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ITR stands for Income Tax Return, and there are various ITR Forms that taxpayers should file. The applicability of ITR forms depends upon the income sources of the taxpayer, the income earned and the category of the taxpayer. The Income Tax Act 1961 governs all kinds of ITR forms. In this article, we shall discuss ITR 7 Form.
Table of Contents
This type of form is filed by individuals and companies that fall under the following sections:
There are certain essential points that should be known by a taxpayers filing this form:
The following eligibility criteria for filing this form should be fulfilled:
This return should be mandatorily filed online with the IT department in the following ways:
Once the return has been filed, the assessee is required to print two copies of ITR-V form, duly signed by the assessee, and one copy should be submitted by ordinary post, and the other copy may be retained by assessee.
ITR 7 form is divided into two parts and 23 schedules.
Part-A: General Information
Part-B: Outline of the total income and tax computation in respect of income chargeable to tax.
Individuals and companies that are eligible to file ITR 7 Form should comply with the details mentioned above. In case you have any query in filing this form, then seek the assistance of a professional.
Read our article: All you need to know about ITR-3 Filing
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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