Persons/ Companies falling under section 139(4A), section 139 (4B), section 139 (4C) or section 139 4(D) are required to file their income tax return in Form ITR 7.
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Income Tax Return is a form containing the information of income and tax paid of the assessee which is used to file the income tax with the Income Tax Department of India. Income tax is a tax imposed by the Central Government of India on income of a person under various criteria and every citizen/entity should file income tax returns. IT-R is verfied by IT department of India. There are various types of IT-R like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 Income tax ITR-7 form must be filed by taxpayers falling under section 139(4A), section 139 (4B), section 139 (4C) or section 139 4(D).
ITR-7 form is used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person to file their Tax Returns with the Income Tax Department of India. Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person claiming exemption under section 139(4A), section 139 (4B), section 139 (4C) or section 139 4(D) are eligible to file their IT Return using ITR-7.
ITR-7 form is used by ICompanies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :
ITR-7 form should not be filed for below cases :
As per Section 234F of the Income Tax Act, ITR-7 form must be filed by all Tax Assessees, whose accounts are required to be audited, on or before 30th September of every year. and for Tax Assessees, whose accounts are not required to be audited, on or before 31st July of every year.
The penalty for income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March. However, to provide relief to small taxpayers, the IT department has stated a maximum penalty of only Rs. 1,000 will get levied if total income is less than Rs 5 lakh.
Other kind of penalites are as follow:
ITR are evidence of your income. It benefits for loans, visa etc.
Businesses registered under MSME | SSI gets multiple government tender benefits which are open only to MSMEs to promote small business participation in the India.
ITR filing is required to claim refunds under TDS or if excess tax is paid etc.
ITR gives the retail value to taxplayer. It helps for tendering and various other busines saspects.
There are penalty for non-filing of income tax returns and hence it is always advisable to file return.
ITR is necessary for applying for any loans such as a home loan, car loan, etc. The eligibility for loan would depend on your income. This can be established through filed ITRs.
Proff of earning is required for overseas travel. ITR is helps meet that purpose.
Other business documents,that you are required to share are Business or Profession Details,Business Expenses, Business Loan, and Books of Accounts (if available), Investments, Sales and Purchase Details, Any other incomes, Investments or Savings details .
You may refer to the Eligibility section before return filing.
For further queries kindly refer our FAQ section
Arrange for PAN card of Individual / company whose return is to be filied.
Arrange for all the documents whose list will be shared by our expert along with primary email and phone number for communication purposes by IT department.
Arrange for the bank details which is to be mentioned for refund purposes.
Based on the documents shared our expert will compute the income tax and compile TDS value based on form 26AS for that financial year.
Based on computation and approval from you, ITR 7 will be filed.
Once the filing is done,our expert will provide you with acknowledgement.
You have to provide the details in the form.
Once you have provided the details, our expert will guide you with the all the documents required for return filing process.
After submission and upon successful verification of all the required documents, one of our experts will do the return filing.
Once the filing is done we will inform you and provide the necessary documents.
Filing Tax Return under Section 139(4A) is needed by taxpayer whose income derived from property held under any trust or other legal obligation wholly for charitable or religious purposes or partly for such purposes only, or of income being voluntary contributions referred to in section 2(24)(iia) shall,in case the total income (without giving effect to the provisions of sections 11 and 12) exceeds the maximum allowable amount which is not taxable under income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars, as may be prescribed, within the time allowed under section 139(1).
Filing Tax Return under Section 139(4B) is needed by taxpayer whose income derived from political parties if the total income exceeds the maximum allowable tax exempt limit. The Chief Executive Officer or other management senior official of the political parties are required to file this return as applicablility.
Tax Return Filing under Section 139(4c) is needed by certain institutions who are claiming benefits according to the Section 10 of the Income Tax Act 1961, including institutions that are compulsorily required to file tax return if the amount accumulated by the institution exceeds the maximum allowable limit of exemption. This excludes other exemption benefits enjoyed by the institution.Section 139(4C) comprises such institutes:
Filing Tax Return under Section 139(4B) is needed by taxpayer whose income derived from for all colleges/ universities and institutions, fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to section 10(23C) in sub-clause(via) which do not need to file tax returns of income and loss under any other provision in this section. Section 139(4d) applies for Section 35(1)(ii) and Section 35(1)(iii).
Filing Tax Return under Section 139(4A) is needed by taxpayer for furnishing return for income by business trusts who are not needed to furnish return for income or loss under any other provision of this section. All the provisions of the Income-tax Act, 1961 shall be applicable as if it were a return required to be filed under section 139(1).
Filing Tax Return under Section 139(4A) is needed by taxpayer whose income derived from investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year. All the provisions of the Income-tax Act, 1961 shall be applicable as if it were a return required to be filed under section 139(1).
Financial statements preparation and ITR-5 return filing for a taxpayer with taxable income of less than Rs. 10 lakhs. Inclusive of government fee and GST.
Financial statements preparation and ITR-5 return filing for a taxpayer with taxable income below Rs. 25 lakhs. Inclusive of government fee and GST.
Financial statements preparation and ITR-5 return filing for a taxpayer with taxable income above Rs.25 lakhs. Inclusive of government fee and GST.
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