ITR-7 for AY 2022-2023

The Central Board of Direct Taxes (CBDT) issued the Income-tax (5th Amendment) Rules, 2022 vide a Notification No. 23/2022-Income Tax Dated: 1st April 2022. With this amendment, CBDT notified ITR-7 for the assessment year 2022-23 relevant to the financial year (FY) 2021-22. ITR 7 Form filing is done by the companies who service the income from the properties that are of charitable or religious purposes. Properties that are held under the trusts or legal obligations in parts or even wholly are included in the category.

Synopsis of Income-tax (Fifth Amendment) Rules, 2022

CBDT has notified ITR-7 for AY 2022-2023 for the Assessment Year 2022-23 by Income-tax (Fourth Amendment) Rules, 2022. The notified Form ITR-7 does not contain any major amendments or changes compared to the preceding year except a few to incorporate the changes or amendments made by the Finance Act of the relevant year to incorporate the changes or amendments in the Finance Act of relevant year. Earlier, vide Notification No. 21/2022 dated 30.03.2022, CBDT has notified ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V, and ITR- Ack for the Assessment Year 2022-23

Assessment Year for which this Return Form is applicable

As mentioned above, the ITR-7 is applicable for the assessment year 2022-2023 only, that is, it relates to income earned during the Financial Year 2021-2022.

Eligibility Criteria to file ITR-7

ITR-7 for AY 2022-2023 is to be filed by persons including companies who are required to furnish returns under the following section:

Section 139(4A) of the Income-tax Act
Section 139(4B) of Income-tax Act
Section 139(4C) of the Income-tax Act
Section 139(4D) of the Income-tax Act

Note: The Charitable Company incorporated under section 25 of Companies Act, 1956 or under section 8 of Companies Act, 2013 shall use ITR 7 and not ITR-6. For more details on Section 139 of Income Tax, click here

No Documents Required

No documents are to be attached with this return while filing ITR 7 Form. The Taxpayers should match the taxes that are deducted/ collected paid by or on behalf of them with their Tax Credit Statement - Form 26AS.

Last Date for Filing ITR 7 Form

The due date for filing ITR-7 Form is different depending upon the audit of the accounts.

Procedure for filing ITR-7 for AY 2022-2023

The applicant can file the ITR-7 for AY 2022-2023 form electronically on the e-filing web portal of the Income-tax Department and verify in any one of the following manners:

Digitally signing the verification part
Authenticating by way of electronic verification code (EVC)
Aadhaar OTP
By forwarding duly signed paper Form ITR-V (Acknowledgment) by post to CPC Bengaluru

The applicant is required to furnish all the mandatory details in the income tax return Form-7 (ITR-7): [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/notification-23-2022.pdf" title="ITR-7 for AY 2022-2023"] Note: The Form ITR-V should reach within 120 days from the date of e-filing the return In case a taxpayer is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via),12A(1)(b), 92E he/she will file such report electronically on or before the date of filing the return of income

Filling out the ITR V- Income Tax Return Verification Form

After filing the ITR–7 return filing, the taxpayer needs to print out the Form ITRV- Income Tax Return and send it to Processing Centre, Income Tax Department, Bengaluru- 560500 (Karnataka) by ordinary post or speed post. The confirmation of the receipt of ITR-V at the Centralized Processing Centre will be sent to the assessee on the e-mail ID registered in the e-Filing account.

Income Tax E-Filing

Partnership Compliance