The Income Tax Act, 1961, levies tax on income of entities earned in a specific financial year. The person liable to pay income tax hereinafter referred to as "assessee" could be an individual, partnership, Hindu Undivided Family, or any other business entity.
Taxpayers have been categorized in the Act to make tax compliances easy for everyone. Taxpayers shall compute income tax liability based on methods and conditions laid down in Income Tax Act, 1961. Apart from the category of taxpayer and methods for filling ITR, forms used for filing income tax return also vary as per the assessee filing the ITR. This article covers comprehensive information on Form ITR-7.
Those persons whose income is from property used either solely or partially for charitable or religious trust and such property must be held under a legal obligation or trust.
This section specifically applies to political parties. As per section 13A political parties are exempted from filing income tax return provided they file the annual return through form ITR-7.
Schools, colleges, and institutions not covered under any section of the Income Tax Act are required to file ITR-7 under this regulation.
Filing of Return of Income by a business trust
Filing of Return of Income by Investment Fund