The Income Tax Department has rolled out new updates for the Assessment Year 2025-26 to make filing tax returns easier for non-individual entities. The e-filing portal now supports online filing for ITR-5 and ITR-7 forms, which come with pre-filled data to save time and reduce errors.
Thank you for reading this post, don't forget to subscribe!Key Updates for ITR-5 and ITR-7
- Online Filing with Prefilled Data: You can now file ITR-5 and ITR-7 directly on the e-filing portal. The system automatically populates much of the information, making the process faster and more convenient.
- Offline Utility for ITR-7: For those who prefer working offline, the department has also released a new Offline Utility for ITR-7. This allows you to prepare your return on your computer and upload it to the portal later.
ITR-5 is used by entities like firms and LLPs, while ITR-7 is for trusts, political parties, and other non-profit organizations. These changes provide taxpayers with flexible, efficient options to meet their tax obligations.
