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ITR 7 Form is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
It is an annexure-less return so no document (including TDS certificate) should be attached with this return form while filing ITR 7. It is mandatory to match the taxes deducted or collected by or on behalf of them with their Tax Credit Statement (FORM26AS).
Who is Eligible to file the ITR-7 Form?
Structure of the ITR-7 Form:
The ITR-7 Form is divided into two parts and nineteen schedules
Part-A – General information
Part-B – Outline of the total income and tax computation with in respect of income chargeable to tax.
Who is not eligible to file ITR 7 Form?
Person who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C) or Section 139 (4D) or 139(4E) or 139(4F)
Changes on (ITR 7 FY 2017-18 or AY 2018-2019)
Keep the following points in mind while filling up the verification document:
Instructions for filling out ITR-7
Procedure of filling the Parts and Schedules:
The IT department offers a significant way to fill the income tax return. The sequence is followed in following steps:
Steps For Filing the ITR-7 Form?
This return form can be filed with the Income Tax Department in the following way:
Penalty on late filing of ITR:
Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10,000.
Assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:
For filing your ITR Return, please send us one liner/ your requirement, our team will get back to you within 24 hrs.