The Income Tax Department in an update to the taxpayer has declared the availability of utilities for filing ITR-5, ITR-6, and ITR-7 starting today, January 01, 2025. The process will streamline taxpayers, including firms, companies, trusts, and other entities, in complying with their annual tax filing obligations.
The updated utilities will initiate all necessary amendments, incorporating provisions from recent changes and circulars. Entities such as partnership firms (ITR-5), companies (ITR-6), and trusts (ITR-7) can now access Excel-based and other utilities on the income tax return(ITR) filing portal for faster use.
It was asked by the department to the taxpayers to finish their filings before the due date to prevent last-minute technical hurdles or penalties. It is been advised by tax professionals and financial advisors to learn about the updated utilities to support their clients.
ITR-5 Form can be used via a person being firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), the local authority referred to in clause (vi) of section 2(31), representative assessee referred to in section 160(1)(iii) or (iv), Primary Agricultural Credit Society, Co‐operative Bank other than a primary agricultural credit society or a primary co‐operative agricultural and rural development bank, Primary Co-operative Agricultural and Rural Development bank, any other cooperative society, a society registered under Societies Registration Act, 1860 or under any other law of any State, trust other than trusts eligible to file Form ITR‐7, the estate of a deceased person, the estate of an insolvent, business trust referred to in section 139(4E), investments fund referred to in section 139(4F) and Any other AOP /BOI.
A person who is needed to submit the income return u/s 139(4A) 139(4B) or 139(4D) will not use the same form. As per section 2(17) of the Income Tax Act, the Income Tax Return Form ITR-6 can be used by the company. A company can file the same form other than a company that is needed to submit the return in Form ITR-7.
As per section 2(17) of the Income Tax Act, the company means: ‐ (i) Indian Company (Domestic Company) (ii) a Body corporate incorporated by or under the laws of a country outside India (iii) Any institution, association or body, whether incorporated or not & whether Indian or Non‐Indian which is declared by general or special order of the board to be company, etc.
The persons including companies can use the ITR-7 Form who are needed to provide returns u/s 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). The persons category whose income is waived under distinct clauses of section 10 and who are not needed to provide the income return under provisions of section 139, may use the appropriate ITR form for filing the return.
On the person whose income is exempted without any condition, ITR-7 does not apply From AY 2022-23.
