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Wednesday, 01 September 2010 05:30

Income Tax Return Form(ITR-7) Assessment Year 2010-2011

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Adobe PDF Format 124.6 KB
Instructions 57.4 KB
Both above+Acknowledgement in a zip file 172.5 KB
Text of the PDF document(for quick reference)

Assessment Year FO RM ITR-7 INDIAN INCOME TAX RETURN For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (Please see Rule 12 of the Income-tax Rules,1962) (Also see attached instructions) 2 0 1 0 - 1 1 Part A-GEN GENERAL 1. PERMANENT ACCOUNT NUMBER (PAN) 2. NAME (As mentioned in deed of creation/ establishing/ incorporation/ formation) 3. ADDRESS (Flat No./Door/House No.,Premises, Road, Locality) Pin Telephone Fax, if any 4. Date of formation (DD-MM-YYYY) 5. Status (Please see instructions) 6. e-mail ID: 7. Is there any change in Address? Yes No 8. Number and Date of registration under section 12A/12AA and 9. If claiming exemption under section 10: (i) Mention the clause(s) and sub-clause(s) (ii) Date of notification/ approval, if any (iii) Period of validity To 10. Whether liable to tax at maximum marginal rate under section 164 Yes No 11. Ward/ Circle/ Range 12. Assessment Year 13. Residential Status (Please see instructions) 14. If there is change in jurisdiction, state old Ward/ Circle/ Range 15. Section under which this return is being filed (Please see instructions) Return of Income 16. Whether Original or Revised Return If revised, Receipt No. and date of filing original return. and 17. Is this your first return? Yes No For Office Use Only For Office Use Only Receipt No Date Seal and Signature of receiving official - - - - - - - - - - - - - PART-B (a) Computation of total income 18. Income from house property [Sch.-(F-1A)] 19. (i) Profits and gains of business or profession [Sch.-(F-1B)] (ii) Profits and gains from transactions chargeable to securities transaction tax included in (i) above (Sch.-(B-26(ii)] 20. Capital gains (a) Short-term (under section 111A) [Sch.-F-1C(i)] (b) Short-term (others) [Sch.- F-1C(ii)] (c) Long-term [Sch.- F-1C(iii)] 21. Income from other sources [Sch.- F-1D] 22. Deemed income under section 11 [F-4(iv)] 23. Total [(18)+(19)+(20)+(21)+(22)] 24. Less: Exempt income [Sch.-F3(ix)] 25. Income chargeable under section 11(4) [Sch.-B(34)] 26. Total income [(23) - (24)+(25)] In words (b) Statement of taxes on total income 27. Net agricultural income [Sch.F-9] 28. Tax on total income [Sch.G-6] 29. Surcharge, if applicable [Sch.G-7] 30. Education, including secondary and higher education cess [Sch.G-9] 31. Tax + Surcharge + Education Cess [Sch.G-10] 32. Tax deducted/ Collected at source [Sch.G-14B] 33. Advance tax paid [Sch.G-14A] 34. Self-assessment tax paid [Sch.G-14C] 35. Balance tax payable [(31) - (32) - (33) - (34)] 36. Interest payable under section 234A/ 234B/ 234C [Sch.G-11] 37. Tax and interest payable [Sch.G-16] 38. Refund due, if any [Sch.G-17] Number of documents / statements attached Description In figures In words Description In figures In words a. TDS Certificates f. Applications for exercising options under section 11(1) b. Audit report in Form No. 10B g. Form 10DB / 10DC c. Audit report in Form No. 10BB h. Income / expenditure account and balance sheet 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 d. Audit Report under section 44AB i. Others e. Form No. 10 for exercising options under section 11(2) VERIFICATION I, _________________________________________________(full name in block letters), son/ daughter of ______________________________________, holding permanent account number _____________________solemnly declare that to the best of my knowledge and belief, the information given in this return and the schedules, statements, etc., accompanying it is correct and complete and that the amount of total income/ fringe benefits and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to income-tax for the previous year relevant
