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Income Tax Department started online filing of ITR-2 with pre-filled data, know 5 important things related to it

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The Income Tax Department has started online filing of ITR-2 form for assessment year 2025-26, which will provide relief to salaried taxpayers and investors. This form is for individuals and HUFs who do not have income from business but have income from salary, capital gains or crypto.

New Delhi. The Income Tax Department has activated the online filing facility of ITR-2 form for assessment year 2025-26, giving great relief to salaried taxpayers and investors. This step has been taken by the IT department a few weeks after extending the deadline for filing returns from July 31 to September 15.

Who is ITR-2 form for?

The ITR-2 form is for individual taxpayers and Hindu Undivided Families (HUFs) who do not have income from business but have income from salary, capital gains, foreign assets or digital assets such as crypto. Now this form is available on the Income Tax Department’s e-filing website with pre-filled data.

ITR-3 is still offline

The ITR-3 form, which is for those with business or professional income, can currently be filed only through offline Excel utilities. Online pre-filling facility is not currently available in it.

Changes in Finance Act 2024 are the reason for the delay
The department has said that the reason for the delay in ITR utility is the recent changes made under the Finance Act 2024. For this reason, the last date for filing returns was extended to September 15.

What are the 5 special changes made in ITR-2?

1. Date based declaration required in property sale

Taxpayers selling land or house will now have to separately state whether the cost of acquisition and improvement is before or after July 23, 2024. This change will affect the right to indexation.

2. New disclosure of profit from share buyback

Now a new column has been added in which it will be necessary to disclose the dividend income received from share buyback under section 2(22)(f). This will enable better monitoring of the income of shareholders.

3. Net worth declaration limit increased

Now those with annual income of more than Rs 1 crore will be required to disclose all their assets and liabilities. Earlier this limit was Rs 50 lakh.

4. New section code in TDS details

A new field has now been added to the schedule giving information about Tax Deduction at Source (TDS), in which it will have to be told under which section code the tax has been deducted.

5. Separate column for capital gains tax

With the new capital gains tax provisions coming into effect from July 23, 2024, ITR-2 now allows the capital gains to be shown in two parts. One column for sales before July 23 and one for sales after that.

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Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com
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