Income Tax return for FY 2019-20 were announced, however till date only ITR 1 to 5 were available for filing. Now ITR 7 is also available for filing on e filing website.
So, let’s have a look on what are some important amendments in ITR 7 and who are eligible to file the same.
Let’s first see who are eligible to file ITR 7 Form:
This Form can be used by a 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) which are as under:
1. 139(4A) includes trust which are claiming exemption under section 11 and 12.
2. 139(4B) includes political parties.
3. 139(4C) includes bodies or institutions whose income is exempt under section 10.
4. 139(4D) includes institution covered under 35(1) which is otherwise not required to file return of income.
As far as changes in ITR for FY 2019-20 is concerned there are no major changes in ITR 7. It is the same as previous year ITR.
Important point to note or which many people miss out while filing ITR 7 is that they even use ITR 7 for trust which are not registered under section 12A/ 12AA and then their income is charged to tax at MMR without giving benefit of application.
For the same it is advised to use ITR 5 if you don’t have trust registration and atleast claim deduction of expenses incurred.
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