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Checklist to Avoid Mistakes in Filing ITR 7 for AY 2020-21

Checklist to Avoid Mistakes in Filing ITR 7 for AY 2020-21

S. N.
Exem-ption claimed under section
Return
furn-ished
section
Registr-ation / Approval under
section
Regist-ration
Details
Comp-ulsory
Appli-cable income Sche-dules to be filled for claim of exem-ption
Schedule for claim of Income
Eligible for Exem-ption
Taxable Heads of Income (These
schedules is to be filled only if that head of income is taxable and not eligible for
exemption
Efiling Audit
Report required
and Audit Form
Other Require-ments
1
Sec 11
139(4A)
12A / 12AA
In Schedule Part A General-Personal Inform-ation – Details of regist-ration under Income Tax Act
Sche-dule AI and VC
1) Amount applied for charitable purpose- details to be filled in schedule ER (Revenue Account) and EC (Capital Account) 2) Exemption under clause 2 of explanation to section 11(1) (Deemed Appli-cation) and section 11(2) (Accum-ulation) to be claimed in PART-BTI
Further income due to non compli-ance of provisions of the Act has to be entered in sr.no.5-Additions (sec. 11(1B), 11(3), 12(2) etc.) of Schedule Part BTI Anon-ymous donation taxable u/s 115BBC
Audit report in Form 10B is required to be e-filed one month prior to the due date specified u / s 139(1) (Section 12A(1)(b))
1) If your claiming exemption under explan-ation 11(1)-for Deemed Appli-cation- Form 9A to be efiled before due date.
2 ) Exemption under section 11(2)- for Accumu-lation- Form 10 has to be e-filed within due date and return has to be e-filed within due date.
2
Section 10 (23C)(iv) / 10(23C) / 10(23C) (v) / 10(23C) (vi) / 10(23C) (via)
139(4C)
Section 10 (23C)(iv) / 10(2 3C) / 10(23C) (v) / 10(23C) (vi) / 10(23C) (via)
In Schedule Part A General- Personal Inform-ation – Details of Approval under Income Tax Act
Sche-dule AI and VC
1) Amount applied for charitable purpose- details to be filled in schedule ER (Revenue Account) and EC (Capital Account) 2) Exemption under clause 2 of expla-nation to section 11(1) (Deemed Appli-cation) and section 11(2) (Accumu-lation) to be claimed in PART-BTI
Further income due to non comp-liance of prov-isions of the Act has to be entered in sr.no. 5- Additions (sec. 11(1B), 11(3), 12(2) etc.) of Schedule Part BTI
Audit report in Form 10BB is required to be e- filed one month prior to the due date specified u / s 139(1) (Proviso 10 to section 10(23C))
1) No Forms Notified for the purpose of claiming exemption for deemed application under clause 2 of expla-nation 11(1).
2) No Forms notified for the purpose of claiming exemption under Third Proviso to section 10(23C) – for Accum-ulation.
3
Sec 10(23C)(iiiab) / (iiiac)
139(4C)
In Schedule PI- Details of regist-ration or approval under any law other than Income Tax Act
Sche-dules VC and IE-3
Amount of Exemption u / s 10(23C)(iiiab) to be entered in Schedule Part BTI in sr.no.9a and exemption u / s 10(23C)(iiiac) to be entered in Schedule Part BTI in sr.no.9b
Gross receipts to be filled in Schedule IE-3 Grants received from Govern-ment to be filled in Schedule VC and in Schedule IE-3
4
Sec 10(23C)(iiiad) (iiiae)
139(4C)
Sche-dules VC and IE-4
Amount of Exemption u / s 10(23C)(iiiad) to be entered in Schedule Part BTI in sr.no.9c and exemption u / s 10(23C)(iiiae) to be entered in Schedule Part BTI in sr.no.9d
Anony-mous donation taxable u / s 115BBC
Gross Receipts has to be filled in Schedule IE-4. If Gross receipts exceeds Rs.1 Crore, you are not eligible for exemption under section 10(23C) (iiiad) and (iiiae).
