In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-7 for AY 2020-21/FY 2019-20 which is generally applicable to persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

ITR-7 with other ITRs alongwith manner of furnishing Return of Income for Assessment Year (AY) 2020-21 / Financial year (FY) 2019-20 is been notified by CBDT vide Notification No. 31/2020 dated 29.05.2020.

1. Who is eligible to use Form ITR-7 for A.Y. 2020-21?

This form is for persons including Companies required to furnish return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) of the Income Tax Act, 1961 only.

The category of persons whose income is unconditionally exempt under various clauses of section 10, and who are not mandatorily required to furnish their return of income under the provisions of section 139, may use this form for filing return. An indicative list of such persons is given below:-

Sl.no Category of persons Exempt under section
1 Local authority Section 10(20)
2 Regimental Fund or Non-public Fund established by the Armed forces of the Union Section 10(23AA)
3 Fund, by whatever name called, set up by the Life lnsurance Corporation (LIC) of India on or after 1st August, 1996, or by any other insurer Section 10(23AAB)
4 Authority (whether known as the Khadi and Village Industries Board or by any other name) Section 10(23BB)
5 Body or Authority Section 10(23BBA)
6 SAARC Fund for Regional Projects set up by Colombo Declaration Section 10(23BBC)
7 lnsurance Regulatory and Development Authority (IRDA) Section 10(23BBE)
8 Central Electricity Regulatory Commission Section 10(23BBG)
9 Prasar Bharati Section 10(23BBH)
10 Prime Minister’s National Relief Fund Section 10(23C)(i)
11 Prime Minister’s Fund (Promotion of Folk Art) Section 10(23C)(ii)
12 Prime Minister’s Aid to Students Fund Section 10(23C)(iii)
13 National Foundation for Communal Harmony Section 10(23C)(iiia)
14 Swachh Bharat Kosh Section 10(23C)(iiiaa)
15 Clean Ganga Fund Section 10(23C)(iiiaaa)
16 Provident fund to which the Provident Funds Act, 1925 applies Section 10(25)(i)
17 Recognized Provident Fund Section 10(25)(ii)
18 Approved Superannuation Funds Section 10(25)(iii)
19 Approved Gratuity Fund Section 10(25)(iv)
20 Other funds referred to in sub-clause (v) of section 10(25) Section 10(25)(v)
21 Employees’ State Insurance Fund Section 10(25A)
22 Agricultural Produce Marketing Committee Section 10(26AAB)
23 Corporation, body, institution or association established for promoting interests of members of Scheduled Castes or ScheduIed Tribes or backward classes Section 10(26B)
24 Corporation established for promoting interests of members of a minority community Section 10(26BB)
25 Corporation established for welfare and economic upliftment of ex-servicemen Section 10(26BBB)
26 New Pension System (NPS) Trust Section 10(44)

2. Who is not eligible to use Form ITR-7 for A.Y. 2020-21?

This ITR Form should not be used by a Company required to file return of income in ITR-6.

3. Annexure-less ITR Form

No document (including TDS certificate) should be attached to this ITR Form.

4. Manner of filing Form ITR-7 for A.Y. 2020-21

This ITR Form can be filed with the Income-tax Department electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified in any one of the following manner –

(i) digitally signing the verification part, or

(ii) authenticating by way of electronic verification code (EVC), or

(iii) by sending duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address –

Post Bag No. 1, Electronic City Office, Bengaluru- 560500, Karnataka”.

The Form ITR-V should reach within 120 days from the date of e-filing the return of income.

However, a political party shall compulsorily furnish the return of income in the manner mentioned at (i) above.

In case the Company is required to furnish a report of audit under Sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10AA, 12A(1)(b)44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115JC of the Income Tax Act, the Company shall file such report electronically at least one month before the due date of filing the return of income.

General guidance

In Part A- General, please furnish the information relating to identity of assessee, details of any project or institution run by the assessee during the year, section under which return is filed and section under which exemption has been claimed etc.

Certain schedules to this return form are mandatorily required to be filled up by assessees which are claiming exemption under specific provisions, as per the following list:-

Exemption claimed under section Schedule required
to be filled up
Political party claiming exemption u/s 13A Schedule LA
Electoral Trust claiming exemption u/s 13B Schedule ET
Trust/institution claiming exemption u/s 11 and/or 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C) (via) Schedule AI
Assessee claiming exemption under any of the clauses of section 10(21), 10(22B), 10(23AAA), 10(23B), 10(23FB), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(46), 10(47) and persons whose income is unconditionally exempt under various clauses of section 10 Schedule IE-1
Assessee claiming exemption under sections 10(23A), 10(24) Schedule IE-2
Assessee claiming exemption under sections 10(23C)(iiiab) or 10(23C)(iiiac) Schedule IE-3
Assessee claiming exemption under sections 10(23C)(iiiad) or 10(23C)(iiiae) Schedule IE-4

Also Read:-

S. No. Particulars
1 A.Y. 2020-21 ITR Forms: Eligibility Criteria & Changes
2 All about filing of ITR-1 (Sahaj) for AY 2020-21
3 All about filing of ITR-2 for AY 2020-21
4 All about filing of ITR-3 for A.Y. 2020-21
5 All about filing of ITR-4 (Sugam) for A.Y. 2020-21
6 All about filing of ITR-5 for A.Y. 2020-21
7 All about filing of ITR-6 for A.Y. 2020-21
8 All about filing of ITR-7 for A.Y. 2020-21

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