Legal Munshi

Online ITR-7 Form Filing

@ RS. 9999/- ALL-INCLUSIVE FEE

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.

Get your Financial statements preparation and ITR-7 return filing by our Tax Advisor at just Rs.9999/-

You can also check your eligibility here

Income Tax Returns in India

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 filing - Income Tax Returns

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.

Who is eligible file ITR-7 form ?

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 :

  • • Income from charitable /religious trust- Section 139 (4A)
  • • Income from a political party – Section 139 (4B)
  • • Income from scientific research,news agency,association or institutions under section 10(23A),institution under section 10(23B),fund or institution or university or other educational institution,hospital or other medical institution – Section 139 (4C)
  • • Income from university or colleges or institutions or khadi and village industries – Section 139 (4D)
  • • Income from business trust which is not required to furnish return of income or loss under any other provisions – Section 139 (4E)
  • • Income from investment fund referred to in section 115UB which is not required to furnish return of income or loss under any other provisions – Section 139 (4F)

Who cannot file ITR-7 form ?

ITR-7 form should not be filed for below cases :

  • • Tax assessee who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D)
  • • Individual, Companies, and HUF
  • • Those entities who have filed the return through new ITR-5 and ITR-6

What is the Due Date for return filing & Penalty for not filing ?

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 late filing 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:

  • Incorrect Form : In case an incorrect form has been used to file the returns, then it will be treated as “defective” and the assessee will be asked to file a revised ITR using the correct form. the assessee have to file revised return within 15 days from the date of the intimation. If not done as required,the assessee will be facing all the penalties prescribed to not filing ITR. As well as, interest will get charged, u/s 234A, for the delay.

  • Under Reporting : In case if it is found that the actual income exceeds the income declared by the assessee Or when no return has been filed despite income exceeding the basic exemption limit. Penalty at 50% of tax payable on such under-reported income shall be payable. 200% of the tax will payable if under-reporting results from misreporting of income.

  • Defaulter :  In case a demand notice u/s 156, has been issued to the taxpayer for payment of tax (other than notice for payment of advance tax). Then such amount, as per section 220(1), shall be paid within 30 days of the service of the notice at the place and to the person mentioned in the notice. If the taxpayer defaults in payment of any tax due, then apart from other penal provisions, he is treated as an assessee in default. For an assessee in default, the penalty will get levied as decided by the AO. However, the penalty cannot exceed the amount of arrears in tax. The taxpayer is given a reasonable opportunity of being heard before been penalized and No penalty is levied if the taxpayer can prove otherwise.

  • Penalty in case of income from undisclosed sources :  The AO may make an addition to the income of a taxpayer as per Section 68, 69, 69A, 69B, 69C or 69D if the explanation about the nature and source of his income is not satisfactory. The AO is empowered to levy penalty at the rate of 10% of the tax payable if any addition is made. However, no penalty shall be levied if this income has been disclosed in the ITR and tax paid, u/s 115BBE, on or before the end of the relevant previous year.

Benefits of filing ITR-7 form

Precise Financial Document :

 ITR are evidence of your income. It benefits for loans, visa etc.

Easy Tenders :

  Businesses registered under MSME | SSI gets multiple government tender benefits which are open only to MSMEs to promote small business participation in the India.

Refund Claim :

  ITR filing is required to claim refunds under TDS or if excess tax is paid etc.

Commercial Good Will Benefits :

  ITR gives the retail value to taxplayer. It helps for tendering and various other busines saspects.

Avoid penalties :

  There are penalty for non-filing of income tax returns and hence it is always advisable to file return.

Loans Benefits :

  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.

Visa Benefits :

 Proff of earning is required for overseas travel. ITR is helps meet that purpose.

Documents Required For ITR-7 Filing

Documents


PAN card of Tax Assesse
Primary Phone Number and Email ID
Bank Statments
Investment related data(IF any)
Other income related details


Other Documents


Data for income from share trading, fixed securities,section 80 etc.
Income and Expenditure details, if any
Interest declaration – Interest on savings accounts via 80TTA
Statement of receipts and payments when no regular books are maintained
TDS- Form 26AS related data
Other business related documents (In case of business)

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

Stages For ITR 7 filing through Legal Munshi

Stage 1. PAN Card :

Arrange for PAN card of Individual / company whose return is to be filied.


