2022-07-29
1076 Views
5 minutes read
Share
Begin securing your future
Application Status
Name
Date of Birth
Plan Name
Status
Name of the policy holder
Policy Holder NamePolicy No.
Policy NumberAddress of the Policyholder as per records
AddressUnclaimed Amount
Unclaimed Amount
Sorry! No records Found
Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.
Form ITR 7 is a tax form ideal for companies who are required to furnish income tax return under section 139(4A), section 139(4B), section 139(4C), section 139(4D), section 139(4E) or section 139(4F) of the Income Tax Act. When filing ITR with form-7, one does not need to attach any document (including TDS certificate).
Structure of the ITR-7 Form:
1) Part A: General information
From Assessment Year (AY) 2023-24, a taxpayer shall provide information on the details of registration or approval.
2) Part-B: Outline of the total income and tax computation w.r.t. income chargeable to tax.
- Part B-TI: Computation of total income
- Part B-TTI: Computation of tax liability on total income
3) 23 Schedules that cover details of amounts accumulated in the previous year, statement showing the investment of all funds, particulars of the Author(s)/ Founder(s)/ Trustee(s)/ Manager(s), etc., of the Trust or Institution, details of Voluntary Contributions received, amount applied to charitable or religious purposes in India, and Computation of income under several head, among others.
Tax payments:
- 1. Details of payments of Advance Tax and Self-Assessment Tax
- 2. Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C).
- 3. Details of Tax Collected at Source (TCS)
How to file ITR-7 form?
ITR 7 form can be filed with the Income-tax Department in one of the following ways: -
(i) By furnishing the return electronically under a digital signature;
(ii) By filling online form electronically under electronic verification code;
(iii) By transmitting the data in the return electronically and submitting the verification of the return in Return Form ITR-V;
Exceptions:
- A political party shall compulsorily furnish the return by furnishing the return electronically under a digital signature.
- In case an assessee 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, he shall file such report electronically on or before the date of filing the return of income.
All taxpayers are advised to match the taxes deducted/collected/paid by them with their Tax Credit Statement Form 26AS.
Eligibility for filing return under ITR-7 Form:
ITR 7 is suitable for companies who are required to furnish return under section 139(4A), section 139(4B), section 139(4C), section 139(4D), section 139(4E) or section 139(4F) of the Income Tax Act. Let us understand them:
1) Return under section 139(4A): To be filed by every person who receives income from property held under trust or other legal obligation wholly for charitable or religious purposes.
2) Return under section 139(4B): To be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
3) Return under section 139(4C): To be filed by scientific research association, news agency, association or institution referred to in section 10(23A), institution referred to in section 10(23B), and fund or institution or university or other educational institution or any hospital or other medical institution.
4) Return under section 139(4D): To be filed by every university, college or institution not required to furnish return of income or loss under any other provision of this section.
5) Return under section 139(4E): To be filed by every business trust that is not required to furnish return of income under any other provisions of this section.
6) Return under section 139(4F): To be filed by any investment fund referred to in section 115UB.
Major Changes made in ITR-7 for AY 2024-25
Information to be provided when filing the Income Tax Return, the following information is required:
Capital gains are now required to be computed for a separate period before and after 23.07.2024, which follows the date of application of the provisions of the Finance Act, 2024.
- Capital loss arising under share buyback transactions shall be allowed only when the dividend income thereon is disclosed under 'Income from Other Sources'. This shall be effective from 01.10.2024.
- For presenting in the taxation return, enhanced details related to deduction claimed under section 24(b), interest on borrowed capital have been included.
- In Schedule-TDS, taxpayers are now required to indicate the appropriate TDS section codes. This change aims to enhance the accuracy and facilitate the cross-verification of tax deducted at source.
Invest in Tax saving plans by Canara HSBC Life Insurance and save on your taxes. Explore our plans today!
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
Tax Savings - Top Selling Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Family Shield: Enhanced Protection
iSelect Smart360 Term Plan
- 3 Plan options
- Life cover till 99 years
- Steady income benefit
- Block your premium at inception
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 Plan options
- Life cover + Guaranteed benefits
- Accidental death benefit
- Premium protection cover
Start Young, Pay Less, Stay Secured
Young Term Plan
- Life cover till 99 years
- Coverage for spouse
- Block your premium rate
- Covers 40 critical illness
Recent Blogs
How High Earners Can Save Tax Beyond Section 80C?
21 July '25
235 Views
Learn how high-income earners in India can reduce tax liability legally beyond Section 80C using smart deductions. Use HRA, NPS, 80D, capital gains, and more to save big on tax exemptions & investment strategies.
Read More
Tax Saving
Which Tax Regime is Right for You in 2025?
21 July '25
150 Views
4 minute read
Not sure which tax regime suits you in 2025? Learn how to compare old vs new regime based on income, deductions, and financial goals.
Read More
Tax Saving
What Is Inheritance Tax? Meaning, Rules & Exemptions
21 July '25
155 Views
Learn what inheritance tax means, how it works in India, and who is liable to pay. Understand rules, exemptions, and tips to manage inherited wealth.
Read More
Tax Saving
Don’t Miss These Income Sources While Filing ITR
15 July '25
158 Views
6 minute read
Learn which income sources you must declare in your ITR for AY 2025-26. Avoid penalties and ensure accurate tax filing with this essential guide.
Read More
Tax Saving
Tax Benefit Comparison: ULIPs vs. Traditional Savings Plans
14 July '25
109 Views
4 minute read
Explore how tax benefits differ between ULIPs and traditional savings plans. Learn which option suits your financial goals and offers better tax efficiency.
Read More
Tax Saving
Forget Life Insurance Premium Declaration During Tax Filing
14 July '25
153 Views
6 minute read
Discover what happens if you forget to include life insurance premiums in your tax filings and how to correct the oversight.
Read More
Tax Saving
Complete Guide to File ITR for Salaried Employees in India
14 July '25
186 Views
5 minute read
A comprehensive ITR guide for salaried Employees for AY 2025-26. Learn about form selection, deductions, and simple steps for online filing.
Read More
Tax Saving
Understanding Tax Implications of Surrendering an Insurance Policy
13 July '25
129 Views
5 minute read
Learn how the Tax Implications of Surrendering an Insurance Policy vary based on policy type, duration, and premium-to-sum assured ratio.
Read More
Tax Saving
Indirect Tax: Meaning, Features & Types of Indirect tax
02 July '25
2462 Views
12 minute read
Indirect Tax - Indirect Taxes are tax collected on consumer goods and other services. Learn about the meaning of Indirect taxes, features and types of indirect tax.
Read More
Tax Saving