Income Tax: Income Tax Department started online filing of ITR-2 with pre-filled data, know 5 important things related to it..
The Income Tax Department has activated the online filing facility of ITR-2 form for the 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 the 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 like crypto. Now this form is available on the e-filing website of the Income Tax Department 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. The online pre-filling facility is not currently available in it.
Changes in the Finance Act 2024 are the reason for the delay
The department has said that the reason for the delay in the 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 a 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 has to be told under which section code the tax has been deducted.
5. Separate column for capital gains tax
Due to the new capital gains tax provisions implemented from July 23, 2024, ITR-2 now provides the facility to show capital gains by dividing them into two parts. One column for sales before July 23 and one for after that.
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