Instructions for filling out FORM No. ITR-7 (to be detached before filing the return) 1. Legal status of instructions These instructions though stated to be non-statutory, may be taken as guidelines for filling the particulars in this Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 2. Assessment Year for which this Form is applicable This Form is applicable for assessment year 2010-2011 only. 3. Who can use this Form This Form can be used by persons including companies who are required to furnish return under section 139(4A) or under section 139(4B) or under section 139(4C) or under section 139(4D). 4. Manner of filing this Form This Form has to be filed in a paper form 5. Filling out the acknowledgement Acknowledgement slip attached with this Form should be duly filled out. 6. Form not to be filled in duplicate This form is not required to be filed in duplicate. 7. Intimation of processing under section 143(1) The acknowledgement of the return is deemed to be the intimation of processing under section 143(1). No separate intimation will be sent to the taxpayer unless there is a demand or refund. 8. BRIEF SCHEME OF THE LAW (1) Computation of total income (a) "Previous year" is the financial year (1st April to the following 31st March) during which the income in question has been earned. "Assessment Year" is the financial year immediately following the previous year. (b) Tax is chargeable on what is called 'total income'; it has a definite technical meaning. (c) Total income is to be computed as follows, in the following order: (i) Classify all items of income under the following heads of income: (A) "Income from house property"; (B) "Profits and gains of business or profession"; (C) "Capital gains"; and (D) "Income from other sources". (There may be no income under one or more of these heads of income). (ii) Compute taxable income of the current year (i.e., the previous year) under each head of income separately in the Schedules which have been structured so as to help you in making these computations. The headwise computation in the Schedules has been devised on the basis of actual income earned in the commercial sense as against computation as per statutory provisions applicable in case of other categories of taxpayers. (iii) Set off current year's headwise loss(es) against current year's headwise income(s) as per procedures prescribed by the law. A separate Schedule is provided for such set-off. (iv) Aggregate the headwise end-results as available after (iii) above; this will give you "gross income". (v) Deduct from the gross income, amounts exempt under sections 10 and 11, to arrive at gross total income. (vi) From gross total income, subtract, as per procedures prescribed by the law, "deductions" mentioned in Chapter VIA of the Income-tax Act. The result will be the total income. Besides, calculate agricultural income for rate purposes. (2) Computation of income-tax, surcharge, education cess and interest in respect of income chargeable to tax (a) Compute income-tax payable on the total income after allowing rebate, if applicable. Special rates of tax are applicable to some specified items. Include agricultural income, as prescribed, for rate purposes, in the tax computation procedure. (b) Add surcharge as prescribed by the law on the above tax payable (after rebate). (c) Add Education Cess including secondary and higher education cess as prescribed on tax payable (after rebate) plus surcharge. (d) Add interest payable as prescribed by the law to reach total tax, surcharge and interest payable. (e) Deduct the amount of prepaid taxes, if any, like "tax deducted at source", "tax collected at source", "advance-tax" and "self- assessment-tax". The result will be the tax payable (or refundable). (3) Filing of return (a) A return of income can be filed in any of the following manners: (i) U/s (under section) 139(1): i.e., within the "due date" prescribed by the law; or (ii) U/s 139(3) r/w (read with) s 139(1) only where a loss is to be carried forward: i.e., within the "due date" prescribed by the law; (iii) U/s 139(4); i.e., after the expiry of the "due date" but before the expiry of one year from the end of the relevant assessment year; (iv) U/s 142(1): i.e, pursuant to a statutory notice calling for the return; (v) U/s 148: i.e., pursuant to a statutory notice u/s 149 for assessing or reassessing total income that has been either not assessed or under-assessed earlier; (vi) U/s 153A/153C: pursuant to a notice u/s 153A(a); (vii) A return filed u/s139(1) or 139(3) or 142(1) can be revised by filing a fresh return within one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier; (viii) Incomplete or erroneous returns are liable to be held defective [s 139(9 )] or even invalid. If held defective, time (usually 15 days, extendable in some circumstances) will be allowed to recti
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