ITR-2 for FY2023-2024 notified by Income Tax dept: There's good news for Rs 50 lakh to Rs 1 crore income-earners, know other changes and more
CBDT
) notified the
Income Tax
Return form-2, or
ITR-2
, for
FY2023-2024
on May 5, 2025. ITR 2 is relevant for the majority of taxpayers, especially
salaried employees
and pensioners. The form will be effective retrospectively from April 1, 2025, i.e., since the beginning of the current financial year.
#Pahalgam Terrorist Attack
Inside Operation Tupac: Pakistan's secret project to burn Kashmir
Who is Asim Munir, the Zia-style general shaping Pakistan's faith-driven military revival
'Looking for partners, not preachers': India's strong message for EU amid LoC tensions
Notably, individuals who have salary or pension income or earn income from more than one house property are eligible to file their income tax return using ITR-2. Importantly, any income from
capital gains
or losses on the sale of property or other investments, either long-term or short-term, is to be reported in this ITR.
ITR 2 is used by salaried taxpayers who are also investors in equity shares and mutual funds. Salaried persons are required to use ITR 2 instead of ITR 1, if he/she owns more than one house property, if any asset is located outside India, if their total income exceeds Rs 50 lakh, etc.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Switch to UnionBank Rewards Card
UnionBank Credit Card
Apply Now
Undo
What changes have been introduced in ITR-2 form this time?
According to CA Ashish Niraj, Partner, ASN & Company Chartered Accountants, many changes have been introduced in the recently notified ITR-2.
'Earlier, Schedule AL regarding assets and liabilities had to be provided in case the total income of the assessee exceeded Rs 50 Lakh. However, in the new ITR-2, it is only applicable if the total income exceeds Rs. 1 crore. This will give relief to those having annual income between 50 lakh and 1 crore, as they will not have to prepare a schedule of assets and liabilities.'
Live Events
The
Income Tax department
also notified the changes made in ITR-2 via an X-post.
— IncomeTaxIndia (@IncomeTaxIndia)
The newly notified ITR also incorporates mandatory quoting of the section under which
TDS
has been deducted for a particular transaction.
Previously, ' only details of the entity deducting the TDS and the consequent amount were required to be reported. However, that has changed with this ITR-2. Now, it will be mandatory to report under which section the TDS is deducted, like 194C, 194J', continues Niraj.
Also, two major changes have been made under the capital gains (CG) schedule in the recently notified ITR-2. Notably, details of capital gains transactions that were undertaken during the year are filled in Schedule CG, which is present in Part A of ITR-2 form.
'Now, assesses would be required to specify whether the transfer of assets, which led to long/short-term capital gains/losses, took place before July 23, 2024, or after July 23, 2024.
Notes Mihir Tanna, SK Patodia and Associates LLP, 'While filing ITR-2, it's important to check whether the asset was transferred before or after 23rd July 2024, as this will impact the tax rate and accordingly, changes have also been made in ITR 2.'
'Also, taxpayers will now be expected to provide some additional details related to deductions like Sec 80c, Sec 80d, Sec 80ccd, etc. As and when the utility to file ITR will be available, we will come to know about the exact details asked in the drop-down related to the above-mentioned section,' says Tanna.
Niraj also highlights that if now, respective dividend income u/s 2(22)(f) is offered to tax under the head of income from other sources, then capital loss on buyback of shares on or after 01st October 2024 can be claimed. This is a significant departure from the previous ITR-2, since earlier capital loss on buy-back of shares was not allowed to be adjusted in ITR-2.
What documents will be required to file ITR-2?
According to the official website of the Income Tax Department, a taxpayer will require the following documents to be able to successfully file ITR-2
Form-16, in case of salary income
Form-16a issued by TDS deductors. If you have earned interest on fixed deposits and TDS has been deducted on the same, you need TDS certificates
Form 26AS to verify TDS on salary as well as TDS other than on salary. Form 26AS can be downloaded from the e-Filing portal.
