Income Tax Return-7 (ITR-7)

ITR-7 is the Income Tax Return form that is used by entities including trusts, political parties, charitable institutions, research institutions, colleges, and universities that are required to furnish their income tax returns under the Income Tax Act, 1961.

Entities eligible to file ITR-7 are those who are required to file return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.

Filing ITR-7 requires detailed information about the income, expenses, assets, liabilities, and tax liabilities of the entity. It is important to ensure that all the information provided in the form is accurate and complete to avoid any penalties or scrutiny from the income tax department.

Entities filing ITR-7 must also provide information about any donations or grants received, as well as details of any exempt income earned during the financial year. Additionally, they must disclose any foreign assets or income earned outside of India.

It is important to note that ITR-7 must be filed electronically using a digital signature or by submitting the verification form after filing the return online. The due date for filing ITR-7 is typically 31st October of the assessment year for which the return is being filed.