong><em>do not need <\/em><\/strong>to <strong><em>get\ntheir account audit<\/em><\/strong> can file ITR till <strong><em>30.11.2020<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Changes_Made_in_Form_ITR_7_for_the_AY_2020-2021\"><\/span>Changes Made in Form ITR 7 for the A.Y. 2020-2021<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Changes-Made-in-Form-ITR-7-for-the-A.Y-1024x768.png\" alt=\"Changes Made in Form ITR 7\" class=\"wp-image-13142\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Changes-Made-in-Form-ITR-7-for-the-A.Y-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Changes-Made-in-Form-ITR-7-for-the-A.Y-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Changes-Made-in-Form-ITR-7-for-the-A.Y-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Changes-Made-in-Form-ITR-7-for-the-A.Y.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The changes made in <strong><em>Form ITR 7<\/em><\/strong> for the <strong><em>A.Y.\n2020-2021<\/em><\/strong> are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Addition_of_4_New_Declarations\"><\/span>Addition of 4 New Declarations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <strong><em>Central Government<\/em><\/strong> and the <strong><em>Income\nTax Department<\/em><\/strong> have <strong><em>introduced 4 new declarations<\/em><\/strong> under\nthe head of <strong><em>Basic Information<\/em><\/strong> for the <strong><em>A.Y. 2020-2021<\/em><\/strong>. These declarations\nare mentioned under \u201c<strong><em>Details of Registration or Approval under\nthe IT Act<\/em><\/strong>\u201d. <\/p>\n\n\n\n<p><strong>Further, the declarations introduced are as follows:<\/strong><\/p>\n\n\n\n<ol><li>Whether\nApplication for Registration is made according to New Provisions;<\/li><li>Sections under\nwhich the Registration or Approval is applied;<\/li><li>The date on\nwhich the Application for Approval or Registration is made as per new provisions;\nand<\/li><li>Sections of Exemption\nopted for under the new regulations and provisions;<\/li><\/ol>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"656\" height=\"186\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-25.png\" alt=\"Addition of 4 New Declarations\" class=\"wp-image-13145\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-25.png 656w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-25-300x85.png 300w\" sizes=\"(max-width: 656px) 100vw, 656px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Schedule_PTI\"><\/span>Introduction of Schedule PTI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This&nbsp;<strong><em>newly\nintroduced schedule, named PTI,<\/em><\/strong>&nbsp;will include the details and\ninformation mentioned as follows:<\/p>\n\n\n\n<ol><li><strong><em>Investments<\/em><\/strong>&nbsp;made\nunder&nbsp;<strong><em>section 115UA&nbsp;<\/em><\/strong>and&nbsp;<strong><em>115UB<\/em><\/strong>;<\/li><li><strong><em>Classification of Income<\/em><\/strong>&nbsp;as\nfollows:<\/li><li>Current Year\u2019s Income;<\/li><li>Share and Portion in the Current Year\u2019s\nLoss distributed by the Investment Fund; and<\/li><li>Net Income or Loss;<\/li><\/ol>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"600\" height=\"307\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-26.png\" alt=\"Schedule PTI\" class=\"wp-image-13146\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-26.png 600w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-26-300x154.png 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"598\" height=\"298\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-27.png\" alt=\"Schedule PTI\" class=\"wp-image-13147\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-27.png 598w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-27-300x149.png 300w\" sizes=\"(max-width: 598px) 100vw, 598px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Removal_of_2_Points\"><\/span>Removal of 2 Points<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As per the amended <strong><em>form ITR 7<\/em><\/strong>, two points\nhave been removed from <strong><em>PART B (Total Income)<\/em><\/strong>. The points\nremoved are as follows:<\/p>\n\n\n\n<ol><li>Deduction under\nsection 10 AA;<ol><li>Corpus\ndonation made to other trust or institution chargeable according to Explanation\n2 to section 11(1);<\/li><\/ol><\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Addition_of_New_Point_under_Part_B\"><\/span>Addition of New Point under Part B<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As per the amended <strong><em>form ITR 7<\/em><\/strong>, a new point\nhas been in <strong><em>Part B<\/em><\/strong> under the tab \u201c<strong><em>Computation of Tax Liability on Total Income\u201d<\/em><\/strong>.