Latest news with #FormITR-2
News18
2 days ago
- Business
- News18
ITR-2 Filing: A Step-By-Step Guide To File Income Tax Return On Your Own
The Income Tax Department has extended the ITR filing deadline for FY 2024-25 to September 15, 2025, for individuals and HUFs who don't need their accounts to be audited. For the financial year 2024-25 (Assessment Year 2025-26), the income tax return (ITR) filing process is underway. The Income Tax Department has released the Excel utilities for various ITR Forms to facilitate hassle-free filing. It's important for all taxpayers to choose the right form as per their category and income. Form ITR-2 needs to be used by individuals and Hindu Undivided Families (HUFs) who do not have any income from business or profession. Taxpayers receiving income from sources like salary, pension and capital gains from the sale of assets need to use ITR-2. Who is eligible to file ITR-2? Individuals having income from the following sources are eligible to file Form ITR-2: – Income from salary or pension – Income via house property (it might come from multiple house properties) – Receipts from capital gains – From other sources (including lottery winnings, or other legal means of online betting) – Agricultural earnings of more than Rs 5,000 · Stocks, bonds and Mutual Fund capital gain statements from brokers or banks. · Purchase/Sale document of any property. Step 2: Download ITR-2 Form Navigate to the Income Tax Department's e-filing website to get the form or use their online e-file portal. Step 3: Begin with filing your personal information like Name, PAN, Aadhaar Card Number, Address and Email ID. Step 4: Report income from a salary or pension: Use Form 16 to accurately report your income from a salary. Step 5: Declare income from house property in the dedicated section. Step 6: Provide data about the capital gains, if any, as per the statements collected from banks and brokerage firms. Step 7: Share details of foreign assets (if applicable): List all foreign assets and their associated income. Step 8: Deductions and exemptions: Claim deductions under Sections 80C, 80D, and other sections of the Income Tax Act, 1961, as applicable. Step 9: Review tax liability: After applying the deductions and exemptions, calculate the total tax liability. Step 10: Submit and Verify: After final completion, review all the information once again and click on submit. The ITR can then be e-verified with Aadhaar OTP, Bank account and digital signature. ITR Filing Date for FY 24-2025: The Income Tax Department has extended the ITR filing deadline for FY 2024-25 to September 15 for individuals and HUFs who don't need their accounts to be audited. First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
18-07-2025
- Business
- News18
Income Tax Dept Activates ITR-2 For Online Filing; What's New In AY2025-26 Form
Last Updated: The tax department had released the excel utilities of ITR-2 and ITR-3 for AY2025-26 a week ago. Income Tax Filing: The income tax return form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal, as updated by the tax department today in the X post. The tax department had released the excel utilities of ITR-2 and ITR-3 for AY2025-26 a week ago. ITR-1 and ITR-4 forms have already been released by the IT department. However, income tax return form of ITR-3 isn't yet enabled for filing through online mode with pre-filled data. The income tax department has already extended the deadline for tax filing for FY2024-25 (assessment year FY2025-26) to September 15, 2025 from July 31, 2025. The tax department linked the changes in the utilities forms for FY2024-25 as a major reason for the delay in the release of these utilities, leading to the extension of the deadline for this filing year. Kind Attention Taxpayers!Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal. Visit: — Income Tax India (@IncomeTaxIndia) July 18, 2025 There are some major changes in ITR-2 form, which is applicable for those who earn a salary or have non-business or professional income as well as those with crypto, capital gains and other types of income. Let's see what are these six changes in the reporting process for the ITR-2 form. 1. Capital Loss Reporting On Share Buyback: A new row has been added to Schedule CG – A(A) to report capital losses from payments made by a company to its shareholders for buyback of its own shares, as per Section 68 of the Companies Act, 2013. These capital losses are now allowed, provided the related dividend income is reported under 'Income from Other Sources'. 2. Disclosure of Dividend Income: A new row has been added to Form ITR-2 to capture dividend income arising under Section 2(22)(f), specifically proceeds received by shareholders from the buyback of shares. 3. Real Estate Transfer: Resident individuals must now provide separate details for the cost of acquisition and improvement for transfers of land and buildings executed before 23rd July 2024 and on or after this date in the ITR-2 Form. This change enables the application of indexation benefits for such transactions. 4. Enhanced Asset and Liability reporting threshold: Taxpayers with a total income exceeding Rs 1 crore are now required to report all assets and liabilities as of the last day of the financial year, an increase from the previous threshold of Rs 50 lakh. 5. Capital Gains Reporting: Due to the Finance Act 2024, effective from July 23, 2024, capital gains tax rates have changed. To ensure accurate reporting and compliance, separate columns have been added to Form ITR-2 to distinguish between capital gains realized before and on or after July 23, 2024. Gains from transactions executed before this date will be taxed at the old rates, while gains realized on or after will follow the revised tax rates. 6. TDS Schedule Update: A new column has been added to Schedule TDS in Form ITR-2 to specify the relevant Section code under which tax has been deducted at source for the assessee. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
