Finally after the availability of ITR 1 to 5. Now ITR 7 is also available on E-filing website (E-filing 2.0) for people to file their Income tax return.
In today’s post let’s discuss about ITR 7, various amendment made in ITR 7 for AY 2022-23 and who are eligible for filing the same.
Let’s first see who is eligible to use ITR 7 Form?
This Return 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).
The category of persons whose income is unconditionally exempt under various clauses of section 10, and who are not mandatorily required to furnish their return of income under the provisions of section 139, may use this form for filing return. An indicative list of such persons is given below:-
| Sl.no | Category of persons | Exempt under section |
| 1 | Local authority | Section 10(20) |
| 2 | Regimental Fund or Non-public Fund established by the Armed forces of the Union | Section 10(23AA) |
| 3 | Fund, by whatever name called, set up by the Life lnsurance Corporation (LIC) of India on or after 1st August, 1996, or by any other insurer | Section 10(23AAB) |
| 4 | Authority (whether known as the Khadi and Village Industries Board or by any other name) | Section 10(23BB) |
| 5 | Body or Authority | Section 10(23BBA) |
| 6 | SAARC Fund for Projects set up by Regional Colombo Declaration | Section 10(23BBC) |
| 7 | Insurance Regulatory and Development Authority (IRDA) | Section 10(23BBE) |
| 8 | Central Electricity Regulatory Commission | Section 10(23BBG) |
| 9 | Prasar Bharati | Section 10(23BBH) |
| 10 | Prime Minister’s National Relief Fund | Section 10(23C)(i) |
| 11 | Prime Minister’s Fund (Promotion of Folk Art) | Section 10(23C)(ii) |
| 12 | Prime Minister’s Aid to Students Fund | Section 10(23C)(iii) |
| 13 | National Foundation for Communal Harmony | Section 10(23C)(iiia) |
| 14 | Swachh Bharat Kosh | Section 10(23C)(iiiaa) |
| 15 | Clean Ganga Fund | Section 10(23C)(iiiaaa) |
| 16 | Provident fund to which the Provident Funds Act,1925 applies | Section 10(25)(i) |
| 17 | Recognized Provident Fund | Section 10(25)(ii) |
| 18 | Approved Superannuation Funds | Section 10(25)(iii) |
| 19 | Approved Gratuity Fund | Section 10(25)(iv) |
| 20 | Other funds referred to in sub-clause (v) of section 10(25) | Section 10(25)(v) |
| 21 | Employees’ State Insurance Fund | Section 10(25A) |
| 22 | Agricultural Produce Marketing Committee | Section 10(26AAB) |
| 23 | Corporation, body, institution or association established for promoting interests of members of Scheduled Castes or Scheduled Tribes or backward Classes | Section 10(26B) |
| 24 | Corporation established for promoting interests of members of a minority community | Section 10(26BB) |
| 25 | Corporation established for welfare and economic upliftment of ex-servicemen | Section 10(26BBB) |
| 26 | New Pension System (NPS) Trust | Section 10(44) |
Key changes (For AY 2022-23):
Although there have been no key changes in filing of ITR 7 or it’s content as such but it is important to note that all the trust which were already registered and are filing return for AY 2022-23 might have gone into re-registration process, filed Form 10AB and are requested to quote the new registration number under section 12A/12AA/12AB now while claiming exemption under section 11 or 12 as the new registration number received in Form 10AC will be in record of Income Tax department and if still the old registration number is quoted it might lead to disallowing the exemptions under section 11 and 12.
It is important to note that with the introduction of re-registration, Income tax department has removed the benefit of perpetual registration and hence now the re-registrations will be valid for 5 years and the first 5 years tenure will be from AY 2022-23 to AY 2026-27.
Due date for filing Income Tax return for trust required for Audit in Form 10B is 31.10.2022 and for trust not required to get accounts audited in Form 10B due date for filing Income tax return is 31.07.2022.
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