\nThe point added is as follows:<\/p>\n\n\n\n<ol><li>Net\ntax payable on 115 TD income including interest under section 115 TE;<\/li><\/ol>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"656\" height=\"82\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-28.png\" alt=\"Point under Part B\" class=\"wp-image-13148\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-28.png 656w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-28-300x38.png 300w\" sizes=\"(max-width: 656px) 100vw, 656px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Separate_Disclosures_for_NRI\"><\/span>Separate Disclosures for NRI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As\nper the&nbsp;<strong><em>new ITR form 7<\/em><\/strong>, the&nbsp;<strong><em>applicant\nor taxpayer<\/em><\/strong>&nbsp;who is a Non Resident Indian or NRI and is&nbsp;<strong><em>not\nhaving<\/em><\/strong>&nbsp;any&nbsp;opened <strong><em>Bank Account in India<\/em><\/strong>,\nbut wished to&nbsp;<strong><em>claim a refund of the Income Tax paid<\/em><\/strong>,\nrequires to&nbsp;<strong><em>submit<\/em><\/strong>&nbsp;the&nbsp;<strong><em>details<\/em><\/strong>&nbsp;and&nbsp;<em><strong>information<\/strong><\/em>&nbsp;as\nfollows:<\/p>\n\n\n\n<ol><li>Name of the concerned Bank;<\/li><li>Name of the Country;<\/li><li>SWIFT Code; and<\/li><li>IBAN (International Bank Account Number);<\/li><\/ol>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"641\" height=\"167\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-29.png\" alt=\"Disclosures for NRI\" class=\"wp-image-13149\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-29.png 641w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/image-29-300x78.png 300w\" sizes=\"(max-width: 641px) 100vw, 641px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Structure_of_Form_ITR_7\"><\/span>Structure of Form ITR 7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Structure-of-Form-ITR-7-1024x768.png\" alt=\"Form ITR 7\" class=\"wp-image-13143\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Structure-of-Form-ITR-7-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Structure-of-Form-ITR-7-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Structure-of-Form-ITR-7-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Structure-of-Form-ITR-7.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p><strong>The structure of <\/strong><em><strong>Form ITR 7<\/strong><\/em><strong> is divided into 4 parts which can be summarised as:<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_A\"><\/span>Part A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Part A of the tax return deals with\nthe Basic Personal Information of the Taxpayer or Assessee. Further, the same\nhas been made compulsory by the Income Tax Department from the A.Y. 2019-2020. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_B\"><\/span>Part B<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This section of the Form includes the details\nregarding the Total Income and Tax Computation of the Taxpayer income liable\nfor taxation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Schedules\"><\/span>Schedules<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>In total, there are <\/strong><em><strong>23 schedules<\/strong><\/em><strong> which are as follows:<\/strong><\/p>\n\n\n\n<ol><li><strong>Schedule I:<\/strong>&nbsp;Details of the amount\naccumulated or set apart within the meaning of section 11 (2) in the last year,\ni.e., previous years are relevant to calculate current assessment year;<\/li><li><strong>Schedule J:<\/strong>&nbsp;Statement showcasing the\ninvestment of all funds made by the Institution or Trust as