&w=3840&q=100)
Offline forms for ITR-2, ITR-3 released: How to use them, documents needed
Forms, which are called utilities by the department, for ITR-1 and ITR-4 were released earlier and the latest set was delayed. 'The delay stems from major structural changes to the ITR forms for AY 2025–26. These changes required backend system upgrades, utility reprogramming, and extensive validation,' said Ritika Nayyar, partner at Singhania & Co.
Niyati Shah, a chartered accountant and personal tax head at '1 Finance', said 'synchronisation issues' with the Annual Information Statement and Taxpayer Information Summary, as well as efforts to align disclosures with international reporting standards and government circulars delayed the forms.
What's new in ITR-2 and ITR-3?
Changes in ITR-2 and ITR-3 reflect amendments in the Finance (No. 2) Act, 2024, said Naveen Wadhwa, vice-president at Taxmann. 'The threshold for mandatory reporting of assets and liabilities has been increased from Rs 50 lakh to Rs 1 crore, reducing the compliance burden for many taxpayers,' he said.
Capital gains segregation: The new forms require taxpayers to disclose whether an asset transfer triggering capital gains occurred before or after July 23, 2024, as this impacts the applicable tax rates, particularly for property sales.
Buyback reporting: Taxpayers can claim capital losses on share buybacks after October 1, 2024, provided related dividend income is reported.
Tax deducted at source: A new field requires reporting the specific section under which TDS has been deducted.
Expanded disclosures: There are now more granular requirements for deductions (like 80C and 80D), foreign assets, and virtual digital assets.
'These changes simplify filing for some taxpayers but also require more detailed information in certain areas,' Wadhwa added.
Who should file ITR-2 and ITR-3?
Experts explain
ITR-2 is for individuals and HUFs with income from salary, multiple house properties, capital gains, or foreign assets, but not having income from business or profession.
ITR-3 is for individuals and HUFs with income from a business or profession, including earnings through presumptive taxation schemes under Section 44AD, 44ADA, and 44AE.
Salaried individuals and pensioners should note the expanded requirements. 'The new form asks for a comprehensive breakup of salary components, enabling tax authorities to verify exemption claims more effectively,' Wadhwa said.
What is Excel utility?
The Excel utility is an offline tool that allows taxpayers to fill in return details without an internet connection. Once complete, it generates a JSON file for upload on the tax department's e-filing portal.
How to use the Excel utility
-Download ITR-2 or ITR-3 Excel utility from incometax.gov.in.
-Enable macros in Excel.
-Enter income, deduction, and tax payment details.
-Validate the entries using the built-in feature.
-Generate JSON file.
-Log in to the e-filing portal and upload the .JSON file.
Tips for self-filing taxpayers
'Taxpayers filing without professional assistance should gather all documents, Form 16, capital gains statements, and receipts for deductions, before starting,' Wadhwa said. 'Pay attention to distinguishing transactions before and after July 23, 2024, as tax treatments differ. Also, use the raised Rs 1 crore threshold for asset reporting to avoid unnecessary work if eligible.'
Deadlines
-Last date to file ITR: September 15, 2025 (extended from July 31) for non-audit cases; however, a belated return can be filed by December 31 with penalties and interest.
-For businesses that require an audit, the last date of filing is October 31st, 2025.
Taxpayers are advised to review the changes carefully to avoid errors and notices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
42 minutes ago
- Time of India
National highways proposed in Kerala now in limbo
Thiruvananthapuram: Two of Kerala's most significant road development plans, including the proposed Kozhikode-Mysore greenfield corridor and the declaration of 12 key road stretches as national highways (NHs), have hit a wall with Centre either stalling or quietly stepping back from earlier commitments. In a fresh representation to Union ministry of road transport and highways (MoRTH), state urged urgent revival of both. Govt asked MPs from the state to take up the matter in Parliament. The Kozhikode-Mysore economic corridor, envisioned as a seamless 24-hour greenfield highway bypassing ecologically sensitive areas, was initially backed by National Highways Authority of India (NHAI), which engaged with forest department to finalise an alignment that would skirt major wildlife sanctuaries. However, the state flagged that NHAI was no longer pursuing the project actively—a development it described as "a matter of serious concern. " The proposed corridor was designed to offer uninterrupted interstate connectivity between Bengaluru and north Kerala, particularly vital in light of the night traffic ban on NH-766 and other roads passing through Bandipur and Wayanad forests. Chief minister Pinarayi Vijayan personally raised the issue with Union road transport minister Nitin Gadkari during a meeting on Dec 6, 2024 but no follow-up commitments materialised. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Equally troubling is Centre's failure to act on its earlier in-principle approval to declare 12 important road stretches in Kerala, totalling 484.6km, as NHs. While the directive to foreclose the preparation of detailed project reports (DPRs) came in July 2020, state is now pushing for these road stretches to be revived under the NH network, given that formal notification never followed despite the initial green light. The state's latest appeal underscores that these roads are strategically critical and their upgradation is even more urgent, considering Kerala's overburdened road infrastructure. State currently has just about 580km of NHs under PWD's purview. With one of the highest vehicle and population densities in the country, capacity expansion through centrally funded corridors is being projected as a non-negotiable priority. As these proposals under Bharatmala Pariyojana are being discontinued, state has submitted a fresh set of 17 road stretches covering 1,054km for inclusion in Vision 2047 Master Plan, which MoRTH is currently finalising. These corridors have been identified after a new assessment and reflect the evolving transport and logistics needs of the region, Kerala argues. Adding to its case, govt highlighted that no new major project has been sanctioned for Kerala through PWD's NH wing in the last four years. It urged Centre to include 14 proposed projects amounting to Rs 6,700 crore in MoRTH's current year annual plan, warning that worsening congestion and infrastructure fatigue would continue unless the pipeline was urgently revived. As Centre maintains silence despite multiple submissions, state has now shifted gears politically, urging its MPs to escalate the issue in Parliament in a coordinated push. While the projects themselves may have seen bureaucratic limbo for years, state's current campaign signals that the fight for them is anything but over.
