ITR-7
ITR-7
(Section 139(4A), 139(4B), 139(4C), or 139(4D))
ITR-7 is an income tax return form filed by entities required to furnish returns under specific sections of the Income Tax Act. It applies to charitable or religious trusts, political parties, institutions/associations, and individuals receiving income from property held under trust. Filing ITR-7 is necessary to report income and meet tax obligations.
Required Documents:
- Bank Statements: Copies of bank statements for all savings and current accounts held during the financial year.
- Aadhaar Card: The unique identification number issued by the Indian government is required for identity verification.
- PAN Card: The Permanent Account Number (PAN) card is necessary for tax-related transactions and identification purposes.
- Details of Income: Provide details of the entity's income from various sources, including business income, capital gains, income from house property, and any other relevant income details.
- Deductions and Exemptions: Gather information about deductions, exemptions, and allowances claimed by the entity for calculating the taxable income.
- Tax Payments: Provide details of tax payments made by the entity, including advance tax, self-assessment tax, and any other tax payments.
- Other Relevant Documents: Include any other documents specific to the entity's financial activities, such as loan agreements, lease agreements, or property ownership documents.