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Those companies who derive their income from properties that are for charitable or religious purposes need to fill ITR Form 7 for filing their income tax return. Properties which are held under trusts or legal obligations in parts or wholly also come under this category.

Who is eligible to file the ITR-7 Form?

Return under section 139(4A) is required to be filed by 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.

Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.

sec 2(68) defined Private Company as a company having a minimum paid up share capital, as may be prescribed and which by its article

  1. 1)Scientific research association.
  2. 2)News agency.
  3. 3)Association or institution referred to in section 10(23A).
  4. 4)Institution referred to in section 10(23B).
  5. 5)Fund or institution or university or other educational institution or any hospital or other medical institution.

Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section

Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.

Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section.


Easy Loan Approval
Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns as a proof of income statement. This is a mandatory document for the loan approval.

Claim Tax Refund
There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for that year. In such a case, you will have to claim TDS refund for which you will have to file an Income Tax Return mandatorily.

Income & Address Proof
Income Tax Return can be used as proof of your Income and Address.

Quick Visa Processing
Most embassies & consultants require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. These are amongst mandatorily required documents and hence it is always advisable to timely file your ITR.

Carry Forward Your Losses
If you file the return within the original due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. This is not possible without filing of the income tax return.

Avoid Penalty
If you are required to file your tax returns according to the income tax act, but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000.

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