ITR-2 Online Filing: Good News! The facility to file ITR-2 form online is now available
ITR-2 Online Filing: The Income Tax Department has launched the online facility for filing Income Tax Return (ITR) Form 2 for the Assessment Year 2025-26 (Financial Year 2024-25). This new system has come as a great relief for taxpayers, as they can now file their returns much more easily and conveniently compared to the Excel utility.
Benefits of the new online filing system
Taxpayers will get many benefits from this new initiative of the Income Tax Department. In the online form, various information will be pre-filled, which will make the process of filing the return much faster and more accurate. This includes:
- Aadhaar card details
- Salary information (from Form 16)
- Bank account details
- Previous year’s return information
- Other financial transaction information obtained from the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS)
Due to this pre-filled data, the chances of errors will be greatly reduced and taxpayers will be able to file their returns in a very short time.
Who can use the ITR-2 form?
The ITR-2 form is applicable to those individuals and Hindu Undivided Families (HUFs) who are not eligible to file the ITR-1 (Sahaj) form. Generally, those who have income from the following sources can use this form:
- Income from salary or pension
- Income from more than one house or property
- Income from Capital Gains (eg profit from sale of shares, mutual funds or property)
- Income from foreign sources or having any property abroad
- Income from other sources (eg money won from lottery, horse racing or other legal gambling)
- Agricultural income of more than Rs 5,000
However, those who have income from business or profession cannot use the ITR-2 form. For them, the ITR-3 form is applicable.
Some important changes
Some important changes have been made in the ITR-2 form this year. Taxpayers need to pay special attention to some matters:
- Capital Gains: Taxpayers will now have to report capital gains transactions made before and after July 23, 2024 separately, as there have been changes in the tax rates and indexation rules.
- Declaration of Assets and Liabilities: From now on, only those taxpayers whose total income is more than Rs 1 crore will have to file the details of their assets and liabilities. This has been done by increasing the previous limit of Rs 50 lakh.
- Detailed information for deductions: More detailed information will now have to be provided to claim various deductions like Section 80C, 10(13A) (HRA).
Last date
The last date for filing ITR for the assessment year 2025-26 has been extended from July 31, 2025 to September 15, 2025. Taxpayers are advised to file their returns within this period to avoid last minute rush and penalty.
With the launch of this new online facility, taxpayers will now be able to file their income tax returns more easily and with transparency.
