ITR-7 Form - Eligibility, Filing Process & Due Dates

ITR-7 Changes for FY 2024-25 (AY 2025-26)

CBDT (Central Board of Direct Taxes) has issued the updated ITR-7 form incorporating changes aligned with the Finance Act, 2024. The key changes in ITR-7 form for AY 2025–26 are mentioned below:

1. Capital Gains Split Reporting: Capital gains for periods before and after 23 July 2024 must be reported by taxpayers separately, marking the effective date of new provisions.

1. Capital Loss on Share Buyback: From 1 October 2024, capital loss from share buyback is allowed only if the related dividend income is declared under ‘Income from Other Sources’.

1. Detailed Section 24(b) Reporting: On borrowed capital, new fields have been added for more detailed disclosures of interest deductions under Section 24(b).

1. Mandatory TDS Section Code Entry: In Schedule-TDS, taxpayers must now mention the specific TDS section codes for accurate reporting and verification.

Eligibility Criteria for ITR-7

The following individuals and associations are eligible to file the ITR-7 form:

1. Section 139(4A): Applicable to individuals or entities earning income from property held under trust or legal obligation, either wholly or partly for charitable or religious purposes.

1. Section 139(4B): Mandatory for political parties if their total income (before applying section 139A) exceeds the basic exemption limit.

1. Section 139(4C): Required for institutions specified under the section that are claiming tax exemptions under section 10.

1. Section 139(4D): Must be filed by colleges, universities, and scientific research institutions eligible under section 35(1).

Schedules to be Filled for Claiming Exemptions in ITR-7

The following are the sections, as per which ITR-7 should be filed by an individuals and companies: 

1. Schedule LA: Filled by political parties claiming exemption under Section 13A.

1. Schedule ET: Applicable to Electoral Trusts claiming exemption under Section 13B.

1. Schedule AI: For trusts or institutions claiming exemption under:
   1. Sections 11 and 12
   2. Section 10(23C)(iv), (v), (vi), or (via)

1. Schedule IE 1: Required for exemptions under any of the following clauses of Section 10, where income is exempted unconditionally:
   1. 10(21), 10(22B), 10(23AAA), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(23FB), 10(29A), 10(46), and 10(47)

1. Schedule IE 2: Exemptions claimed under Section 10(23A) or 10(24).

1. Schedule IE 3: To be used when claiming exemptions under Section 10(23C)(iiiab) or 10(23C)(iiiac).

1. Schedule IE 4: Required for claims under Section 10(23C)(iiiad) or 10(23C)(iiiae).

Due Date for Filling ITR 7

The due date for filling ITR 7 are mentioned below:

1. Due date for taxpayers who do not need to audit their account: 15 September 2025 (FY 2024-2025)

1. Due date for taxpayers who need to audit their accounts including companies: 31st October of next financial year

Components of the ITR-7 Form

The ITR-7 Form is divided into two parts and nineteen schedules

Part-A - General information

Part-B - Outline of the total income and tax computation with in respect of income chargeable to tax.

1. Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) in last year’s viz., previous years relevant to the current assessment year.
2. Schedule-D: Under clause (2) of Explanation 1 to sub-section (1) of section 11, details of deemed application of income should be mentioned.
3. Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year.
4. Part A-BS: As on 31st March 2022, details of Application and Sources of Fund should be mentioned
5. Schedule R: Balance sheet and Reconciliation of Corpus of Schedule J
6. Schedule-LA: Details in case of a political party.
7. Schedule-ET: Details in case of an Electoral Trust
8. Schedule-HP: Computation of income under the head Income from House Property.
9. Schedule-CG: Computation of income under the head ITR.
10. Schedule-OS: Computation of income under the head Income from other sources.
11. Schedule-VC: Details of Voluntary Contributions received
12. Schedule AI: Excluding voluntary contributions, the aggregate of income derived during the year should be provided under this section
13. Schedule ER: Revenue Account- In India amount applied to charitable or religious purposes
14. Schedule EC: Capital Account- In India amount applied to charitable or religious purposes
15. Schedule IE-1, IE-2, IE-3 and IE-4: As per applicability, the income and expenditure statements to be provided
16. Schedule VDA: u/s 115BBH, Income from transfer of virtual digital assets to be mentioned
17. Schedule-OA: General information about business and profession
18. Schedule-BP: Computation of income under the head “profit and gains from business or profession
19. Schedule-CYLA: Statement of income after set off of current year’s losses
20. Schedule PTI: as per section 115UA Pass through Income details from investment fund or business trust
21. Schedule 115TD: Under section 115TD Asserted Income to be mentioned
22. Schedule-SI: Statement of income which is chargeable to tax at special rates
23. Schedule FSI: Details of income accruing or arising outside India
24. Schedule TR: Details of Taxes paid outside India
25. Schedule FA: Details of Foreign Assets
26. Schedule SH: In an unlisted company, details of shareholding to be provided
27. Part B-TI: Computation of total income
28. Part B-TTI: On total income Tax payments, Computation of tax liability, such as:
    1. Details of Tax Collected at Source (TCS)
    2.  As per Form 16A/16B/16C/16D, details of Tax Deducted at Source (TDS) on Income
    3. Details of payments of Self-Assessment Tax and Advance Tax

Instructions for filling out the ITR-7 Form

The following are the set of instructions that should be followed during filling out the ITR-7 form:

1. All items must be filled in the manner indicated therein; otherwise the return may be liable to be held defective or even invalid
2. If any schedule is not applicable score across as “---NA---".
3. If any item is inapplicable, write “NA" against that item.
4. Write "Nil" to denote nil figures.
5. Except as provided in the form, for a negative figure/ figure of loss, write “-" before such figure.
6. All figures should be rounded off to the nearest one rupee. However, the figures for total income/ loss and tax payable are finally rounded off to the nearest multiple of ten rupees.

Sequence for filling out Parts and Schedules

The ITR must be filled by the below mentioned sequence as per the Income Tax Department: 

1. Part A
2. Schedules
3. Part B
4. Verification

Things To Keep in Mind When Filing the ITR-7

The following are the points that should be remembered while filing ITR-7: 

1. No extra documents, paperwork or TDS certificates are to be submitted or affixed with the return form
2. If any documents are affixed with the return form, they will be sent back to the applicant who has filed the return
3. It is advisable that taxpayers match the taxes deducted, collected or paid by them with their Tax Credit Statement Form 26AS

Ways to file ITR-7

ITR 7 must be mandatorily filed online with the Income Tax Department in the following ways:

1. by furnishing the return electronically under digital signature
2.   by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V 

Procedure for filling out the Verification Document

Here are the steps for filling out the verification document: 

1. Enter the required information in the verification document and strike out what is not applicable
2. Ensure the verification has been signed before furnishing the return
3. Write the designation of the person signing the return.

Verification of Form ITR-7

ITR-7 must be filed electronically with the Income Tax Department and verification can be done through any of the following methods:

1. Digital Signature Certificate (DSC)

1. Electronic Verification Code (EVC)

1. Aadhaar OTP

1. Signing and sending the ITR-V form to: Centralized Processing Centre (CPC), Income Tax Department, Bengaluru – 560500, Karnataka.

Note:

1. Political parties must file ITR-7 using a Digital Signature Certificate (DSC) only.

1. Under Section 277 of the Income Tax Act, 1961, submitting false information in the return or its schedules is a punishable offense, which may also cause rigorous imprisonment along with penalty.