ITR‑7 Income Tax Return Filing for Exempt Entities

  • Determine if your trust, AOP, local authority, or institution qualifies under Sections 139(4A–4D) for ITR‑7.
  • Gather audited financials, donation records, grant receipts, and Form 26AS tax credits.
  • Populate all 19+ schedules (I–J, LA–PTI, HP–OS, CG, CYLA, etc.) as applicable to your exemption category.
  • Submit your ITR‑7 on the Income Tax portal, complete Aadhaar OTP/EVC verification, or dispatch signed ITR‑V.
  • Monitor processing status, handle department queries, and manage any revision filings.

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What Is ITR‑7?

ITR‑7 is the prescribed return for entities claiming tax exemption under specific Income Tax Act provisions:

  • Sec 139(4A): Charitable or religious trusts
  • Sec 139(4B): Political parties
  • Sec 139(4C): Scientific research institutions
  • Sec 139(4D): Educational & medical institutions

CA Vakeel ensures you use the correct exemption code and Form ITR‑7 variant.

Who Must File ITR‑7?

Eligible Entities:

  • Charitable/ religious trusts & institutions
  • Political parties & electoral trusts
  • Universities, colleges, research bodies
  • Business trusts, investment funds

Excludes:

  • Entities not claiming any of the above exemptions
  • Companies, LLPs, AOPs/BOIs using other ITRs

Key Deadlines & Penalties

CaseDue Date (AY 2023‑24)
Non‑Audit Entities31 Jul 2023
Audit & Form 3CEB31 Oct 2023
  • Late Fee: Up to ₹10,000 under Sec 234F
  • Interest: 1% monthly on outstanding tax (Secs 234A/B/C)

ITR‑7 Structure & Schedules

  1. Part A: General entity details
  2. Part B: Total income & tax computation
  3. Key Schedules:
    • I–J: Corpus accumulation & investments
    • LA/ET: Political & electoral trust specifics
    • HP/CG/OS: House property, capital gains, other sources
    • VC/OA/BP: Voluntary contributions, business info
    • CYLA/BFLA/CFL: Loss adjustments
    • MAT/AMT: Alternate & Minimum Alternate Tax
    • FSI/FA/TR: Foreign income & assets, tax relief
    • TDS/TCS/IT: Tax deducted/ collected/ advance

CA Vakeel’s checklist ensures no schedule is overlooked.

Step‑by‑Step Filing Process

  • Prepare Data: Collate audited statements, donation records, Form 26AS.
  • Log In: Access Income Tax e‑filing portal.
  • Select ITR‑7: Choose assessment year and exemption category.
  • Complete Parts & Schedules: Follow sequence—Part A → Schedules → Part B → Verification.
  • E‑Submit & Verify: Use Aadhaar OTP/EVC or send signed ITR‑V to CPC, Bengaluru.

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  • Domain Expertise: Dedicated specialists in exempt‑entity taxation.
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  • Continuous Support: From form completion to post‑filing queries.
  • Transparent Pricing: No hidden fees, clear engagement terms.

Partner with CA Vakeel today for a flawless ITR‑7 filing experience, so you can focus on your mission, leaving compliance to us.

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