on the last day of\nthe previous financial year;<\/li><li><strong>Schedule K:<\/strong>&nbsp;Statement showcasing the\nParticulars of the Author(s), Founder(s), Trustee(s), Manager(s), etc. of the Institution\nor Trust;<\/li><li><strong>Schedule LA:<\/strong>&nbsp;Details in the case of a\nPolitical Party;<\/li><li><strong>Schedule ET:<\/strong>&nbsp;Details in the case of an\nElectoral Trust;<\/li><li><strong>Schedule AI:<\/strong>&nbsp;Aggregate of the income\nderived during the financial year excluding the voluntary contributions;<\/li><li><strong>Schedule ER:<\/strong>&nbsp;Amount applied to the charitable\nor religious purposes in India in the Revenue Account;<\/li><li><strong>Schedule EC:<\/strong>&nbsp;Amount applied to the charitable\nor religious purposes in India in the Capital Account;<\/li><li><strong>Schedule HP:<\/strong>&nbsp;Computation of the Income earned\nunder the head of Income from House Property;<\/li><li><strong>Schedule CG:<\/strong>&nbsp;Computation of the Income\nunder the head of Capital gains;<\/li><li><strong>Schedule OS:<\/strong>&nbsp;Computation of the Income\nunder the head of Income from Other Sources;<\/li><li><strong>Schedule VC:<\/strong>&nbsp;Details of the Voluntary\nContributions received;<\/li><li><strong>Schedule\nOA:<\/strong>&nbsp;General Information about the Business and Profession;<\/li><li><strong>Schedule BP:<\/strong>&nbsp;Computation of the Income\nunder the head of PGBP (Profit and Gains from Business or Profession);<\/li><li><strong>Schedule CYLA:<\/strong>&nbsp;Statement of the income earned\nafter set off of the current year losses;<\/li><li><strong>Schedule MAT:<\/strong>&nbsp;Computation of the MAT (Minimum\nAlternate Tax) payable under section 115 JB (n);<\/li><li><strong>Schedule MATC:<\/strong>&nbsp;Computation of the Tax Credit\nunder section 115 JAA;<\/li><li><strong>Schedule AMT:<\/strong>&nbsp;Computation of the AMT (Alternate\nMinimum Tax) payable under section 115 JC (p);<\/li><li><strong>Schedule AMTC:<\/strong>&nbsp;Computation of the Tax Credit\nunder section 115 JD;<\/li><li><strong>Schedule PTI:<\/strong>&nbsp;Pass through Income information\nand details from the business trust or investment fund according to section 115\nUA, 115;<\/li><li><strong>Schedule SI:<\/strong>&nbsp;Statement of the Income earned,\nwhich is chargeable to tax at a special rate;<\/li><li><strong>Schedule 115 TD:<\/strong>&nbsp;Accreted income under section\n115 TD;<\/li><li><strong>Schedule\nFSI:<\/strong>&nbsp;Details and Information of the income accruing or\narising from anywhere outside India;<\/li><li><strong>Schedule TR:<\/strong>&nbsp;Details of the Taxes paid\noutside India;<\/li><li><strong>Schedule FA:<\/strong>&nbsp;Details of the Foreign Assets;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Verification\"><\/span>Verification<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This section of <strong><em>Form ITR 7<\/em><\/strong> deals with the <strong><em>declaration<\/em><\/strong>\nthat whatever the <strong><em>information is filed,<\/em><\/strong> the <strong><em>taxpayer or assessee<\/em><\/strong> is the best of\nhis <strong><em>knowledge\nand understanding<\/em><\/strong>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Modes_of_Filing_Form_ITR_7\"><\/span>Modes of Filing Form ITR 7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>different modes<\/em><\/strong> of <strong><em>filing\nForm ITR 7<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li>By submitting it\nin the Physical Paper Format. However, this method is not used widely these\ndays;<\/li><li>By submitting\nthe same under DSC (Digital Signature Certificate). This is mandatory for all\nthe Political Parties;<\/li><li>&nbsp;By submitting a Bar-code Return;<\/li><li>By submitting\nthe data electronically and then furnishing the E-verification of the Return in\nthe form Return ITR V;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_to_Download_Form_ITR_7\"><\/span>Process to Download Form ITR 7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A\nTaxpayer or assessee can easily download&nbsp;<em><strong>Form ITR 7<\/strong><\/em>&nbsp;from\nthe&nbsp;<em><strong>official portal<\/strong><\/em>&nbsp;of