Six changes in ITR-2 Excel Utility that all taxpayers should know before ITR filing for AY 2025-26
Keep reading to learn more about the six changes in the reporting process for the ITR-2 form. What are the changes in the reporting process for ITR-2? 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:
Reporting of Capital Loss on Share Buyback: 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'.
ITR-2 excel utility Source: ITR-2 excel utility
Disclosure of Dividend Income Under Section 2(22)(f): A 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
Bifurcation of Acquisition and Improvement Costs for Real Estate Transfers: 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.
ITR-2 excel utility Source: ITR-2 excel utility
Enhanced Asset and Liability reporting threshold: Taxpayers 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
Introduction of separate columns for capital gains reporting based on date of realization: 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.
TDS Schedule Update: 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. Chartered Accountant Ashish Niraj, Partner, A S N & Company says: "Now, various details are required for claiming Interest on loan on House Property in the old regime in ITR 2. Previously, in the old ITR 2, only the amount was required. Similarly, various details are required for HRA now. Previously, only the amount was asked for. In Capital Gains, as rates have changed post July 23, 2024 there are two different columns. Various Details required for claiming Interest on loan on House Property in the old regime in ITR 2. Before this, under the old ITR 2, only amount was needed."Chartered Accountant Gaurav Aggarwal, Key Managerial Person (KMP), Taxcare platform, says: The Income Tax Department has introduced several important updates in the ITR-2 utility for AY 2025–26. Some of these changes are:
Schedule 80C – mandatory documentation Taxpayers must now provide amount eligible for deduction under Section 80C. Similarly policy number or Document Identification Number (DIN) must be mentioned. This ensures that claims under 80C are substantiated with traceable proof.
Schedule HP – disclosure for interest deduction u/s 24(b) To claim interest on home loan (u/s 24(b)), one must now enter details of the loan taken in Table 24(b). This includes lender details and loan details like Loan Account number, Sanction Date, Sanctioned Amount etc.
Schedule OS – dividend disclosure for buy-back claims If a taxpayer claims buy-back loss in Schedule CG, the corresponding dividend details must be filled in Schedule OS →Sl. No. 1a(iii).
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