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The income tax department has kept all assessees who receive income from the source that falls into the consideration of charity and religious grounds. So, every Charitable Trust has to file ITR-07 if it is the case. But filing an ITR can get complex at times which can be simplified through a compliance solution like Web-e-Tax. It incorporates filing of all ITRs from 1 to 7 both ways, i.e., e-Return & Paper Return, generating Tax Audit Report in Form 3CA, 3CB, 3CD, direct importing of Form 26AS data in software, facilitating digitally sign ITR Forms, bulk uploading and e-filing of Income Tax Returns, accessing DIT dashboard for online activities of ITD and optioning available to have Multi-user.
Also Read: Everything about ITR-07
As soon as you get into the process of filing ITR-07, it is a must to take a look at the documents required to file ITR-7 beforehand to avoid any inconvenience.
Documents Required To File ITR-7 Are As Follows:
Registration Details of Trust
Income & Expenditure A/C of the Trust or Institution as on the last day of the previous year.
For filing the ITR through Web-e-TAX Software users need to follow five steps that are mentioned below:
Steps to File ITR-07 through Web-E-Tax:
In the first step create the assessee master details for which you want to file the ITR and the Assessee Master contains 4 pages.
On the first page provide the basic information like Name, PAN, Address, and Date of Formation, Select the Status of Assessee as Trust and select the Sub Status of the trust also.
On the 2nd page provide the Bank Details of the assessee/taxpayer and the details of the representative assessee if any.
And in the 3rd Page, fill the acknowledgment details and Details of the Project/Institutions, the nature of the activity and the classification code of the selected activity will reflect automatically then click on Save to save the assessee master details.
In the next step select the created assessee master from the list.
After the selection of the assessee master, name of the assessee along with the A.Y will reflect automatically.
Click on Computation to fill in the income and deduction details of the assessee or use the Shortcut Key (F7)
After clicking on Computation, select the section for the filing of an ITR-7.
In the computation, double click on any head in which you want to fill in the income details of the assessee. Click on the Voluntary Contribution option to fill the Corpus fund and non-Corpus fund details or click on the Deductions option to fill the deduction details.
Similarly, provide the deduction details and as per the income and deduction details in the software, the tax will be calculated as per the slab rates.
After providing the details in the computation, Fill the registration details of the trust in Other Details head.
Fill the details of Author/Trustee/Founders of the trust in Schedule K.
After providing all the income and exemption details, go to Generate & Upload JSON without DSC (Ctrl G) option to generate the JSON file and directly upload it on the income tax portal.
Click on Get Form-7 JSON & Upload option to generate the JSON file.
Select a location to save the JSON file. After that JSON file will be generated successfully and then successfully will be uploaded on income tax portal.
See how easy it gets to file an ITR when you have our Webtel ITR filing integrated one-stop solution for all ITR management and e-Filing needs to make your experience secure, accurate, and quick simultaneously
If you are still looking for in-depth assistance or have any feedback for us so that we can improve and make our compliance solution more user-friendly, then do drop us a email at firstname.lastname@example.org or ring on 7303393220. On the other hand, if you just need to understand and leverage all the expertise Web-e-Tax holds in it, then click here now to know more about Webtel’s Income Tax Filing Software Web-e-Tax.
Also Read: Latest Updates about Income Tax Return