New Indian Express
01-05-2025
- Business
- New Indian Express
Tax filing made easier for the salaried class
NEW DELHI: Good news for salaried tax payers! The government has made tax filing easier for those earning up to Rs 1.25 lakh through long-term capital gains from equities or equity mutual funds. Earlier, salaried individuals with income from capital gains were required to file Form ITR-2 even where the capital gains were non-taxable. From this year, the new Form ITR-1 has a small section for reporting long-term capital gains on which tax is not payable. Currently, ITR 1 is filed by individuals with income up to Rs 50 lakh from salary, one house property, interest and agriculture income. However, if they made capital gains in a particular year, they had to file ITR-2. To ease the compliance burden, the tax department has exempted salaried individuals with long-term capital gains up to Rs 1.25 lakh annually from filing ITR 2 form. It must be noted that the government enhanced the threshold for tax-free long-term capital gains from Rs 1 lakh to Rs 1.25 lakh in the Budget this year. However, the tax rate on long-term capital gains has been increased from 10% to 12.5%. 'This change streamlines the tax filing process, making it more accessible and less burdensome for small investors and salaried individuals, encouraging timely compliance,' says Sandeep Sehgal, partner, tax, AKM Global. However, if a taxpayer earns long-term capital gains in excess of Rs 1,25,000 or any other long term capital gains other than equities or units of business trust or earns short-term capital gains or has carried forward or brought forward capital losses or derived income, the salaried individual would have to fill Form ITR-2 for filing return of income. There is a similar change in the ITR-4, which applies to tax payers resorting to presumptive taxation for their business income.
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Business Standard
30-04-2025
- Business
- Business Standard
Individual taxpayers with LTCG up to ₹1.25 lakh can use simplified ITR-1
Individual taxpayers earning long-term capital gains (LTCG) up to ₹1.25 lakh under Section 112A of the Income Tax Act, 1961, can now file their income tax returns (ITRs) using the simplified ITR-1 (Sahaj) form for assessment year (AY) 2025-26. The Central Board of Direct Taxes (CBDT) notified ITR 1 and ITR 4 for AY 2025-26 on Tuesday. Section 112A of the IT Act provides for taxation of LTCG arising from the transfer of equity shares in a company or units of an equity-oriented fund or units of business trust where securities transaction tax (STT) has been paid on acquisition or transfer or on both, as provided in the section. According to the latest CBDT notification, the ITR-1 (Sahaj) form can be used by individual taxpayers meeting the following criteria: The individual is a resident (other than not ordinarily resident); Total income up to ₹50 lakh during the financial year; Income sources include: Salary or pension; Income from one house property (excluding cases with brought-forward losses); Income from other sources such as interest; LTCG under Section 112A, from the sale of listed equity shares or equity-oriented mutual funds, up to ₹1.25 lakh; Agricultural income up to ₹5,000. Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2 even where the capital gains were exempt by virtue of the threshold limit prescribed under Section 112A. This resulted in elaborate disclosure requirements, including information about accrual or receipt of capital gains and details of securities, among others. 'This inconvenience is reduced with the new Form ITR-1 for AY 2025-26, incorporating a small section for reporting the income in the nature of LTCG on which tax is not payable by virtue of the exemption limit provided in Section 112A. However, in cases where the taxpayer earns LTCG under Section 112A of over ₹125,000 or where the taxpayer earns any other LTCG other than that taxable under Section 112A or earns short-term capital gains (STCG) or has carried forward or brought forward capital losses or derived income from any combination of the above, the salaried individual would have to resort to Form ITR-2 for filing return of income,' said Sandeep Jhunjhunwala, tax partner at Nangia Andersen LLP. A similar change has been made in Form ITR-4 which applies to taxpayers such as individuals, Hindu undivided families (HUFs) and firms, excluding limited liability partnerships (LLPs), resorting to presumptive taxation for their business income. The new ITR-4 form for AY 2025-26 subsumes reporting of LTCGs subject to tax under Section 112A of the IT Act within the limit of ₹1.25 lakh. ITR-4 cannot be used by individuals who are company directors, hold unlisted shares, have foreign assets or income, earn agricultural income exceeding ₹5,000, or have deferred tax on employee stock options (ESOPs). 'With the latest amendments, individuals can now utilise the simpler ITR-1 and ITR-4 forms if their LTCG under section 112A doesn't exceed ₹1.25 lakh. Also, if they have no capital losses to carry forward or set off,' said Sandeep Sehgal, partner at AKM Global.
