ITR-7 is a specialized income tax return form designed for companies, firms, local authorities, associations of persons (AOPs), and artificial juridical persons seeking exemptions under various sections of the Income Tax Act. Filing ITR-7 can be complex, but with gsttaxwala, you can easily navigate the process. Our expert team simplifies the ITR-7 filing process, ensuring your submission is accurate and fully compliant.

What is ITR-7?

The ITR-7 form is for firms, companies, local authorities, associations of persons (AOPs), and artificial juridical persons wishing to file income tax returns and claim exemptions under the following sections of the Income Tax Act:

• Section 139(4A): Charitable or religious institutions
• Section 139(4B): Political parties
• Section 139(4C): Scientific research institutions
• Section 139(4D): Universities, colleges, institutions, or Khadi and Village Industries

Deadline for Filing ITR-7 Form

The due date for filing the ITR-7 form depends on whether the accounts are audited. If audit is not required, the deadline for AY 2023-24 is July 31, 2023. For cases where auditing is necessary, the filing deadline is October 31, 2023.

Note: The original deadline of October 31, 2023, has been extended to November 30, 2023, for Assessment Year 2023-24.

Guidelines for Filing ITR-7

The Income Tax Department has provided clear instructions for filing ITR-7:

• Ensure all information is entered accurately, as incorrect or incomplete details will result in an invalid or defective return.
• Round off income and tax figures to the nearest multiple of ten rupees.
• Other amounts should be rounded to the nearest one rupee.
• Use a minus sign (“-“) for any loss or negative figures.
• If an amount is zero or nil, write “Zero.”
• If a particular item does not apply, write “NA” in the corresponding field.

Let gsttaxwala assist you in filing your ITR-7 form efficiently and accurately.