ITR-7 Form Filing

THERE ARE VARIOUS FORM OF INCOME TAX RETURN  ISSUED BY THE INCOME TAX DEPARTMENT FOR THE PURPOSE OF COMPLIANCE OF INCOME TAX ACT.IT IS NOT EASY TO ISSUE A FORM OF FILING INCOME TAX RETURN FOR ALL TYPE OF ENTITIES IN ONE FORM.SO FOR EVERY SPECIFIC ENTITIES OR SIMILAR TYPE OF ENTITIES A SPECIFIC FORM OF FILING THEIR ITR .

FORM-ITR-7 IS ISSUED BY THE INCOME TAX DEPARTMENT TO ALL THE COMPANIES ,FIRMS,ASSOCIATION OF PERSONS,ARTIFICIAL JURISDICARY PERSON,LOCAL AUTHORITY WHO ARE CLAIMING EXEMPTION AS ONE OR MORE OF THE FOLLOWING:-

 

  • ACCORDING TO SECTION 139(4A) OF THE INCOME TAX ACT ANY CHARITABLE TRUST/OR RELIGIOUS TRUST.
  • ACCORDING TO SECTION 139(4B) OF THE INCOME TAX ACT ANY POLITICAL PARTY.
  • ACCORDING TO SECTION 139(4C) OF THE INCOME TAX ACT ANY SCIENTIFIC RESEARCH INSTITUTIONS.
  • ACCORDING TO SECTION 139(4D) OF THE INCOME TAX ACT ANY

UNIVERSITY OR COLLEGES OR INSTITUTIONS OR KHADI AND        VILLAGE INDUSTRIES.

SINCE THE ITR 7 FORM DEALS WITH THE ANNEXURE-LESS RETURN, INDIVIDUALS OR TRUSTS DO HAVE TO SUBMIT DOCUMENTS WHILE FILING A RETURN. INDIVIDUALS OR TRUSTS ARE NOT EXPECTED TO FILE EVEN TDS CERTIFICATES WHILE FILING RETURNS UNDER ITR 7 FORM OF THE INDIAN TAX SYSTEM.

THE ONLY CONDITION REQUIRED FOR ITR FILING USING ITR 7 FORM IS THE TALLYING OF TAX DEDUCTION OR COLLECTION BY OR ON BEHALF OF THE ORGANIZATION WITH THE FORM26AS WHICH IS THEIR TAX CREDIT STATEMENT.

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