E-filing of Updated Income Tax Return (ITR) for ITR-5, ITR-6 enabled for AY 2020-21, AY 2021-22. Details Here

Updated Income tax Return for ITR-5 and ITR 6: The e-filing of updated Income tax Returns under Section 139 (8A) has now been enabled for forms ITR-5 and ITR-6 for AY 2020-21 and AY 2021-22

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The e-filing of updated Income tax Returns under Section 139 (8A) has now been enabled for forms ITR-5 and ITR-6 for AY 2020-21 and AY 2021-22, according to the Income Tax website.

“E-filing of Updated ITR u/s 139(8A) has also been enabled for ITR 5 & 6 for AY 2020-21 and AY 2021-22 using Excel utility. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. Once Updated ITR is prepared, you can upload the XML/JSON by logging into Income-tax website,” the Income Tax Department said in a notification dated 02 August 2022.

Who needs to file ITR-5 and ITR-6?

According to the Income Tax Rules, the ITR 5 Form is suitable for firms, LLPs, Association of persons (AOPs), Body of Individuals (BOIs), Artificial Juridicial Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

ALSO READ | ITR Filing: Missed deadline? You can still file but there’s a catch

ITR 6 Form can be used by companies other than those companies whose source of income comes from property held for religious or charitable purposes. Such companies can claim exemptions under Section 11.

The Central Board of Direct Taxes (CBDT) had recently announced a new form ITR-U for filing updated income tax returns.

Budget 2022 introduced a new concept of updated ITRs allowing taxpayers to amend their ITRs within two years from the end of the relevant assessment year.

5.8 crore ITRs filed

Meanwhile, more than 5.8 crore ITRs were filed by taxpayers till last month. July 31 was the last date to file ITRs for AY 2022-23 for individuals and HUFs whose accounts don’t need to be audited. ITR filing surged on the last date as over 72.42 lakh returns were filed on a single day. (Read ITR FIling Due Date Highlights)

The new e-filing portal also set other benchmarks such as the highest per second rate of ITR filing: 570 (at 4:29:30 pm), highest per minute rate of ITR filing: 9573 (at 7:44 pm), and the highest per hour rate of ITR filing: 5,17,030 between 5 PM to 6 PM, according to a statement by the Ministry of Finance.

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