Time of India
42 minutes ago
- Time of India
UP allows 14-year zero period waiver for Sunworld City
Noida: UP govt has asked Yamuna Expressway Industrial Development Authority (YEIDA) to grant a 14-year 'zero period' waiver to Sunworld City's stalled township project in Sector 22D. The relief came after it emerged that about 20 acres allotted for the project weren't even acquired when YEIDA handed the land over to the developer in 2011. The state government's industrial development department — which heard a revision petition filed by Sunworld City Pvt Ltd — directed YEIDA to waive not only penal interest but also extension charges and related dues for the 20 acres of land for the period from 2011 until now. The order also criticised YEIDA for failing to ensure complete possession of land that it had advertised as 'acquired' in its scheme brochure. The case dates back to 2011, when YEIDA set aside 103 acres for the township project. While the Authority claimed it had full possession of the land, lease deeds could only be executed for 65 acres in 2012. The remaining 38 acres were mired in court cases and stay orders. Complicating matters further, nearly 20 acres of the leased land turned out to be gram sabha property, which YEIDA didn't formally acquire till Dec 2017. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brownfield: Here's The Average Price of a 6-Hour Gutter Upgrade Read More Undo You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Unacquired land wasn't the developer's only problems. The portion of land allotted by YEIDA was scattered across multiple parcels instead of being contiguous, making it practically impossible to develop a cohesive township. Most homebuyers withdrew from the project for the delay and received refunds as well, though some cases are still pending in various forums. Under the govt's recent order, YEIDA must recalculate Sunworld's outstanding dues considering the zero-period benefit and issue a fresh demand notice within a month. Sunworld City has also applied for the state govt's rehabilitation package for stalled projects and paid 25% of the earlier calculated dues under a special policy introduced in Dec 2023. The case's timeline reveals multiple administrative lapses. After winning the bid in 2011, Sunworld Infrastructure Ltd established Sunworld City Pvt Ltd for implementing the township. While YEIDA executed a lease deed for 65 acres in Sept 2012 and issued a possession certificate, the project's layout approval came only in March 2014. Following the introduction of the rehabilitation package, YEIDA initially calculated Sunworld's total dues at around Rs 660 crore, which required the developer to pay 25% (around Rs 165 crore) by Feb 29, 2024. After developer's review request, YEIDA revised the demand to Rs 103 crore, payable by Dec 31 last year. The developer's petition to the govt highlighted its inability to proceed with construction because of scattered, un-demarcated land and resistance from local farmers. "The company sought zero period benefits from the allotment date till the time of receiving complete physical possession, along with waiver of all related charges and penalties," an official said.
Time of India
42 minutes ago
- Time of India
FRP payable only on sugar recovery for particular season: Centre to Maha mills
Kolhapur: Centre has clarified that the fair and remunerative price (FRP) of sugar cane for a given season would be determined based on the sugar recovery rate of that specific season, and not the previous one. The ministry of consumer affairs, food and public distribution released a circular on July 10, clarifying the FRP calculation for sugar cane. It was in response to a query from the Maharashtra State Cooperative Sugar Factories Federation Limited, which had written to the ministry on July 3. The sugar recovery rate measures the amount of sugar extracted from a tonne of sugar cane. Centre sets the FRP for each sugar season based on the commission for agriculture costs and prices (CACP) recommendations. Typically, FRP is announced for a base recovery rate of 10.25%, with incremental payments for higher recovery rates. However, sugar millers had been paying FRP based on the previous year's recovery rate, rather than the actual rate for the current season. Sanjay Khatal, MD of the Maharashtra State Cooperative Sugar Factories Federation Limited, said it was a historical mistake that was rectified now for the benefit of the sector. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo "We had sought a clarification on whether to calculate FRP based on the sugar recovery rate for the previous year or the ongoing season, and Centre has provided its clarification. Now, the mills will have to pay the base FRP, which is calculated as per the average FRP of a particular region," he said. Khatal said, "The sugar recovery rate at the end of the season should, however, be the basis for further payment if applicable. The over and above FRP amount will be paid as a premium to the farmers at the end of the season." According to Khatal, sugar millers do pay the FRP based on the base recovery rate, but for higher recovery rates, they can pay the additional amount in one or two installments, rather than upfront. Vijay Autade, sugar industry expert, said the Centre's circular would add to the confusion with no clarity on how FRP would be paid before the end of the season, considering the sugar recovery rate for that specific season. "It is okay to pay FRP based on sugar recovery rate for the current season, but the mechanism is not clear. There is implied meaning that the farmers will get the price for the sugar cane in multiple installments," he said. Farmers' leader Raju Shetti alleged that govt was working in the interest of the millers. "Farmers grow sugar cane for over a year and wait for months for the sugar cane season to end to get the money." Mills owe Rs 138cr to farmers in FRP dues Twenty-eight sugar mills, most of which are from Solapur district, have owe Rs 138 crore in FRP dues to farmers for the 2024-25 sugar cane crushing season, which ended two months ago, data accessed from the sugar commissioner's office showed on Tuesday. The sugar commissioner's office has issued notices to recover FRP dues from the mills. As many as 200 sugar mills from Maharashtra crushed 854 lakh tonnes of sugar cane during the season, during which the mills paid Rs 24,424 crore to the farmers in FRP.