Stage 2. Documents, Email & Phone number:

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.


Stage 3. Bank Details :

Arrange for the bank details which is to be mentioned for refund purposes.


Stage 4. Computation of Income and Tax Amount :

Based on the documents shared our expert will compute the income tax and compile TDS value based on form 26AS for that financial year.


Stage 5. Determine Income Tax Return Form :

Based on computation and approval from you, ITR 7 will be filed.


Stage 6. Filing of Return :

Once the filing is done,our expert will provide you with acknowledgement.

Procedure for ITR 7 filing with Legal Munshi

Step 1 : Complete Our Simple Online form

You have to provide the details in the form.

Step 2 : Expert Guidance

Once you have provided the details, our expert will guide you with the all the documents required for return filing process.

Step 3 : Return Filing

After submission and upon successful verification of all the required documents, one of our experts will do the return filing.

Step 4 : Congratulations!!!

Once the filing is done we will inform you and provide the necessary documents.

Section 139(4A)

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).

Section 139(4B)

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.

Section 139(4C)

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:
  • • Associations working in scientific research
  • • Associations or institutions covered under Section 10(23A)
  • • Institutions covered under Section 10(23B), fund or institution referred to in sub-clause (iv), trust or institution referred to in sub-clause (v), any university or other educational institution referred to in sub-clause (vi), any hospital or other medical institution referred to section 10(23C) in sub-clause(via)
  • • News agencies referred to in section 10(22B)
  • • Mutual Fund referred to in clause (23D) of section 10
  • • Securitisation trust referred to in clause (23DA) of section 10
  • • Venture capital company or venture capital fund referred to in clause (23FB) of section 10
  • • trade union association referred to in sub-clause (a) or (b) of section 10(24)
  • • Body or authority or Board or Trust or commission (by whatever name called) referred to in clause (46) of section 10
  • • Infrastructure debt fund referred to in clause (47) of section 10

Section 139(4D)

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).

Section 139(4E)

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).

Section 139(4F)

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).

Pricing and Packages

Starter

Rs.9999/-

All inclusive Fees

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.

Economy

Rs.12999/-

All inclusive Fees

Financial statements preparation and ITR-5 return filing for a taxpayer with taxable income below Rs. 25 lakhs. Inclusive of government fee and GST.

Elite

Rs.15999/-

All inclusive Fees

Financial statements preparation and ITR-5 return filing for a taxpayer with taxable income above Rs.25 lakhs. Inclusive of government fee and GST.

FAQs on ITR-7 Filing

What is ITR 7 Filing?

Know more about ITR-7 here.

What are the benefits of ITR-7 Filing?

You can get the details about it here.

What documents are required for the registration?

Refer to the required documents list here.

What is Computing Turnover or Gross Receipts ?

Gross receipts or Turnover mean the total collections of the business including GST (if applicable). The receipts shall include delivery charges as well as receipts from the sale of scrap etc excluding discounts given, advances received and money received on sale of assets.

What is Revised Return?

If you have already filed your income tax return but you later discover that you have made a mistake in it, you can re-file. This is called a Revised Return.

What is Notice Number?

You should fill this in only if you are filing your return in response to a notice from the Income Tax Department.

What is Advance Tax ?

For salaried individuals, TDS mostly takes care of advance tax payments. However you might have other forms of income – like interest on savings bank accounts,etc. If tax on income is more than Rs. 10,000 per year, than you are required to estimate your income and pay Advance Tax. This has to be paid in quarterly installments in June, September, December and March.

What is Self Assessment Tax Payments?

Refer to the required documents list here.

What is Annexure-less Return?

ITR-4 Form is an Annexure-less return. This means that you do not have to attach any documents (such as Form 16/Form 26AS) with the ITR-4 Form.