Instructions for Filing ITR 7 For AY 2017-18. These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income tax Rules, 1962. This Form is relevant for “This Return Form is applicable for assessment year 2017-18 only i.e., it relates to income earned in Financial Year 2016-17. ” Check Instructions for ITR 7 Income Tax Return AY 2017-18. In this article you can find complete details for filing ITR 7 for AY 2017-18 like – General Instructions for Filing ITR 7 For AY 2017-18, Applicability of Assessment Year for Filing ITR 7 For AY 2017-18, Who can use or who can not use ITR 7 For AY 2017-18 etc. Now you can check more details About “Instructions for Filing ITR 7 For AY 2017-18” from below…..
Instructions for Filing ITR 7 For AY 2017-18
1. Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2017-18 only i.e., it relates to income earned in Financial Year 2016-17.
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) or section 139(4E) or section 139(4F).
3. Annexure-less Return Form
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 electronically under digital signature;
- (ii) by transmitting the data in the return electronically under electronic verification code;
- (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
However, a political party shall compulsorily furnish the return in the manner mentioned at (i) above.
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.
5. Filling out the acknowledgement
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, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
6. Codes for filling this Return Form
(i) Under the heading ‘Filing Status’ in the Return Form the relevant box needs to be checked regarding section under which the return is being filed on the basis of following
|S.No||How the return is filed|
|1||Before the due date as provided under section 139|
|2||After the due date under section 139(1) but before the expiry of one year from the end of relevant assessment year as per section 139(4)|
|3||Revised Return under section 139(5)|
|4||Modified return under section 92CD|
|5||In response to notice under section 139 (9) for removal of defects|
|6||In response to notice under section 142(1)|
|7||In response to notice under section 148|
|8||In response to notice under section 153A/ 153C|
|9||Under section 119(2)(b) on an application to be made separately before the income-tax authority (The return shall be treated as valid only after the application/claim/relief under section 119(2)(b) has been admitted by the income-tax authority)|
(ii) Under the head Audit Information, if the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it (if filed before the return) to the department has to be filled. Further, if the assessee is liable to furnish other audit report, the section under which such audit is required and the date of furnishing it to the department (if audit has been carried out under that section) has to be filled. From A.Y. 2013-14 it has become mandatory to furnish audit reports (if the audit has been carried out) under the following sections electronically on or before the date of filing the return of income.
Obligation to file return of income
(a) Return under section 139(4A) is required to be filed by 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-section (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.
(b) Return under section 139(4B) is required 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.
(c) Return under section 139(4C) is required to be filed by every –
- (i) scientific research association referred to in section 10(21);
- (ii) news agency referred to in section 10(22B);
- (iii) association or institution referred to in section 10(23A);
- (iv) institution referred to in section 10(23B);
- (v) fund or institution or university or other educational institution or any hospital or other medical institution referred to in section 10(23C)(iv)/ (v)/ (vi) if the conditions mentioned in section 139(4C) are satisfied.
(d) Return under section 139(4D) is required to be filed by 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.
(e) Return under section 139(4E) is required to be filed by a business trust, which is not required to furnish return of income or loss under any other provision of this section.
(f) Return under section 139(4F) is required to be filed by an investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provision of this section.
(g) Return of income is also required to be filed by a person if his total income before allowing deductions under section 10A or section 10AA or Chapter VI-A exceeds the maximum amount which is not chargeable to income tax.
(h) The losses shall not be allowed to be carried forward unless the return has been filed on or before the due date.
(i) The deduction under sections 10A, 10AA, 80-IA, 80-IAB, 80-IB and 80-IC shall not be allowed unless the return has been filed on or before the due date.
Computation of income-tax, surcharge, education cess including secondary and higher education cess and interest in respect of income chargeable to tax
- (a) Compute income-tax payable on the total income. Special rates of tax are applicable to some specified items. Include agricultural income, as prescribed, for rate purposes, in the tax computation procedure.
- (b) If income includes income of the nature referred to in section 115BBE, surcharge @25% on such income is chargeable. If total income exceeds Rs.1 crore, calculate surcharge on (total income minus income chargeable u/s 115BBE) at the applicable rate.
- (c) In case, the tax liability computed as above is less than 18.5% of book profit, the company is required to pay minimum alternate tax (MAT) under section 115JB at the rate of 18.5% of the profit. The excess tax so paid is allowable to be carried forward for credit in the year in which tax liability under the normal provisions of the Act is more than MAT liability. Such carry-forward is allowable up to10years.
- (d) Add Education Cess including secondary and higher education cess at the rate of 3% on the tax payable and surcharge thereon.
- (e) Claim relief(s) as prescribed by the law, for double taxation and calculate balance tax payable.
- (f) Add interest payable as prescribed by the law to reach total tax and interest payable.
- (g) Deduct the amount of prepaid taxes, if any, like “tax deducted at source”, “tax collected at source”, “advance-tax” and “self-assessment-tax”. The result will be the tax payable (or refundable).
- (a) Please fill up the required information in the Verification. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Write the designation of the person signing the return.
- (b) Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.
(A) In this table, fill the details of payment of advance income-tax and income-tax on self-assessment. The details of BSR Code of the bank branch (7 digits), date of deposit, challan serial no., and amount paid should be filled out from the acknowledgement counterfoil.
- (i) In this table, fill the details of tax deducted on the basis of TDS certificates (Form No.16A or Form 26QB) issued by the deductor(s).
- (ii) Details of each certificate are to be filled separately in the rows. In case rows provided in these Schedules are not sufficient, please attach a table in same format.
- (iii) It may please be noted that the TDS certificates are not to be annexed with the Return Form.
- (iv) In this schedule where tax is deducted u/s 194-IA and details are filled as per Form 26QB, in column (2) in place of TAN of the Deductor mention PAN of the Buyer and in column (3) mention Name of Buyer being the Deductor.
(C) In this table, fill the details of tax collected at source on the basis of TCS certificates (Form No. 26) issued by the Collector. In case rows provided in these Schedules are not sufficient, please attach a table in same format.
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