Electronic Filing of Updated Tax Return (ITR) for ITR-5, ITR-6 enabled for AY 2020-21, AY 2021-22. Details here

Electronic filing of updated Section 139(8A) tax returns is now enabled for Forms ITR-5 and ITR-6 for AY 2020-21 and AY 2021-22, according to the website. ‘income tax.

“The electronic filing of ITR u/s 139 (8A) update has also been enabled for ITR 5 and 6 for AY 2020-21 and AY 2021-22 using the Excel utility. See details in the News section. Please click Downloads | Income Tax Department to access and download the same to click on the respective AY record. Once the updated ITR is prepared, you can download the XML/JSON by logging into the Income Tax website,” the Income Tax Department said in a notification dated August 2, 2022. .

Who must file ITR-5 and ITR-6?

According to income tax rules, Form ITR 5 is suitable for companies, LLPs, associations of persons (AOP), natural persons (BOI), artificial legal persons (AJP), estate of the deceased , to the estate of the insolvent, to the business trust and investment fund.

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Form ITR 6 can be used by corporations other than corporations whose source of income is from property held for religious or charitable purposes. These companies can apply for exemptions under Article 11.

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

Budget 2022 introduced a new, updated ITR concept allowing taxpayers to change their ITRs within two years of the end of the relevant tax year.

5.8 crore ITR deposited

Meanwhile, more than 5.8 crore ITR has been deposited by taxpayers till last month. July 31 was the last date to file ITRs for AY 2022-23 for individuals and HUFs whose accounts do not need to be audited. ITR filing jumped on the latest date with over 72.42 lakh returns filed in a single day. (Read Highlights of ITR Filing Due Date)

The new e-filing portal has also set other benchmarks such as highest RTI deposit rate per second: 570 (at 4:29:30 PM), highest deposit rate per RTI deposit minute: 9573 (at 7:44 p.m.), and RTI’s highest hourly deposit rate: 5,17,030 between 5 p.m. and 6 p.m., according to a statement from the Ministry of Finance.

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