5
13A
139(4B)
In Schedule PI- Details of regist-ration or approval under any law other than Income Tax Act
Sche-dule VC and Sche-dule HP, Sche-dule CG, Sche-dule OS
Amount of Exemption to be entered in Schedule Part BTI in sr.no.12a
1) Exem-ption is not allowable on: Income from BP Income Entered under heads of income HP, CG and OS will be considered for Exem-ption.
For 13A – Schedule LA to be filed-Mandatory fields-
a) Books of accounts is maintained
b) Record of Voluntary Contri-bution exceeding Rs.20,000
c) Books of Accounts Audited
d) Donation Exceeding Rs.2000 by cheque or electronic mode only
e) Report under section 29C(3) Represe-ntation of People Act is submitted.
Return of income has to be filled within due date specified u / s 139(1)
6
13B
139(4B)
13B
In Schedule PI- Details of regist-ration or approval under Income Tax Act
Sche-dule ET to be filled for dona-tions and appli-cation of Income. If any income is taxable (not exempt) the head wise income sche-dule has to be filled
Amount of Exemption to be entered in Schedule Part BTI in sr.no. 12b
Income disclosed under schedule Voluntary contri-bution only will be considered for exem-ption.
Audit Report in Form no.10BC to be filed with the Jurisdic-tional Comm-issioner before due date for filing of the return
For 13B – Schedule ET should filed-Mandatory fields-a)Books of accounts is maintained
b) Record maintained for Voluntary Contri-bution
c) Record maintained for eligible political party to whom contri-butions distributed
d) Books of Accounts Audited as per Rule 17CA.
7
10(22B), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(46), 10(47)
139(4C)
Sche-dules VC if appli-cable and IE-1
Amount of Exemption to be entered in Schedule Part BTI (sr.no.8,9) against the same section as selected in schedule Part A General.
8
10(21)
139(4C)
35
In Schedule PI- Details of regist-ration or approval under Income Tax Act
Sche-dules VC if appli-cable and IE-1
Amount of Exemption to be entered in Schedule Part BTI (sr.no.8i) against the same section as selected in schedule Part A General.
In Part B-TI, Sr.no. 11- Income chargeable under section 11(3) read with section 10(21)
9
10 (23AAA)
139(4C)
10(23AAA)
In Schedule PI- Details of regist-ration or approval under Income Tax Act
Sche-dules VC and IE-1
Amount of Exemption to be entered in Schedule Part BTI in sr.no.8d
10
10 (23A), 10(24)
139(4C)
Sche-dules VC and IE-2
Amount of Exemption u / s 10(23A) to be entered in Schedule Part BTI in sr.no.8c and exemption u / s 10(24) to be entered in Schedule Part BTI in sr.no.9h
Exemption u / s 10(23A) will be allowed only on :
Income from CG Income from BP Income from OS (other than Interest & Dividend) Exemption u / s 10(24) will be allowed only on :
Income from HP Income from OS
11
10(21) read with section 35(1) clause ii and iii
139(4D)
35
In Schedule PI- Details of regist-ration or approval under Income Tax Act
Sche-dules VC and IE-1
Amount of Exemption to be entered in Schedule Part BTI in sr.no.8a
In Part B-TI, Sr.no. 11- Income chargeable under section 11(3) read with section 10(21)
12
Other Clauses of section 10 (10(20), 10 (23AA), 10 (23AAB), 10 (23BB), 10 (23BBA), 10 (23BBC), 10 (23BBE), 10 (23BBG), 10 (23BBH), 10(23C)(i), 10(23C)(ii), 10(23C)(iii), 10(23C)(iiia), 10(23C)(iiiaa), 10(23C)(iiiaaa), 10(23C)(iiiaaa), 10 (25)(i), 10 (25)(ii), 10 (25)(iii), 10(25)(iv), 10(25)(v), 10(25A),
10 (26AAB), 10(26B), 10 (26BB), 10 (26BBB), 10(44)) where income is
uncondi-tionally exempt
Others
Sche-dules VC if appli-cable and IE-1
Amount of Exemption to be entered in Schedule Part BTI in sr.no.10
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