The Income Tax Department has come up with a checklist for assisting taxpayers in preparation and filing of ITR-7 for Assessment Year 2020-21.
The CBDT has issued the checklist for submitting ITR-7 for AY 2020-21 to avoid common mistakes in return preparation which may impact uploading of the ITR or processing of the ITR later.
There are different sections which governs the compliances to adhere to while filing ITR-7 namely Section 1; Section 10 (23C)(iv)/10(2 3C)(v)/10(23C) (vi)/10(23C)(vi a); Section 10(23C) (iiiab)/(iiiac); Section 10(23C) (iiiad)/(iiiae); Section 13A; Section 13B ; Section 10(21), 10(22B), 10(23AAA), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(29A), 10(46), 10(47); Section 10(23AAA) and Section 10(23A), 10(24).
The compliance requirements under Section 11 and Section 10 (23C)(iv)/10(2 3C)(v)/10(23C) (vi)/10(23C)(vi a) ask for the registration/ approval under section 12/12AA and Section 10 (23C)(iv)/10(2 3C)(v)/10(23C) (vi)/10(23C)(vi a), respectively along with details furnishment under “Details of registration under the Income Tax Act” in Part A General.
Section 139(4A) and Section 139(4C) is the Return filing section for the former and the latter one, respectively. Schedule VC and AI are for offering the contribution and income under section 11 while under section 10 (23C)(iv)/10(2 3C)(v)/10(23C) (vi)/10(23C)(vi a), the contribution and income are offered in schedule VC and AI.
There are various other compliances under Section 11 And Section 10 (23C)(iv)/10(2 3C)(v)/10(23C) (vi)/10(23C)(vi a).
Firstly, amounts spent for the charitable purpose to fill schedule ER, EC
Secondly, assessee claiming exemption via deemed application have to furnish details in point 4 of schedule part BTI and Form 9A before the deadlines.
Thirdly, assessee claiming exemption via Accumulation has to furnish the details in Point 4 of schedule Part BTI and Form 10 before the deadlines.
Fourthly, other taxable income has to be offered in schedule HP, BP, CG and OS.
Fifthly, non-adherence to Section 11 & 12 or unqualified to claim exemption has to fill Sl.No. 5 of schedule Part-BTI.
Lastly, Form 10B and Form 10BB, respectively under section 11 and the other, has to be furnished for an Audit report along with the return of income before the due date.
Other Compliance requirements under Section 10(23C) (iiiab)/(iiiac) includes offering the contribution or income in schedule VC and IE-3. Exemptions claimed u/s 10(23C) and u/s 10(23C) (iiiac) should be filed in point 9a of schedule part BTI and 9b of schedule part BTI, respectively. Other taxable income has to be offered in schedule HP, BP, CG and OS, while the gross receipts and Grants received from Government, have to be furnished in Schedule IE-3 in addition to Schedule VC for the grants received from the government.
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