This Return Form is to be used by Persons including Companies required to submit return 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D). 

Thus Individual, HUF, Company, Firm, LLP, AOP and BOI are required to file ITR-7 under following circumstances:

1. Under Section 139 (4A), every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

2. Under Section 139 (4B), every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this Act without giving effect to the provisions of section 13A) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year.

3. Under Section 139 (4C) every

(a)  research association referred to in clause (21) of section 10;

(b)  news agency referred to in clause (22B) of section 10;

(c)  association or institution referred to in clause (23A) of section 10;

(1)  person referred to in clause (23AAA) of section 10;]

(d)  institution referred to in clause (23B) of section 10;

(e) fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (iiiab) or sub-clause (iiiad) or sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (iiiac) or sub-clause (iiiae) or sub-clause (via) of clause (23C) of section 10;

(1)  Mutual Fund referred to in clause (23D) of section 10;

(2) securitisation trust referred to in clause (23DA) of section 10;

(2.1)  Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10;

(2.2)  Core Settlement Guarantee Fund referred to in clause (23EE) of section 10;

(3)  venture capital company or venture capital fund referred to in clause (23FB) of section 10;

(f)  trade union referred to in sub-clause (a) or association referred to in sub-clause (b) of clause (24) of section 10;

(1)  Board or Authority referred to in clause (29A) of section 10;

(g)  body or authority or Board or Trust or Commission (by whatever name called) referred to in clause (46) of section 10;

(h)  infrastructure debt fund referred to in clause (47) of section 10,

shall, if the total income in respect of which such research association, news agency, association or institution, fund or trust or university or other educational institution or any hospital or other medical institution or trade union or body or authority or Board or Trust or Commission or infrastructure debt fund or Mutual Fund or securitisation trust or venture capital company or venture capital fund is assessable, without giving effect to the provisions of section 10, exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year.

4. Under Section 139 (4D) every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section, shall furnish the return in respect of its income or loss in every previous year.

5. Under Section 139 (4E) every business trust, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of its income in respect of its income or loss in every previous year.

6. Under Section 139 (4F) Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year.

Who is not eligible to use ITR-7 Form?

A. This Return Form should not be used by – 

(a) an individual; 

(b) HUF; 

(c) Company; 

(d) Partnership firm, LLP, AOP and BOI;  

in case the section 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) is applicable to them. 

Income Tax Rates for AY 2021-22

Income tax rates will be applicable as per the capacity of the person i.e.

(a) an individual; 

(b) HUF; 

(c) Company; 

(d) Partnership firm, LLP, AOP and BOI;