Download Online ITR 7 Java Utility for AY 2014-15 & who can use ITR 7

CA Sandeep Kanoi

1. CBDT has on 03.07.2014  released Java Utility of ITR 7 for online filing of ITR-7 for Assessment Year 2014-15.

2. Who can use this Return Form?

This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

3. Annexure-less Return Form

No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). (Please refer to www.incometaxindia.gov.in).

4. Manner of filing this Return Form

This Return Form can be filed with the Income Tax Department in any of the following ways, –

(i)       by furnishing the return in a paper form;

(ii)     by furnishing the return electronically under digital signature;

(iii)    by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

(iv)    by furnishing a Bar-coded return.

Where the Return Form is furnished in the manner mentioned at 4(iii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–5601 00 (Karnataka). The other copy may be retained by the assessee for his record.

From assessment year 2013-14 onwards in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at 4(ii) or 4(iii).

From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80- IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 4(ii) or 4(iii).

5. Filling out the acknowledgement

Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 4(i), the acknowledgement slip attached with this Return Form should be duly filled.

Download ITR – 7 Java Utility for AY 2014-15

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Extract of Section 139(4A) , section 139(4B) , section 139(4C) and section 139(4D).

[(4A) Every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes, or of income being voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income for this purpose being computed under this Act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]]

[(4B) The chief executive officer (whether such chief executive officer is known as Secretary or by any other designation) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this Act without giving effect to the provisions of section 13A) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act, shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]

[(4C) Every—

(a)  [research association]referred to in clause (21) of section 10;

(b)  news agency referred to in clause (22B) of section 10;

(c)  association or institution referred to in clause (23A) of section 10;

(d)  institution referred to in clause (23B) of section 10;

(e)  fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in [sub-clause (iiiad) or] sub-clause (vi) or any hospital or other medical institution referred to in [sub-clause (iiiae) or] sub-clause (via) of clause (23C) of section 10;

(f)  trade union referred to in sub-clause (a) or association referred to in sub-clause (b) of clause (24) of section 10;

⁷⁰[(g)  body or authority or Board or Trust or Commission (by whatever name called) referred to in clause (46) of section 10;

(h)  infrastructure debt fund referred to in clause (47) of section 10,]

shall, if the total income in respect of which such [research association], news agency, association or institution, fund or trust or university or other educational institution or any hospital or other medical institution or trade union [or body or authority or Board or Trust or Commission or infrastructure debt fund] is assessable, without giving effect to the provisions of section 10, exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed formand verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]

[(4D) Every university, college or other institution referred to in clause (ii) and clause (iii) of sub-section (1) of section 35, which is not required to furnish return of income or loss under any other provision of this section, shall furnish the return in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]

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