Income Tax: ITR-2 enabled for filing return through online mode
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
3 hours ago
- Economic Times
Amazon salary filings reveal Rs 2.3 crore pay for H-1B software engineers
Reuters The logo of Amazon is pictured at the company logistics center in Carquefou near Nantes, France, October 15, 2024. REUTERS/Stephane Mahe/File Photo Amazon is paying as much as $263,700, or nearly Rs 2.27 crore by exchange rate on Thursday, to foreign hires for software engineer roles. The ecommerce behemoth revealed the salaries for employees hired from outside the US—with O-1 or H-1B visas—in mandatory filings for their remuneration for various roles, including data scientists, business analysts, supply chain managers and more, hired from abroad starts from $63,835 (over Rs 55 lakh), as per applications received during the March quarter of 2025. Notably, these are base salaries and do not include equity component Amazon offers to its employees. Here are the salaries Amazon pays its foreign hires. Amazon Data Services Software Development Engineer: $108,826 – $223,600 Amazon Development Center US Software Development Engineer: $95,493 – $260,600 Amazon Web Services Business Intelligence Engineer: $96,678 – $176,012 Enterprise Account Engineer: $103,605 – $238,965 Professional Services: $105,997 – $218,200 Software Development Engineer: $84,094 – $223,600 Solutions Architect: $112,474 – $225,000 Support Engineer (External): $63,835 – $160,000 Services Applied Scientist: $83,491 – $260,000 Business Analyst: $79,518 – $143,100 Business Intelligence Engineer: $193,200 Data Engineer: $70,262 – $236,344 Data Scientist: $92,040 – $230,900 Financial Analyst: $94,300 – $204,028 Manager, Software Development: $148,950 – $287,700 Product Manager: $109,782 – $200,000 Product Manager (Technical): $136,843 – $235,200 Program Manager: $81,600 – $162,700 Quality Assurance Engineer: $86,320 – $185,000 Software Development Engineer: $85,384 – $263,700 Supply Chain Manager: $77,200 – $168,000 System Development Engineer: $105,997 – $198,000 Technical Program Manager: $108,098 – $231,400 O-1 gains popularity as H-1B disappoints With the popular H-1B visa becoming increasingly unreliable, a growing number of ambitious professionals are turning to the O-1A visa to immigrate to the US for work, ET reported. Employers, too, are now investing in sponsorships, encouraging candidates to bolster their profiles by publishing research papers, authoring books, and attending conferences. Amazon job cuts Amaozn has been trimming its workforce, with the latest round of layoffs at Amazon Web Services (AWS). At least several hundred employees were fired from the cloud computing division earlier this month, according to Reuters. The layoffs are said to impact multiple teams within AWS. One of the groups affected is known as "specialists", a team that works closely with customers to develop new product ideas and support the sales of existing AWS services. These layoffs came just over a month after Amazon reduced headcount in its books business, including at its Goodreads review platform and Kindle operations. Before that, reductions were made in the company's devices and services division, its Wondery podcast unit, and among staff in retail stores and corporate communications. Meanwhile, AWS has shut down its AI lab in Shanghai, reported Financial Times, amid tensions between Washington and Beijing. Last month, Amazon CEO Andy Jassy drew criticism for his warning to employees that artificial intelligence will lead to more job cuts in the coming years, particularly among the company's white-collar roles. In a memo dated June 17, Jassy told staff that as Amazon expands its use of AI agents and generative AI technologies, it will need fewer people to perform many existing corporate jobs. Amaozn has started to lean heavily on AI. The company has made it mandatory for employees in several units, including smart home security brands Ring and Blink, to demonstrate their use of AI when applying for promotions, Business Insider reported last week. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can victims of Jane Street scam be compensated by investor protection funds? Did the likes of TCS, Infosys, Wipro let India down in AI race? How India's oil arbitrage has hit the European sanctions wall Apple has a new Indian-American COO. What it needs might be a new CEO. Stock Radar: Tata Chemicals breaks out from 1-month consolidation; time to buy the dip? Power sector companies: Will they be able to outperform? 5 power stocks with an upside potential ranging from 6 to 29% For risk-takers with long-term perspective: 7 mid-cap stocks from different sectors with upside potential of over 26% Multibagger or IBC - Part 16: Regulatory tailwind turns compliance into cash. This auto ancillary could be a winner
Time of India
3 hours ago
- Time of India
Amazon salary filings reveal Rs 2.3 crore pay for H-1B software engineers
Synopsis Amazon is offering substantial salaries, up to $263,700, to foreign hires for software engineering and other roles under O-1 and H-1B visas. These base salaries, revealed in mandatory filings, don't include equity. Notably, the online retail giant has been cutting jobs at its various divisions with rising focus on AI.
