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ITR-2 online filing now live: Changes taxpayers must note before submitting returns: Date extended upto Sep 15th.
ITR-2 is applicable for individuals and Hindu Undivided Families (HUFs) who have income from salary or pension, income from more than one house property, capital gains, or income from other sources—excluding business or professional income.
Thank you for reading this post, don't forget to subscribe!The Income Tax Department has enabled online filing for income tax return form ITR-2 on its e-filing portal. Taxpayers can now file their returns for the financial year 2024-25 using pre-filled data through the online utility, which many individuals find more convenient than the offline Excel utilities.
The department shared the update through its official handle on X (formerly Twitter) on Friday (July 18).
Earlier this month, on July 11, the Income Tax Department launched the Excel-based utilities for ITR-2 and ITR-3. These utilities allow taxpayers to download the forms, fill them offline and then upload them to file their returns.
Who should use ITR-2?
ITR-2 is applicable for individuals and Hindu Undivided Families (HUFs) who have income from salary or pension, income from more than one house property, capital gains, or income from other sources—excluding business or professional income.
The online ITR-2 includes major updates this year, largely because of changes to the capital gains tax regime introduced for FY 2024-25.
Key changes in ITR-2
Experts have pointed out that the new form requires more detailed disclosures:
Taxpayers must report long-term capital gains separately for periods before and after July 23, 2024, due to new indexation and tax rate rules.
Unlisted bonds or debentures must be declared distinctly, depending on their holding periods.
Buyback proceeds received on or after October 1, 2024, must be shown both under “Income from Other Sources” and as “Nil” consideration in the capital gains schedule.
The asset and liability disclosure threshold has been revised. Individuals with income above ₹1 crore must now declare their assets and liabilities. Earlier, this limit was ₹50 lakh.
Online filing for ITR-3 still pending
While the Excel utilities for ITR-3 are available, taxpayers cannot yet file ITR-3 online with pre-filled data. Many individuals and tax professionals prefer the online option because it reduces manual data entry errors and saves time.
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