ITR Filing: This time some new reporting rules have been added to the ITR-2 form. There have been a total of 6 major changes, which you should keep in mind while filling ITR, otherwise you may have to visit CA later. Let us know what has changed in the ITR-2 form this time.
ITR Filing: If you are a job holder or your income does not come from business but from other income like salary, rent, capital gain or crypto, then ITR-2 form is important for you. For the financial year 2024-25, the Income Tax Department has released Excel based utility of other forms including ITR-2.
This time some new reporting rules have been added to the ITR-2 form. There have been a total of 6 major changes, which you should keep in mind while filling ITR, otherwise you may have to visit CA later. Let us know what has changed in the ITR-2 form this time.
1- Capital loss will now have to be shown on share buyback
A new line has been added to Schedule CG–A(A) of ITR-2, where the loss incurred on share buyback done by the company under Section 68 of the Companies Act can now be shown. This facility will be available only when the relevant dividend income is shown in ‘Income from Other Sources’.
2- New category of dividend income
A new line has now been added to ITR-2 for dividend income received under section 2(22)(f). This happens when the company makes payments to its shareholders by buying back shares.
3- Purchase and improvement expenses will have to be stated separately on selling land and house
Now on selling land or building, if the transaction has taken place before or after 23 July 2024, then its details will have to be given separately. Both the purchase price and the improvement expenses will have to be shown separately, so that the indexation benefit can be used properly.
4- New rule for those with income above 1 crore
Earlier this rule was applicable only to those with income of more than ₹ 50 lakh. Now those whose annual income is more than ₹ 1 crore will have to report all their assets and liabilities till March 31.
5- Change in capital gain reporting based on date
After 23 July 2024, the tax rates on capital gains have changed. Therefore, now in ITR-2, the capital gains will have to be shown in different columns according to before and after that date. This has been done so that the difference between the old and new tax rates is clear.
6- New update in the TDS column
Now a new column has been added to the Schedule TDS, where it has to be told under which section the tax has been deducted. This will provide clarity to both taxpayers and the department.
