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

Also Read– BIG update on DA hike, DA increased by 5% for select government employees

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.

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.

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.

Also Read– Swiggy Moonlighting Policy: Company allows employees to work with other firms to make more moolah

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.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more