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ITR-7 Form - Step by Step Instructions
Instructions for filling out FORM ITR-7
The Form 7 of ITR is used to file IT returns to claim exemptions under the Income Tax Act Sections 139 (4A), 139 (4B), 139 (4C) and 139 (4D). These include exemptions on income from scientific research, political party, charitable or religious trust, university or colleges or Khadi and village industries.
There are two components of ITR Form 7: Part A and Part B. While Part A primarily deals with filling out general information, Part B has two sub-sections – Part B - TI and Part B-TTI.
The TI sub-section requires you to fill in the details in order to calculate your total income, which is the sum of property income, business profit, capital gains and other sources. However, the total tax liability is calculated on the basis of your income (from TI) along with the applicable rate in the sub-section TTI.
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