
Six changes in ITR-2 Excel Utility that all taxpayers should know before ITR filing for AY 2025-26
ET Online
ITR-2 excel utility
ET Online
ITR-2 excel utility
The income tax department has released the Excel based utilities of most of the income tax return (ITR) forms like ITR-1, ITR-2, ITR-3, and others. However, this year (AY 2025-26), there are six significant changes in the reporting requirements for ITR-2. This form is applicable to those taxpayers who earn a salary or have non-business or professional income, as well as those with crypto, capital gains, and other types of income.Keep reading to learn more about the six changes in the reporting process for the ITR-2 form.The Excel-based income tax return (ITR) utilities for ITR-2 and ITR-3 were released on July 11, 2025. Here, we have listed the changes in the reporting process for ITR-2 Excel utility. The online utility (e-filing ITR portal) is yet to be notified.Chartered Accountant Suresh Surana explains the six prominent changes in reporting mechanism in ITR-2 excel utility:A new row has been added to Schedule CG – A(A) to enable the reporting of capital losses arising from payments made by a company to its shareholders for the buyback of its own shares, in accordance with Section 68 of the Companies Act, 2013. Consequently, such capital losses are now permitted, provided the corresponding dividend income is disclosed under 'Income from Other Sources'.Source: ITR-2 excel utilityA new row has been added in Form ITR-2 to specifically capture dividend income arising under Section 2(22)(f), i.e., proceeds received by shareholders from the buyback of shares.Also read: Making these common mistakes with ITR-2 and ITR-3 while using excel based utilities? Here's how you can fix it In the ITR-2 Form, resident individuals will now need to provide separate details for the cost of acquisition and cost of improvement in respect of transfers of land and buildings executed before and after 23rd July 2024 and on or after it. This change facilitates the application of indexation benefits for such transactions.Source: ITR-2 excel utilityTaxpayers whose total income exceeds Rs 1 crore are now required to report all assets and liabilities as on the last day of the financial year. Previously, this applied to individuals whose income exceeded Rs 50 lakh.Also read: ITR-2 and ITR-3 excel utility released by Income Tax Department; Taxpayers with capital gains, crypto, other incomes can now file ITR Due to the recent changes brought about by the Finance Act 2024, effective from July 23, 2024, capital gains tax rates have changed. To help with accurate reporting and compliance, separate columns have been added to distinguish between capital gains made before and on or after July 23, 2024. This distinction is important because gains from transactions executed before this date will still be taxed at the old rates, while gains realized on or after this date will follow the revised tax rates.A new column has been added to Schedule TDS in Form ITR-2 for specifying the relevant Section code under which tax has been deducted at source for the assessee.Source: ITR 2 excel utility

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
20 minutes ago
- Time of India
Uttarakhand secures over Rs. 1 Lakh Crore in grounded investments, boosting economic growth
Uttarakhand has successfully grounded investments worth over Rs. 1 lakh crore, a landmark achievement celebrated at the "Uttarakhand Investment Utsav–2025" held in Rudrapur on Monday. This major milestone comes just over a year after the state's Global Investors Summit (GIS) 2023 and signals a new era of industrial development and economic growth. The event saw the presence of Union Home Minister Amit Shah, who lauded Chief Minister Pushkar Singh Dhami's visionary leadership, transparent policies, and investor-first approach. 'Uttarakhand is making rapid strides in development, and today's milestone is a reflection of the double-engine government's strong coordination and intent,' said Shah. Of the Rs. 3.5 lakh crore worth of MoUs signed during GIS 2023, more than Rs. 1 lakh crore have already materialised into grounded projects—setting a national benchmark for swift execution. The state government is actively supporting these investments with a streamlined single-window system, sector-specific reforms, and proactive facilitation. Chief Minister Dhami reaffirmed the state's commitment to sustainable, inclusive, and forward-looking growth. 'We are not just attracting investment; we are grounding it with speed, efficiency, and accountability,' he said. Highlighting the state's focus areas, Dhami mentioned the upcoming policies on green industry, logistics, pharma, and the Rs. 200 crore venture capital fund for startups. The state's 'Ease of Doing Business' ranking has improved significantly, and authorities credited the rapid approvals, infrastructure readiness, and industrial-friendly climate for the same. Officials revealed that investment projects have led to employment generation across 14 districts, giving a major boost to local economies. The Investment Utsav also served as a platform for investors to share their experience and endorse Uttarakhand as a prime destination for business expansion. 'The investment climate here is dynamic, efficient, and highly cooperative. We feel confident in scaling up our operations,' said one of the attending industrialists. With over Rs. 1 lakh crore already in execution, the Uttarakhand government aims to ground more projects in the coming months. The event concluded with a renewed call to industries to become a part of the state's transformational journey towards becoming a key pillar in India's vision of becoming a developed nation by 2047.


Deccan Herald
20 minutes ago
- Deccan Herald
Gold rises Rs 250 to Rs 99,020/10 gm; silver climbs Rs 500 to Rs 1.11 lakh/kg
Meanwhile, silver prices appreciated Rs 500 to Rs 1,11,000 per kilogram (inclusive of all taxes). On Friday, the white metal had ended at Rs 1,10,500 per kg.
&w=3840&q=100)

Business Standard
20 minutes ago
- Business Standard
Why a Karnataka vegetable vendor got a ₹29 lakh GST notice for UPI sales
So what if you're not a registered GST taxpayer? The taxman might still be tracking you. Just ask the vegetable seller from Haveri, Karnataka, who received a GST notice demanding ₹29 lakh in taxes. The vendor, Shankargouda Hadimani, is not a registered GST taxpayer and has been running his small shop near the Municipal High School grounds for the past four years, Deccan Herald reported. Shankargouda mostly accepted payments through UPI and other digital wallets. According to the GST officials, his total digital transactions over four years added up to ₹1.63 crore, triggering a GST demand, the news report said. The notice from officials said, 'You have done transactions worth ₹1.63 crore in the last four years, for which, you have to pay GST of ₹29 lakh.' The tax notice has left Shankargouda in distress. He has now stopped accepting UPI payments altogether. Explaining his situation, he said, 'I procure vegetables from the farmers and sell the produce at the small shop I own near Municipal High School grounds. Nowadays, customers favour UPI payments. I promptly file I-T returns every year. I have records for the same. The GST officials have served a tax demand of ₹29 lakh. How can I pay such a huge amount?' Do vegetables attract GST? In India, fresh and unprocessed vegetables are exempt from GST, meaning they attract a 0 per cent tax rate. This exemption covers fresh, chilled, or unprocessed vegetables, whether sold by farmers or retailers. However, processed vegetables — such as those that are frozen, preserved, packaged, or labelled — may attract GST rates of 5 per cent or higher depending on the item and its preparation. For example, dried, pre-packaged, and labelled vegetables usually attract 5 per cent GST, while further processed products can face rates as high as 12 per cent. Small vendors in India must file an Income Tax Return (ITR) if their annual income exceeds the basic exemption limit of ₹2.5 lakh. Most small vendors, especially those with business income under ₹50 lakh and opting for the presumptive taxation scheme, should use ITR-4 (Sugam). Under this scheme, vendors can simply declare a fixed percentage of their turnover as profit, easing compliance. ITRs can be filed online through the Income Tax Department portal. For FY 24-25, the last date to file ITR is September 15, 2025, unless account audit is required.