ITR-7

The CBDT notifies 7 various ITR forms to file the ITR. The Income Tax Act of 1961 releases all the ITR forms and specifies the following procedures. Taxpayers need to accurately fill out the relevant ITR form and file it with the Income Tax Department within the specified due date. Filing an incorrect or incomplete ITR can lead to penalties and legal consequences. In this excerpt, we will talk about ITR-7, and how to file and download ITR-7. If you are confused with the relevant form to file ITR, leave it to Taxvisor. When you file ITR with Taxvisor, we select the right ITR form automatically for you.

The following are the sections, as per which ITR-7 should be filed by an individuals and companies:

• Income of religious and charitable trusts that comes under Section 139 (4A)
• Income of Political Parties under Section 139 (4B)
• Earning of Scientific research institutions as per Section 139 (4C)
• Income of education institutions such as university, college, or other institutions that comes under Section 139 (4D)

Eligibility Criteria for ITR-7

• The following individuals and associations are eligible to file the ITR-7 form.
• All individuals who obtain income from property if said property is in the name of a trust.
• All individuals who receive income for the sole purpose of charity or a religious offering.
• Any political party that earns a net income that is more than the ceiling limit that is exempt from income tax.
• Associations that carry out scientific research.
• News organisations and companies.
• Organisations as mentioned in Section 10(23A) and Section 10(23B).
• Educational institutions such as school, colleges or universities.
• Medical institutions such as hospitals, clinics etc.