September 9, 2025

The clock is ticking for taxpayers! The Income Tax Department (I-T Dept) has launched shiny new Excel Utilities for filing updated Income Tax Returns (ITR) in forms ITR-5, ITR-6, and ITR-7. These updated forms cover Assessment Years (AY) 2021-22 and 2022-23 and follow the latest Finance Act, 2025 rules. They have been available on the official Income Tax website since September 6, 2025, so don’t wait till the last minute! Wondering who uses these forms? Here’s the lowdown: ITR-5 is for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), business trusts, and investment funds. Just a heads-up: this form isn’t for individuals or Hindu Undivided Families (HUFs). ITR-6 is designed for companies that don’t qualify to file with the ITR-7 form. ITR-7 is a special one! It’s for specified companies including charitable or religious trusts, political parties, research organizations, news agencies, and other entities mentioned in the Income Tax Act. But what’s new and exciting? The Income Tax Department is encouraging taxpayers to file ‘updated returns.’ What’s that, you ask? An updated return lets you rewrite your tax story up to 48 months from the end of the assessment year. This flexible filing option lets you add or correct details even if you already filed your original, belated, or revised return—or if you didn’t file one at all! For example, in the financial year 2025-26, you can file updated returns for AYs 2024-25, 2023-24, 2022-23, and 2021-22. Pretty neat, right? Just remember, the updated return shouldn’t be for a loss, and some exceptions do apply. Adding to the good news, the I-T Department has extended the last date for filing ITRs from July 31, 2025, to September 15, 2025. This extension helps salaried individuals, HUFs, and taxpayers not needing an audit to catch their breath and file on time. Bottom line: If you’re a firm, company, or special entity needing to file tax returns, grab those new Excel Utilities and get your updated returns ready before the sizzling deadline hits. Don’t miss this chance for stress-free tax filing with the newest tools straight from the Income Tax Department!

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Tags: Income tax return, Itr forms, Updated return, Itr deadline, Finance act 2025, Income tax department,