financial services · Income Tax · income tax return

Who is Required to File Form ITR 7 for Financial Year 2018-19?

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In yet another update of Income Tax Return, the Tax department has recently notified about the ITR-7 Forms which is out for individuals, HUFs, companies, and others to e-file their returns. Although, it is further mentioned that  ITR Form 6 will be available shortly. Since the ITR 7 form deals with the annexure-less return, individuals or Trusts do have to submit documents while itr filing. ITR-7 is filed when people including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). In case, you are new to ITR-7 Form, here you can easily understand the criteria of ITR-7.

Who can use ITR-7?

ITR-7 form must be filed by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category –

The following individuals are eligible to file the ITR-7 form-

  • Individuals who earn income from property if said property is in the name of any trust.
  • Individuals who obtain income for the solo purpose of charity or a religious offering.
  • Having income from a political party-section 139 (4B)
  • Having income from scientific research institutions
  • News agencies
  • Hospitals or any other medical institution 

How to file ITR-7 Form?

Basically, if you want to e-file ITR-7 Form, the income tax department has outlined some methods that can be used by taxpayers. You can either furnish the return electronically under digital signature or by transmitting the data in the return electronically and then submitting the verification of the return in Return Form ITR-v. And by providing the return in a physical paper form. 

How to verify Document?

If you are preparing for verifying your document, then you need to keep the following points in mind-

  • You are supposed to fill up the necessary details in the verification.
  • Make sure that the verification has been signed prior to furnishing the return. Apart from this, mention the designation of the person signing the return.

 Need Assistance?

We at All India ITR strive for customers satisfaction by providing with financial solutions and others services for your company at reasonable prices. For more details, you can visits us at support@allindiaitr.com.

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