If you are living in rented premises, you need rent-paid receipts for the calculation of HRA (in case you have opted for the old tax regime and have not submitted the same to your employer)
In case you have any capital gains transactions in shares, you will need a summary or profit / loss statement of capital gain transactions of shares or securities during a year, if any, for computation of capital gain.
Bank passbook, Fixed Deposit Receipts (FDRs) to calculate the amount of interest income
If you have received rent from your rented house property, then you will need your tenant / local tax payment / interest on borrowed capital details (if any) to calculate income from house property.
In case you want to claim any loss incurred during the current year, then you will need the relevant documents proving the loss.
You will also need documents or proofs for claiming tax saving deductions u/s 80c, 80D, 80G, 80GG such as life and health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc., if the same were not considered in your Form 16.
You need to verify the submitted ITR via online e-verify or offline, through ITR-V as usual.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
34 minutes ago
- Economic Times
Blinkit plans transition to inventory led model from September 1; pings sellers to switch
Blinkit is transitioning to an inventory-led model as planned after its parent Eternal became an Indian-owned and controlled company (IOCC) in April. The Gurugram-based quick commerce platform has asked its sellers to switch to a new system where the company will now buy the inventory from them, instead of just storing it in its warehouses for an email to sellers on Saturday, Blinkit said it will shift to a new model starting September 1. From that date, the platform will directly buy inventory from sellers and brands, instead of having them list products on the marketplace. Currently, Blinkit runs two models. In the marketplace model, sellers list their products and pay Blinkit to store them in its warehouses. In the second model, typically offered to larger and more well-renowned brands with high frequency purchases, select sellers buy products in bulk and sell them through the platform. With this change, Blinkit will now take over inventory buying itself and list the products directly. During the company's January-March quarter earnings, Eternal's chief financial officer Akshant Goyal had said that assuming Blinkit owned 100% of inventory in fiscal 2025, it would have ended up deploying less than Rs 1,000 crore in working capital. This accounts for 15 days of working capital, and about 3-4% of Blinkit's gross order value of Rs 28,274 crore in FY25. 'Last date to opt into the new system (is July 30). No new listings or inventory will be allowed after this date for non-accepted sellers,' Blinkit wrote in its email to the sellers. ET has seen a copy of this announcement.'(From August 31) Your inventory moves from your books to BCPL (Blinkit),' it adds. A founder at one of the brands that ET spoke with said that the change is expected to make processes less complex. 'Right now, whoever operates on the marketplace model has to add the Blinkit warehouses on their goods and services tax (GST) and FSSAI registrations (for food and beverage brands)...once Blinkit starts taking inventory through purchase orders, that hassle will go away since it will be treated like a sale and not a stock transfer,' he the sellers not willing to transition to the new model, Blinkit said in its email that it will return the inventory after deducting reverse logistics development was first reported by Eternal had first announced its plans to become an IOCC in April this year, after 51% of its shareholding became locally owned, analysts had said that the move will help the company have better control over inventory and margins particularly at a time when quick commerce companies are witnessing piling up of losses. Blinkit's rival, Zepto, has also been working to raise its domestic shareholding. Under India's foreign direct investment (FDI) rules, foreign-funded online marketplaces are not allowed to own inventory or control sellers on their platforms. Due to these restrictions, quick commerce platforms typically do not directly own the dark stores – micro-warehouses used for 10-minute deliveries – which are instead operated by separate entities.
