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First Post
19 hours ago
- Business
- First Post
Income tax dept enables online ITR-2 filing with pre-filled data: How this is a big relief
The Income Tax Department has now made ITR-2 available for online filing with pre-filled data. This update makes it easier for salaried individuals, those owning multiple properties, and people with capital gains to file their returns without downloading Excel utilities or uploading files manually. Until now, only ITR-1 and ITR-4 could be filed online. ITR-2 was limited to the Excel utility, which involved a slower, more manual process read more As of July 18, more than 1.41 crore returns have been filed, and 1.12 crore of them have already been processed. (File Photo) The Income Tax Department has now allowed online filing of ITR-2 with pre-filled data available on the e-filing portal. Notably, this form is meant for people who need to file their Income Tax returns (ITR) on income earned through salary, pension, capital gains, or other sources. Those who have income from a business or profession are required to use Form ITR-3 instead. So, what's new this time? Who is expected to use this form? And what about the other ITR forms? STORY CONTINUES BELOW THIS AD Let's take a look: What's new? The Income Tax Department posted an update on X: '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.' This means salaried individuals, those who own more than one house, and people with capital gains can now file their returns more easily, without needing to download Excel sheets or deal with manual uploads. 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 Earlier, only ITR-1 and ITR-4 could be filed online. ITR-2 was only available through the Excel utility, which was a slower and more manual process. Now, those eligible for ITR-2 can either file it directly online using pre-filled data or download the Excel utility and upload it after filling it out. With this change, the portal now: Automatically fills in details from Form 26AS, AIS, PAN, and TIS Lets users file their returns directly on the portal Removes the need to create and upload JSON files This update makes it easier for people with more complex financial details to file their returns. Why was it delayed? Usually, the department rolls out online filing utilities by April or May. But this year, there was a delay of over 100 days in releasing ITR-2 and ITR-3, which left many taxpayers waiting. STORY CONTINUES BELOW THIS AD The last date for filing ITRs has been moved from July 31 to September 15, 2025. (File Image) Because of this delay and the changes made to ITR forms, the government extended the deadline for filing returns (for non-audit cases) from July 31 to September 15, 2025. As of July 18, more than 1.41 crore returns have been filed, and 1.12 crore of them have already been processed. Who should use ITR-2? Form ITR-2 is for individuals and Hindu Undivided Families (HUFs) who: Have income from salary or pension Own more than one residential property Have capital gains from shares, mutual funds, or property sales Hold foreign assets or earn income abroad However, this form cannot be used by anyone earning income from a business or profession, or by those receiving payments from a partnership firm. ITR forms: Who should use which one? ITR-1 This form is for resident individuals with a total income of up to Rs 50 lakh. Earlier, individuals with capital gains were not allowed to use ITR-1. However, the updated version now lets them file through ITR-1 if they have long-term capital gains from the sale of listed equity shares or equity mutual fund units, and the total gain does not exceed Rs 1.25 lakh in a financial year, according to The Economic Times. The government extended the deadline for filing returns (for non-audit cases) from July 31 to September 15, 2025 (File Image) ITR-3 ITR-3 is meant for individuals earning from a business or profession. This includes freelancers, consultants, traders (including those trading in stocks or cryptocurrency), and people with foreign assets or complex income structures. The Excel utility for ITR-3 has been made available, but the online filing with pre-filled data has not yet been enabled. So, people in this category must still use the Excel utility and upload a JSON file. ITR-4 This form is for resident individuals, Hindu Undivided Families (HUFs), or firms (excluding LLPs) with income up to Rs 50 lakh. It covers those with income from a business or profession under the presumptive taxation scheme (sections 44AD, 44ADA, or 44AE), along with income from salary or pension, one house property, agricultural income up to Rs 5,000, and income from other sources. STORY CONTINUES BELOW THIS AD ITR-5 This form is for entities such as firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and Artificial Juridical Persons (AJPs).
News18
2 days ago
- Business
- News18
Tax dept enables online utility for ITR-2 filing
Agency: PTI Last Updated: New Delhi, Jul 18 (PTI) Individuals and HUFs having taxable capital gains income can now start filing income tax returns ITR-2 for financial year 2024-25. 'Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal," the I-T department said in a post on X. ITR-2 is filed by individuals and Hindu Undivided Families (HUFs) who have income from capital gains, but do not have earnings from business or profession. Last month, the tax department had enabled the online utility for filing ITR-1 and 4, which are simpler forms that cater to small and medium taxpayers. The government has already extended the deadline for filing ITRs for Assessment Year 2025-26 (financial year 2024-25) by individuals and entities who do not have to get their accounts audited to September 15, from July 31. PTI JD JD SHW 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.
Mint
2 days ago
- Business
- Mint
Income Tax: ITR-2 enabled for filing return through online mode
The income tax (I-T) department has now enabled ITR-2 for filing returns through online mode with pre-filled data at the e-filing portal. ITR-2 is meant for the individuals who want to file their Income Tax returns (ITR) of income from sources such as salary, pension, capital gains, and other sources. Meanwhile, taxpayers who earn from business or profession are supposed to use ITR-3. 'In online mode, most details are auto filled, it is more user friendly. When someone opts for the excel utility, one can simply download it and fill at their leisure. Excel has been around for a longer period and the department has continued it whereas the online version is more user-friendly,' says CA Chirag Chauhan, a Mumbai-based chartered accountant. On July 11, income tax department released the excel utilities of ITR-2 and ITR-3 for AY 2025-26. Prior to that, excel utilities of only ITR-1 and ITR-4 were released. When taxpayers file their tax return through excel utility, they must generate a JSON file and upload it to the portal whereas the online utility is considered more user-friendly and convenient by taxpayers. ITR-1: It is meant for resident individuals with a total income of up to ₹ 50 lakh. ITR-2: It can be used by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj). ITR-3: This is meant for individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of accounts. ITR-4: It can be filed by a Resident Individual/ HUF/ Firm (other than LLP) who has income not exceeding ₹ 50 lakh during the FY, income from business and profession computed on a presumptive basis u/s 44AD, 44ADA or 44AE, income from salary/pension, one house property, agricultural income (up to ₹ 5,000) and other sources. ITR-5: This income tax form can be used to file ITR by a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), and Artificial Juridical Person (AJP). For all personal finance updates, visit here
Indian Express
2 days ago
- Business
- Indian Express
ITR-2 filing FY 2024-25 begins online: Know the eligibility, new updates, and more
ITR-2 Filing FY 2024-25, AY 2025-26: After almost 100 days of delay, the Income Tax Department has activated ITR-2 for online filing on Thursday, as announced on X. Until now, only ITR-1 and ITR-4 were available for online filing. The tax department normally releases utilities and online forms in April or May. However, this year's publication was substantially delayed. ITR-1 and ITR-4 were the first to be filed in May, but ITR-2 and ITR-3 utilities arrived more than 100 days later. Due to this delay and the revisions made to the ITR forms, the government has delayed the ITR filing deadline for FY 2024-25 (AY 2025-26) from July 31 to September 15, 2025. 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 People who are eligible for ITR-2 will now be able to file a return online with pre-filled data, as well as download and upload the Excel utility after filling it out. With the Excel utility, taxpayers would fill out the form, generate a JSON file, and upload it to the site. It was a time-consuming process, especially because most people simply wanted their taxes completed swiftly and correctly. With this update, however: The ITR-2 form is for individuals and HUF who earn income other than 'Profits and Gains from Business or Profession'. Individuals having income from the following sources are eligible to file Form ITR-2.
News18
2 days ago
- 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.
