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D return in ITR 7

R.Venkadesh (Article Assistant) (155 Points)

11 June 2024

how to file an updated return for Trust

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166288 Points)
Replied 12 June 2024

As per the Income tax rules, the updated return (ITR-U) has to be furnished along with an updated version of the applicable ITR form (ITR 1 – 7).

There are two parts to the form- Part A & B. Follow the below-mentioned instructions for filling up the form:

Part A: General information

A1 PAN
A2 Name
A3 Aadhhar Card Number
A4 Assessment Year
A5 Select yes if you filed the return previously for the assessment year.
A6 If yes, look at the ITR acknowledgement (“Filed u/s”) to figure out if it was filed u/s 139(1) or others
A7 Next, enter the form no., acknowledgement no. or receipt no. and date of filing the original return (DD/MM/YYYY). You will find all these details in the ITR acknowledgement.
A8 Check the eligibility conditions mentioned above and select the appropriate option.
A9 Select the ITR form number.
A10 You must now select at least one reason for updating the ITR-U. (multiple selections are allowed)
A11 If 12 months have elapsed from the end of the year in which you filed the return, select ‘12-24 months option’. Else select ‘up to 12 months option’.
A12 In case the updated return reduces the balance of carried forward loss or unabsorbed depreciation, enter the assessment year in which they were affected because of the updated return. Also, mention if a revised or updated return was filed earlier.

Part B: ATI Computation Of Total Updated Income And Tax Payable

Enter the additional income figures in each head of Income. A detailed break-up of each head is not required.
Enter the income declared as per the last return
Enter the Total Income amount. You can find this from ‘Part B-TI’ of the ITR form (1-7) filled by you.
The amount payable, if any (You can take it from the – ‘Amount payable’ section of Part B-TT of the ITR form)
Amount refundable, if any (You can take it from the – ‘Refund’ section of Part B-TT of the ITR form)
Enter the tax payable amount as per the last return.
However, if a refund was claimed in the last return, then enter the claim amount or If you have received the refund, enter the amount of refund received, including the interest amount on such refund.
If the last return was filed late, enter the fee paid for late filing.
Enter the regular assessment tax paid in the last return
Aggregate liability on the additional income
Additional tax liability on updated income [25% or 50% of (9-7)]
Net tax amount payable (9+10)
Tax already paid u/s 140B: If updated ITR results in a tax payable amount, the same must be paid as a Self-Assessment Tax. Make the payment and enter the challan details.

ITR-U can be verified in the following manner:

- Aadhaar OTP
- Electronic Verification Code (EVC)
- Digital Signature Certificate (DSC)
For tax audit cases:
- Digital Signature Certificate (DSC)

In case of Trust, you need to check the ITR form eligible, whether it be ITR 5 or ITR7.