ITR-7 Form Filing in Chennai

ITR-7 Form Filing in Chennai

The ITR-7 Form is meant only for businesses, associations of persons (AOPs), local authorities, and artificial judicial persons wishing to file their income tax returns. It pertains to people who are asking for exceptions under the subsequent headings:

• Trusts that are Charitable or Religious- Under Section 139(4A)
• Political Parties - Under Section 139(4B).
• Institutions for Scientific Research-Under Section 139(4C)
• Universities, Colleges, Institutions, or Khadi and Village Industries- Under Section 139(4D).

Who Cannot File the ITR 7 Form Online in Chennai?

If you are not requesting an exemption under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D), file the ITR-7 Form for Income Tax Returns.

Who is Eligible to File the ITR-7 Form in Chennai?

Persons who are eligible for filing ITR Form-7 in Chennai are as follows:

• Organisations receiving revenue from properties used for religious or charitable purposes - Section 139(4A).
• Income-producing entities such as news organisations and scientific research institutes are subject to Section 139(4C).
• Political party-affiliated entities: Section 139 (4B).
• Entities that receive revenue from khadi and village industries, universities, colleges, or other institutions - Section 139 (4D).
• Individuals who receive Income from assets held in trust.
• Educational institutions, either government or non-government, are listed in Sections 10(23A) and 10(23B).
• Medical institutions like hospitals, clinics, etc.

What is the Deadline for Filing the ITR-7 Form in Chennai?

Whether or not the accounts required to be audited determines the ITR7 Form filing deadline. For the current assessment year, those who are not subject to an audit may file by July 31st of the assessment year; audit cases must be filed by September 30 of the assessment year.

Explanation 2 to sub-section (1) provides specifics on the filing date for Form ITR7 for assesses for the Fiscal Year in clause (a).

The Process to file ITR-7 Returns in Chennai

The Income Tax Department accepts ITR 7 income tax filings in the following methods:

• Utilize the digital signature certificate and submit the returns electronically.
• Send the information included in the return and then complete the ITR V Return Form to verify the return.

Copies of the ITR V Form must be printed by the assessee following filing the return. The assessee must properly sign a copy of the ITR V and mail it via regular mail to

Bag No.1, Electronic City Office, Bengaluru - 560100 (Karnataka)

The assessee may keep the other copy for his records.

Components of the ITR-7 Form:

The ITR-7 Form is divided into two parts and nineteen schedules

• Part-A - General information
• Part-B - An overview of the entire Income and tax computation for the Income that is subject to tax.
• Schedule-I: Information about sums amassed or set aside in accordance with section 11(2) of the year prior, more precisely, previous years pertinent to the current assessment year.
• Schedule-D: Specifics of the deemed application of Income should be stated under clause (2) of Explanation 1 to sub-section (1) of section 11.
• Schedule-J: A statement that displays the trust or institution's entire fund investment as of the last day of the previous year.
• Part A-BS: As of March 31 2022, details of the Application and Sources of Funds should be mentioned
• Schedule R: Balance sheet and Reconciliation of Corpus of Schedule J
• Schedule-LA: Information about a political party.
• Schedule-ET: Information in the event of an electoral trust.
• Schedule-HP: Income calculation under the "Income from House Property" heading.
• Schedule-CG: Income computation under the ITR heading.
• Schedule-OS: Calculation of Income under the "Other sources of income" heading.
• Schedule-VC: Information on the Received Voluntary Contributions.
• Schedule AI: Excluding voluntary contributions, the aggregate of Income derived during the year should be provided under this section
• Schedule ER: Revenue Account- In India, the amount applied to charitable or religious purposes
• Schedule EC: Capital Account- In India, the amount applied to charitable or religious purposes
• Schedule IE-1, IE-2, IE-3 and IE-4: As per applicability, the income and expenditure statements to be provided
• Schedule VDA: u/s 115BBH, Income from transfer of virtual digital assets to be mentioned
• Schedule-OA: Broad details regarding the business and profession.
• Schedule-BP: Revenue calculation under "Profit and Gains from Business or Profession".
• Schedule-CYLA: Statement of Income after deducting the losses from the current year.
• Schedule PTI: as per section 115UA, Pass through Income details from an investment fund or business trust
• Schedule 115TD: Under section 115TD, Asserted Income to be mentioned
• Schedule-SI: Statement of income subject to special rates of taxation.
• Schedule FSI: Information about Income received from sources outside of India.
• Schedule TR: Information about Taxes Paid Abroad.
• Schedule FA: Information about Foreign Assets.
• Schedule SH: In an unlisted company, details of shareholding are to be provided
• Part B-TI: Computation of Total Income
• Part B-TTI: On total income Tax payments, Computation of tax liability, such as:
• Details of Tax Collected at Source (TCS)
• Information about Tax Deducted at Source (TDS) on Income is provided in Form 16A/16B/16C/16D.
• Details of payments of Self-Assessment Tax and Advance Tax

Guidelines to be followed when submitting an ITR 7 form in Chennai:

The Income-tax department has provided taxpayers with multiple ways to file ITR-7 in Chennai:

• Any data not be submitted exactly as instructed, the return will be lacking or null.
• The tax and income figures have to be rounded to the nearest multiple of ten rupees.
• Rounding off other amounts to the nearest one rupee is necessary.
• Until otherwise mentioned, negative or loss figures must be written as "-" before such a number.
• For figures with zero or nil values, write "nil."
• Write "NA" adjacent to anything if it doesn't apply to the assessee.