Income Tax Return (ITR) filing: IT-dept allows filing of ITR7 form - Do you need it?
ITR7 is meant for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
For assessment year 2019-20, the Income Tax department will now also accept ITR7 form from taxpayers. Earlier, the department opened the window only for forms like ITR1, ITR2, ITR3, ITR4 and ITR5. Now only ITR6 form is left to be allowed. Recently, the Central Board of Direct Taxes (CBDT) had extended the deadline for filing tax deducted at source (TDS) by employers and also Form 16 issue to employees. Considering that Form 16 is vital for ITR, many are now expecting that due date for the latter might get extended too. ITR7 is meant for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
Here's who have to furnish their return in ITR7 form -
Section 139(4A) - In this section, taxpayers who need to file return are 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.
Section 139(4B) - The chief executive officer (whether such chief executive officer is known as Secretary or by any other designation) of every political party shall.
Section 139(4C) - Every research association, news agency, institution, etc. are included.
Section 139(4D) - 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 needs to file ITR7.
Section 139(4E) - Every business trust, which is not required to furnish return of income or loss under any other provisions of this section.
Section 139(4F) - Every investment fund referred to in section 115UB.
Hence,trusts, political party, institutions, colleges, investment fund, etc. must file their ITR7 form.
Currently, the CBDT has extended the deadline for filing TDS return which is Form 24Q by an employer to June 30, 2019 from May 31, 2019. Similarly, the authority also extended due date for Form 16 filing by an employee to July 10, 2019 from previous June 15, 2019.
However, the deadline for filing Income Tax Return (ITR) for assessment year 2019 - 20, is set at July 31, 2019. Hence, an extension in this due date can also be in offing.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.