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ITR 7
Original price was: ₹3,500.00.₹2,950.00Current price is: ₹2,950.00.
ITR-7 Filing Guide for FY 2024-25 with AutoBizNow 🧾
ITR-7 is an income tax return form specifically designed for entities claiming exemptions under Section 11 or involved in charitable, religious, or specified activities under various provisions of the Income Tax Act. At AutoBizNow, powered by Professional Consultant Solution Planet Private Limited, we simplify the filing process to ensure accuracy and compliance. 💼Who Should File ITR-7? 🤔
ITR-7 is applicable to entities required to file returns under: 1️⃣ Section 139(4A): Income derived from property held for charitable or religious purposes. 2️⃣ Section 139(4B): Income from voluntary contributions received by political parties. 3️⃣ Section 139(4C): Income of specific institutions such as scientific research associations, news agencies, or educational institutions. 4️⃣ Section 139(4D): Income of colleges, universities, or institutions not required to file returns of income or loss. 5️⃣ Section 139(4E): Business trusts not required to file returns of income or loss. 6️⃣ Section 139(4F): Investment funds referred to in Section 115UB.Who Cannot File ITR-7? 🚫
🚫 Individuals, HUFs, firms, and companies not claiming exemptions under the above provisions. 🚫 Entities with business income not related to the exemptions claimed.Key Features of ITR-7 📋
- Detailed Reporting: Includes schedules for income computation, exemptions, and deductions.
- Electronic Filing: Must be filed online using Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).
- Disclosure of Donations: Mandatory disclosure of donations received and utilized.
Documents Required for ITR-7 Filing 📂
- Entity Incorporation Certificate: Trust deed, MOA, or relevant incorporation documents.
- Registration Certificates: Under Section 12A/12AA/80G, if applicable.
- Audited Financial Statements: Balance sheet, income & expenditure statement, and audit report.
- Details of Donations: Including receipts and utilization.
- PAN Card: Of the entity and authorized signatories.
- Bank Statements: For the relevant financial year.
Step-by-Step Process for Filing ITR-7 🛠️
1️⃣ Log In to Income Tax Portal: Use the entity’s credentials to access the e-Filing Portal. 2️⃣ Select ITR-7: Choose the appropriate return form for FY 2024-25. 3️⃣ Fill Entity Details: Provide basic information, registration details, and exemptions claimed. 4️⃣ Income Computation: Compute taxable income after applying exemptions and deductions. 5️⃣ Attach Audit Report: Upload Form 10B or other applicable audit reports. 6️⃣ Disclose Donations: Provide details of donations received and utilized under Section 80G or other provisions. 7️⃣ Submit and Verify: Upload the form and complete the e-Verification process using DSC or EVC.Key Deadlines for FY 2024-25
- ITR Filing Due Date: October 31, 2025.
- Belated/Revised Returns: December 31, 2025.