With the September 15, 2025, ITR filing deadline fast approaching, the Income Tax (I-T) Department has released new Excel Utilities for filing updated returns for Assessment Years (AYs) 2021-22 and 2022-23. These utilities, which became available on September 6, 2025, cover forms ITR-5, ITR-6, and ITR-7, and are designed to help taxpayers correct or revise their previously filed returns.
Thank you for reading this post, don't forget to subscribe!Key Features of the Updated Return Provision:
- Encourages Compliance: The updated return provision allows taxpayers to voluntarily submit a revised declaration of income, even if they have already filed an original, belated, or revised return.
- Extended Timeframe: Taxpayers have a 48-month window from the end of the relevant assessment year to file an updated return. For the financial year 2025-26, this applies to AYs 2021-22, 2022-23, 2023-24, and 2024-25.
- Cannot Be a Loss Return: An updated return cannot be used to declare a loss.
- Filing is Optional: The option to file an updated return is not mandatory.
Who Should Use Which Form?
- ITR-5: For firms, LLPs, AOPs, business trusts, and investment funds. It is not for individuals or Hindu Undivided Families (HUFs).
- ITR-6: For companies, except those that are eligible to file ITR-7.
- ITR-7: For specified entities, including charitable and religious trusts, political parties, news agencies, and certain research organizations.
Extended ITR Filing Deadline
The I-T Department had previously extended the ITR filing due date from July 31, 2025, to September 15, 2025, for salaried individuals, HUFs, and other taxpayers whose accounts do not require auditing.