Time of India
4 hours ago
- Time of India
Income tax slabs for salaried individuals for ITR filing FY 2024-25 (AY 202-26) under old, new tax regime
Income tax slabs in new tax regime for ITR filing FY 2024-25 (AY 2025-26) Income slabs (In Rs) Academy Empower your mind, elevate your skills Income Tax Rate (In %) 0-3,00,000 0 3,00,001-7,00,000 5 7,00,001-10,00,000 10 10,00,001-12,00,000 15 12,00,001-15,00,000 20 15,00,001 and above 30 Income tax slabs in old tax regime for ITR filing FY 2024-25 (AY 2025-26) Income slabs (In Rs) Income Tax Rate (In %) 0-2,50,000 0 2,50,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30 Income slabs (In Rs) Income Tax Rate (In %) 0-3,00,000 0 3,00,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30 Income slabs (In Rs) Income Tax Rate (In %) 0-5,00,000 0 5,00,001-10,00,000 20 10,00,001 and above 30 Zero tax on incomes up to Rs 12 lakh from this FY The Income Tax Department has extended the last date for filing the income tax return (ITR) for FY 2024-25 (AY 2025-26) to September 15, 2025, instead of the original July 31, 2025. The extension provides an extra 45 days to salaried individuals and other taxpayers to file their ITR. The deadline was extended due to the structural changes made to the Income Tax Act, 1961, which include modifications to the capital gain tax rules, income tax slabs under the new tax regime , and other related Wealth online tells you about the income tax slabs under the old and new tax regimes that will apply to the salaried individuals while filing their ITRs for FY are the income tax slabs for FY 2024-25 (AY 2025-26) to calculate income tax liability, provided you have opted for the new tax regime under Section the financial year 2024-25, a salaried taxpayer can claim a tax rebate of up to Rs 25,000 under Section 87A. This would mean that salaried individuals will pay zero tax if their net taxable income (Gross taxable income minus deductions, exemptions) does not cross Rs 7 lakh in FY Read | Will you pay zero tax if taxable income, including LTCG, STCG, is below Rs 7 lakh? Under the new tax regime, a salaried individual can claim two deductions - standard deduction from salary income and deduction on the employer's NPS contribution to the employee's FY 2024-25, a taxpayer can claim a standard deduction of Rs 75,000 from salary income under the new tax regime. Similarly, salaried employees can claim a deduction of up to 14% of their basic salary under Section 80CCD (2) if they opt for the new tax regime when filing the Read | ITR-1 vs ITR-2 vs ITR-3: Which tax return form applies to your income this year? No change has been announced in the income tax slabs under the old tax regime. The income tax slabs under the old tax regime depend on the taxpayer's age in FY 2024-25, i.e., between April 1, 2024, and March 31, taxpayers should remember that the option to opt for the old tax regime while filing ITR for FY 2024-25 (AY 2025-26) can be availed if the income tax return (ITR) is filed on or before the due date, i.e., September 15, 2025. The new tax regime is the default tax regime. A belated ITR, submitted after the due date has expired, can only be filed under the new tax individuals should note that the government's announcement of zero tax on incomes up to Rs 12 lakh applies to the current financial year, 2025-26. This means you don't have to pay any tax on the income earned between April 1, 2025, and March 31, 2026, if net taxable income does not exceed Rs 12 lakh.
