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First Post
6 days 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
18-07-2025
- Business
- News18
Income Tax Return: Audit Forms Now Live On e-Filing Portal For AY 2025-26; Do You Need To File Them?
The forms are crucial for tax audit reports filed under Section 44AB of the Income Tax Act, 1961. Taxpayers and chartered accountants can now access and file Forms 3CA-3CD and 3CB-3CD for the financial year 2024-25 (assessment year 2025-26) on the Income Tax Department's e-Filing portal. 'KIND ATTENTION TAXPAYERS! Forms 3CA-3CD and 3CB-3CD are now enabled on the e-Filing portal with changes as per Notification No. 23/2025/F. No. 370142/10/2025-TPL," said Income Tax India in a post on X. KIND ATTENTION TAXPAYERS!Forms 3CA-3CD and 3CB-3CD are now enabled on the e-Filing portal with changes as per Notification No. 23/2025/F. No. 370142/10/2025-TPL — Income Tax India (@IncomeTaxIndia) July 18, 2025 The forms are crucial for tax audit reports filed under Section 44AB of the Income Tax Act, 1961. While Form 3CA-3CD is applicable to taxpayers who are already required to get their accounts audited under any other law (such as Companies Act, 2013), Form 3CB-3CD is for those who are not mandated to undergo audit under any other legislation but still fall under the purview of Section 44AB. The availability of these forms signals the formal start of the tax audit season for the assessment year 2025-26. Tax audit reports are generally required to be submitted by September 30, 2025, unless extended by the CBDT. It is important to note that the last date to file non-audit ITRs is September 15, 2025. Tax professionals had been awaiting the release of these forms, as their availability is essential for completing audits well within the deadline, especially for businesses and professionals with turnover or receipts exceeding the prescribed limits. Earlier this month, the department released various other ITR forms for different taxpayer categories and continues to update the e-filing utility for seamless compliance. Who Needs Audit For ITR Filing? As per Section 44AB of the Income Tax Act, 1961, a tax audit is mandatory for individuals, firms, or businesses whose total sales, turnover, or gross receipts exceed Rs 1 crore in a financial year. However, this threshold is increased to Rs 10 crore if the taxpayer's cash receipts and cash payments do not exceed 5% of total receipts and payments, respectively. For professionals, a tax audit is mandatory if gross receipts exceed Rs 50 lakh. In the case of taxpayers opting for presumptive taxation under Section 44AD, audit becomes necessary if turnover exceeds Rs 2 crore or if they declare income lower than the presumptive rate and their total income exceeds the basic exemption limit. Similar provisions apply under Section 44ADA for professionals and Section 44AE for transporters. The audit must be conducted by a chartered accountant, and the report must be submitted in Form 3CA/3CB along with Form 3CD before the due date. view comments First Published: July 18, 2025, 14:53 IST 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.
Indian Express
18-07-2025
- 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
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.
News18
07-06-2025
- Business
- News18
Received Form 16/16A? Here's What You Must Do Before Filing ITR 2025
Last Updated: Incorrect TDS reporting can lead to tax mismatches, refund delays, or notices from the Income Tax Department. ITR Filing 2025: The Income Tax Return (ITR) filing season is underway following the reinstatement of form utilities. Salaried taxpayers are advised to await their Form 16 or Form 16A, the Tax Deducted at Source (TDS) certificates that enable them to calculate their tax liabilities for the financial year. These are issued by employers. Understanding Form 16 and Form 16A is crucial for both deductors and taxpayers. These forms serve as vital proof of TDS and are essential for accurate and efficient ITR filing. Follow these tips: Collect a Valid Form 16/16A: Obtain Form 16 or 16A from your employer or deductor. Ensure it is generated from TRACES; no substitutes are acceptable. Verify TDS Details: Cross-check the TDS information in Form 26AS or the Annual Information Statement (AIS) against your Form 16/16A to ensure accuracy. Avoid ITR Filing Errors: Accurate forms and verified data prevent notices from the Income Tax Department and ensure timely refunds. 'E- Filing Made Easy"Form 16/16A – The Starting Point of Your ITR Journey 🔷Deductors: Ensure Form 16/16A is generated only from TRACES for authenticity.🔷Taxpayers: Always cross-check TDS with your Form 26AS/AIS before filing. Correct forms help avoid mismatches and build… — Income Tax India (@IncomeTaxIndia) June 6, 2025 Match PAN Count: Verify the number of reported PANs against the previous year's data. File corrections for any discrepancies. File Correct and Complete Reports: Accurate reporting is crucial for deductees' tax credits. Errors can delay or impact their refunds or liabilities. Use TRACES Website Only: Generate Form 16/16A exclusively from the TRACES portal. This ensures accurate reflection of deductee details in their ITR. Incorrect TDS reporting can lead to tax mismatches, refund delays, or notices from the Income Tax Department. Adhering to the official TRACES process, whether deducting or receiving TDS, ensures transparency and streamlines the e-filing process.