Economic Times
34 minutes ago
- Economic Times
Record housing sales in FY25, strong launch pipeline to meet aspirational needs of mkt: DLF Chairman
India's biggest realty firm DLF Ltd has a strong launch pipeline of housing projects to meet "aspirational needs" of the market and the company remains on track to achieve outlined targets, its Chairman Rajiv Singh said. In a letter to shareholders in its latest annual report, he said the company's annuity business, which is leasing of commercial spaces on rent, has been growing steadily. "The country's long-term prospects are bolstered by its growing demographic and economic fundamentals, coupled with ongoing structural reforms," Singh observed. During the 2024-25 fiscal year, Singh highlighted that the company's both residential and rental businesses "experienced robust growth, driven by exceptional performance and timely execution". He said the company's two residential projects, 'The Dahlias' and 'Privana', at Gurugram received an enthusiastic response. DLF Chairman said the company's sales bookings and collections from customers have risen to a record level in the last fiscal year. "We have a strong launch pipeline to meet the aspirational needs of the market; we remain on track to deliver on our outlined goals," Singh said. DLF plans to launch housing properties worth over Rs 17,000 crore this fiscal year to capitalise on the strong demand for luxury homes. The company launched 7.5 million sq ft area during the last fiscal year for sale with an estimated revenue potential of Rs 40,600 crore. Singh said the rental business comprising of offices, retail and hospitality projects continues to grow steadily. "We continue to invest in capex for our new build-outs in Gurugram, Chennai, Delhi, and Goa," he said. The chairman said three retail properties are set to open to the public in the near future. "As we pursue growth, we continue to remain guided by our core values of good corporate governance, transparency, compliances, safety, quality and customer satisfaction," Singh assured the shareholders. The company, he said, is committed to inclusive growth, by cultivating trust, empathy, and a culture of continuous learning. "We have strengthened all teams and built the resilience needed for sustained growth. Our aim is to create long-term, sustainable value for all stakeholders," Singh told shareholders. DLF is India's largest real estate firm in terms of market capitalisation. The company's consolidated net profit rose to Rs 4,366.82 crore during the 2024-25 fiscal from Rs 2,723.53 crore in the preceding year. Total income increased to Rs 8,995.89 crore in the last fiscal year, from Rs 6,958.34 crore in the 2023-24 financial year. On the operational front, DLF reported record sales bookings or pre-sales of Rs 21,223 crore in 2024-25, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year. The company has set a target to sell housing properties worth Rs 20,000-22,000 crore during 2025-26, almost in line with the last financial year. Since its inception, DLF has developed more than 185 real estate projects and developed an area of more than 352 million sq ft. DLF Group has 280 million sq ft of development potential across residential and commercial segments, including current projects under execution and the identified pipeline. The group has an annuity portfolio of over 45 million sq ft.
NDTV
37 minutes ago
- NDTV
Mahindra Offers Discounts Up To Rs 2.5 Lakh On Scorpio, XUV700, And More In July'25
Mahindra is trying to boost its sales numbers for the existing line of products in India. The brand is also set to unveil a bunch of new concepts on the 15th of August. Mahindra has now announced discounts of up to Rs 2.5 lakh on Scorpio N, XUV700, and more for July 2025. The data is provided by our dealership-level source, and it may vary from city to city and across dealerships. Mahindra Scorpio: July 2025 Discount Mahindra is offering discounts worth up to Rs 75,000 on the Classic S, whereas the S11 gets offers worth Rs 50,000. The Black Edition Scorpio N Z8 and Z8 L get discounts of up to Rs 40,000. Prospective customers looking for more affordable trims can avail of discounts worth Rs 30,000 on the Z4 and Z6 variants. Mahindra XUV700: July 2025 Discount The Mahindra XUV700 AX5 and AX5 S variants get offers of up to Rs 30,000 in July 2025. Also, the brand is offering a Rs 30,000 discount on the AX3's remaining models as the trim is discontinued now. Mahindra XUV700 Mahindra XUV400: July 2025 Discount Mahindra is offering the highest discount on the XUV400. Prospective customers can avail of offers of up to Rs 2.5 lakh on the Mahindra XUV400 EL Pro variant in July 2025. Mahindra XUV 3XO: July 2025 Discount The Mahindra XUV 3XO AX5 petrol manual and AX 5L variants are available with discounts up to Rs 50,000. Mahindra XUV 3XO
