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ITR 7 - How to file ITR 7 online

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December 12, 2018

As per the guidelines of Income Tax department, all the entities (individuals or commercial units) that claim exemption under Sections 139 4A, 139 4B, 139 4C and 139 4D must use ITR 7 to file returns. ITR 7 is an annexure less return i.e. no document (e.g. TDS certificate) must be attached while filing the return through ITR7. While filling the form, all the figures of amounts must be rounded off to the nearest rupee. The eligibility is varied for various institutions under relevant sections. For instance:

  1. Returns under Section 139 4A are meant to be filed by religious/charitable entities.
  2. Returns under Section 139 4B are meant to be filed by political parties.
  3. Returns under Section 139 4C are meant to be filed by scientific agencies, news agencies etc.
  4. Returns under Section 139 4D are meant to be filed by educational institutions, universities or colleges.

For online return filing using ITR 7 form, following are the steps to be undertaken:

  1. Using digital signature, furnish the relevant information
  2. The furnished data is then submitted on the filing application under different applicable schedules
  3. The verification is then submitted under ITR V form

A standard ITR6 form structured in the following manner must be filled accordingly after accessing the online filing application:

  1. Part A is where the general information etc. is submitted
  2. The gross income earned from the applicable income types is submitted in Part B
  3. The garnered financial corpus and the relevant details (as applicable for the current fiscal) must be submitted in schedule I.
  4. Schedule J is where the details regarding the investment status of the funds (as recorded on the last day of the previous financial year) are submitted.
  5. The details of the founders, authors, Trustees etc. (wherever applicable) are submitted in schedule K.
  6. In case the return is being filed by a political party, the details have to be submitted in schedule LA.
  7. Schedule ET is used to fill in the details in case of an electoral trust.
  8. There is Schedule HP, wherein the earnings from House Property are to be mentioned.
  9. The earnings from any capital gains are submitted under schedule CG.
  10. There is schedule OS, where the earnings from other sources are to be mentioned.
  11. All the details pertaining to any voluntary contributions are submitted under schedule VC.
  12. Schedule OA is where the information related to general business details is submitted.
  13. The earnings from business or profession are submitted under schedule BP.
  14. The earnings that reflect after considering the current year losses are stated in Schedule CYLA.
  15. The calculations related to minimum alternate tax (under Section 115JB (n)) are submitted under schedule MAT.
  16. The details of tax (Section 115JAA) are submitted under schedule MATC.
  17. The calculations related to alternate minimum tax (under Section 115JB (p)) are submitted under schedule AMT.
  18. The details of tax (Section 115JD) are submitted under schedule AMTC.
  19. Tax collected at source is submitted under schedule TCS.
  20. Tax deducted at source (for salary) is submitted under schedule TDS.
  21. The details of foreign assets are submitted under schedule FA.
  22. Taxes paid outside India are submitted under schedule TR.
  23. Any earnings from a source outside India are submitted under schedule FSI.

HDFC Life offers HDFC Life Click 2 Invest ULIP a unit linked insurance plan that offers market linked returns and offers tax benefits under Sections 80C and 10D. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans/sanchay-plus.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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