the&nbsp;<em><strong>Income Tax\nDepartment<\/strong><\/em>. The reason behind the same is that there are&nbsp;<em><strong>no\noffline tools<\/strong><\/em>&nbsp;offered by the&nbsp;<em><strong>IT Department<\/strong><\/em>&nbsp;to\nfile&nbsp;<em><strong>Form ITR 7<\/strong><\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_to_file_Form_ITR_7\"><\/span>Procedure to file Form ITR 7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There\nare&nbsp;<strong><em>2&nbsp;different&nbsp;modes through which a taxpayer or assessee\ncan file Form ITR&nbsp;7<\/em><\/strong>, which are as follows:<\/p>\n\n\n\n<ol><li>Online Procedure;<\/li><li>Offline Procedure;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Offline_Process_to_File_Form_ITR_7\"><\/span>Offline Process to File Form ITR 7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <strong><em>particulars of Offline Process<\/em><\/strong> are\nas follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Modes_of_Filing_Form_ITR_7_offline\"><\/span>What are the\nModes of Filing Form ITR 7 offline?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The&nbsp;different\noffline&nbsp;<strong>modes for Filing Form ITR 7 <\/strong><strong>with the authorities<\/strong><strong>&nbsp;<\/strong>are\nas follows:<\/p>\n\n\n\n<ol><li>By Furnishing the ITR (Income Tax Return) in a Physical\nPaper Format;<\/li><li>By Furnishing a Bar Coded Income Tax Return;<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_File_ITR_7_offline\"><\/span>Who can File ITR 7\noffline?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong>The ones <\/strong><strong><em>eligible to file ITR <\/em><\/strong><strong>7 offline<\/strong><strong> are as follow:<\/strong><strong><\/strong><\/p>\n\n\n\n<ol><li>An Individual\nwho is above the age of 80 years; and<\/li><li>One who is not\neligible to claim a refund in the Income Tax Act;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_Procedure\"><\/span>Online Procedure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>The <\/strong><strong><em>particulars\nand details of Online Procedure<\/em><\/strong><strong> are as follows:<\/strong><strong><\/strong><\/p>\n\n\n\n<ol><li>Who can File ITR\n4 offline?; and<\/li><li>How to File ITR\n4 offline?<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_File_ITR_7_online\"><\/span>Who can File ITR 7\nonline?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Every individual or business which is <strong><em>not\nincluded<\/em><\/strong> under the <strong><em>offline mode<\/em><\/strong> of <strong><em>filing form ITR 7<\/em><\/strong> needs\nto <strong><em>file\nthe tax return<\/em><\/strong> on a <strong><em>compulsory basis<\/em><\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_File_ITR_7_online\"><\/span>How to File ITR 7 online?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/How-to-File-ITR-7-offline-1024x768.png\" alt=\"How to File ITR 7 online?\" class=\"wp-image-13144\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/How-to-File-ITR-7-offline-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/How-to-File-ITR-7-offline-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/How-to-File-ITR-7-offline-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/How-to-File-ITR-7-offline.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p><strong>The steps included in the procedure to file\nForm ITR 7 online are as follows:<\/strong><strong><\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Download_the_E-Form\"><\/span><strong>Download the\nE-Form<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>Firstly,\nthe taxpayer or applicant should download<em><strong> the ITR Form 7<\/strong><\/em>&nbsp;from\nthe official Income Tax Website, by visiting at&nbsp;<a href=\"https:\/\/www.incometaxindiaefiling.gov.in\/home\">http:\/\/www.incometaxindiaefiling.gov.in\/home<\/a>;<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fill_in_the_Details\"><\/span><strong>Fill in the Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>In\nthe next step, the assessee or taxpayer&nbsp;<strong><em>requires&nbsp;to\nfurnish&nbsp;all the&nbsp;information and details <\/em><\/strong>asked in\ndifferent sections and parts of the e-form.