The CBDT has issued guidance for filing ITR 7 for A.Y 2020-21. Form ITR-7 is for persons including companies required to furnish return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
The following salient queries were addressed under the guidance note :
- If the total income of the trust or institution without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax, audit report in Form 10B has to be filled one month prior to the due date specified u/s 139(1) as per Section 44AB.
- Exemption should be claimed only after entering the registration / approval details in Schedule “Part-A General”.
- If the assessee is approved u/s 12A/12AA then Audit Report under Form 10B is required to be filed.
- If the assessee is approved u/s 10(23C)(iv to via) then Audit Report under Form 10BB is required to be filed (and not under Form 10B).
- If the assessee discloses accreted income in Schedule 115TD then tax should be computed thereon.
- Registration Details under section 12A/12AA in respect of the Detail of registration/approval under Income Tax Act to be furnished in Schedule Part-A General, ‘Return furnished section’ to be selected as 139(4A) and ‘Section under which exemption claimed’ to be selected as section 11.
- Income should be disclosed in Schedule-AI and/or Schedule-VC.
Click here to access the Guidance Note.