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Verification_of_Form\"><\/span><strong>Verification of\nForm<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>After\nthat, the said applicant needs to obtain Verification and Authentication for\nhis\/ her&nbsp;<strong>ITR Form 7 <\/strong>in the modes\nspecified as follows:<\/p>\n\n\n\n<ol><li>By Getting the Form, ITR 7 signed Digitally;<\/li><li>By Validating and Authenticating the Form ITR 7 through EVC (Electronic Verification Code);<\/li><\/ol>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submit_the_Tax_Return\"><\/span><strong>Submit the Tax\nReturn<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>Lastly,\nthe concerned taxpayer, assessee, or applicant who wishes to&nbsp;<em><strong>submit&nbsp;<\/strong><\/em>his\/\nher&nbsp;<em><strong>tax return form online<\/strong><\/em>&nbsp;will&nbsp;<em><strong>receive an\ne- mail of acknowledgment<\/strong><\/em>&nbsp;from the Income Tax Department on his\/\nher registered email id.<\/p>\n\n\n\n<p>However,\nif in case the assessee or applicant wants to&nbsp;<em><strong>send&nbsp;<\/strong><\/em>the\nTax Return&nbsp;<em><strong>manually or physically<\/strong><\/em>&nbsp;by downloading the\nsame from the&nbsp;<em><strong>official IT portal<\/strong><\/em>, then he\/she&nbsp;<em><strong>needs\nto courier<\/strong><\/em>&nbsp;or <strong><em>speed post<\/em><\/strong> the same to the&nbsp;<em><strong>CPC\nOffice<\/strong><\/em>&nbsp;of IT Department, situated at&nbsp;<em><strong>Bangalore<\/strong><\/em>,\nIndia, within a&nbsp;<em><strong>period of 120 days<\/strong><\/em>, commencing from the\ndate of&nbsp;<em><strong>filing or submitting of the ITR Form 7<\/strong><\/em>.<\/p>\n\n\n\n<p>Moreover,\nit shall be noteworthy to mention that&nbsp;<em><strong>ITR Form 7&nbsp;<\/strong><\/em>is\nan&nbsp;<em><strong>annexure less Tax Return<\/strong><\/em>, which means there is&nbsp;<em><strong>no\nrequirement<\/strong><\/em>&nbsp;for the applicant&nbsp;or taxpayer <em><strong>to annex<\/strong><\/em>&nbsp;any&nbsp;<em><strong>record\nor document<\/strong><\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\na nutshell, all the Companies or individuals that are&nbsp;<em><strong>claiming\nexemption<\/strong><\/em>&nbsp;under&nbsp;the provisions of <em><strong>section 11<\/strong><\/em>&nbsp;of\nthe Income Tax Act 1961&nbsp;<em><strong>need to submit ITR Form 7 <\/strong><\/em>with the\nauthorities of the Income Tax Department. <\/p>\n\n\n\n<p>Further,\nthe due dates for filing <strong><em>Form ITR 7<\/em><\/strong> depends upon\nthe <strong><em>Audit\nof the Company\u2019s Account<\/em><\/strong>. The tax assessee who needs to <strong><em>get\nhis\/her audit<\/em><\/strong> can file a tax return till <strong><em>31.10.2020<\/em><\/strong>. However, the\nindividuals who <strong><em>do not need <\/em><\/strong>to <strong><em>get their account audit<\/em><\/strong> can file ITR\ntill <strong><em>30.11.2020<\/em><\/strong>.<\/p>\n\n\n\n<p class=\"text-left\"><b>Also, Read<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/gst-registration-requirement\/\">GST Registration Requirement<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term \u201cForm ITR 7\u201d denotes an Income Tax Return that is filed by all the companies and entities which are claiming exemption under section 139(4A), 139(4B), 139(4C), and 139(4D) of the Income Tax Act 1961. In this blog, we will discuss the concept of \u201cForm ITR 7\u201d, together with the changes made and the [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":13151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/13138"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=13138"}],"version-history":[{"count":14,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/13138\/revisions"}],"predecessor-version":[{"id":13166,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/13138\/revisions\/13166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/13151"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=13138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=13138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=13138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}