Latest news with #HUFs
India Today
5 days ago
- Business
- India Today
Filing ITR-2 Online? Check Eligibility & Key Changes First
Filing ITR-2 Online? Check Eligibility & Key Changes First 18 Jul, 2025 Credit: Getty Taxpayers can file directly on the Income Tax Department's e-filing portal using pre-filled data, which saves time compared to the offline Excel version. Online ITR-2 filing is now live Many prefer it over the offline Excel utility as some details get filled in automatically, reducing manual work. The online mode quicker & easier Taxpayers can still use this to fill forms offline and then upload them on the portal if they prefer. Excel utilities for ITR-2 released earlier It's for individuals and Hindu Undivided Families (HUFs) who have income from salary, pension, more than one house, capital gains, or other sources — but not business or professional income. Who should use ITR-2? Taxpayers must now report long-term capital gains separately for periods before and after 23 July 2024 due to revised indexation and tax rate rules. New capital gains rule Anyone earning over Rs 1 crore must now declare their assets and liabilities. Earlier, this was only required if income crossed Rs 50 lakh. Higher disclosure limit for assets
News18
5 days ago
- Business
- News18
Tax dept enables online utility for ITR-2 filing
Agency: PTI Last Updated: New Delhi, Jul 18 (PTI) Individuals and HUFs having taxable capital gains income can now start filing income tax returns ITR-2 for financial year 2024-25. 'Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal," the I-T department said in a post on X. ITR-2 is filed by individuals and Hindu Undivided Families (HUFs) who have income from capital gains, but do not have earnings from business or profession. Last month, the tax department had enabled the online utility for filing ITR-1 and 4, which are simpler forms that cater to small and medium taxpayers. The government has already extended the deadline for filing ITRs for Assessment Year 2025-26 (financial year 2024-25) by individuals and entities who do not have to get their accounts audited to September 15, from July 31. PTI JD JD SHW 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.
The Hindu
5 days ago
- Business
- The Hindu
Income Tax Department enables online utility for ITR-2 filing
Individuals and Hindu Undivided Families (HUFs) having taxable capital gains income can now start filing Income Tax returns ITR-2 for financial year 2024-25. "Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal," the I-T Department said in a post on X. Parliamentary panel clears Income Tax Bill 2025 with 285 suggestions, to be tabled in Monsoon Session ITR-2 is filed by individuals and HUFs who have income from capital gains, but do not have earnings from business or profession. Last month, the Tax Department had enabled the online utility for filing ITR-1 and 4, which are simpler forms that cater to small and medium taxpayers. The government has already extended the deadline for filing ITRs for Assessment Year 2025-26 (financial year 2024-25) by individuals and entities who do not have to get their accounts audited to September 15, from July 31.
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Business Standard
5 days ago
- Business
- Business Standard
ITR-2 e-filing opens: what's new in AY 2025-26, who needs to use form
The Income Tax department on Friday enabled online filing for ITR-2, cheering taxpayers who were waiting for the functionality to file their returns for Assessment Year (AY) 2025-26. Though the activation was delayed, it brings several significant changes that taxpayers must understand before proceeding. Why the delay The rollout of ITR-2 utility was delayed due to extensive updates in forms. "The main reasons supposedly are the comprehensive revisions made to the ITR forms for AY 2025-26,' said Ritika Nayyar, partner, Singhania & Co. 'The CBDT needed additional time to update systems, including backend utilities and validation checks, to accommodate the new structures and ensure seamless integration," she said, referring to the Central Board of Direct Taxes. This programming and testing phase ensured that the updated forms would work without glitches on the e-filing portal. What's new in ITR-2? ITR-2 is to be used by " taxpayers with income from salary, pension, capital gains, or foreign assets, but no business income, the changes are substantial,' said Simarjeet Singh, assistant professor of finance and accounting at Great Lakes Institute of Management, Gurgaon. Key updates in ITR-2 include: Capital gains bifurcation: Transactions must now be reported separately based on whether they occurred before or after July 23, 2024. After this date, a flat 12.5 per cent tax rate (without indexation) applies, introducing added complexity for property and equity sales. Share buyback losses: Losses post-October 1, 2024, can be claimed only if the related dividend income is reported in Schedule OS. Higher threshold for Schedule AL: Taxpayers need to report assets and liabilities only if total income exceeds Rs 1 crore (up from Rs 50 lakh). Detailed TDS and deduction reporting: Specific section codes for TDS (e.g., 192 for salary) and sub-category details for deductions like 80C and 80G are now mandatory. Foreign assets: Expanded reporting requirements under Schedule FA and FSI. "ITR-2 for AY 2025-26 is no longer a mere compliance form — it demands a financial self-audit, especially for those with complex income profiles," said Singh. Who should file ITR-2? "ITR-2 applies to individuals and HUFs (Hindu Undivided Families) not having income from business or profession but having income from salary, multiple house properties, capital gains, foreign income or assets, and agricultural income exceeding Rs 5,000," said Naveen Wadhwa, vice-president of Taxmann. Such taxpayers include: -Salaried individuals with capital gains above Rs 1.25 lakh -Pensioners with foreign assets -Those earning dividend income or having multiple deductions under Chapter VI-A Start early Given the changes, experts advice self-filing taxpayers to organise documentation, Form 16/16A, AIS/TIS reports, capital gains statements, and cross-verify details with pre-filled data. Errors in reporting could lead to notices or disallowances.
Mint
6 days ago
- Business
- Mint
Income Tax FY 2024-25: How senior citizens can save more under these key provisions
As income tax return filing for Financial Year (FY) 2024-25 gains traction, taxpayers across the nation, especially senior citizens, are looking for ways to reduce and bring down their overall tax liability. Two key provisions of the Income Tax Act i.e., Section 80TTA and Section 80TTB provide deductions on the interest income for those selecting the old tax regime. Section 80TTA permits individuals below 60 years of age and Hindu Undivided Families (HUFs) to claim a deduction of up to ₹ 10,000 on interest earned from savings accounts held in banking institutions, post offices or cooperative societies. This particular benefit applies only if the taxpayer files under the old tax regime. Furthermore, this deduction does not apply to fixed or recurring deposits. Senior citizens who are aged 60 and above can claim deductions of up to ₹ 50,000 under Section 80TTB. These deductions are permitted on interest earned from savings, fixed deposits, recurring deposits with banking institutions, post offices or cooperative banks. Explaining the same point further, CA Sonu Jain, Chief Risk and Compliance Officer, 9Point Capital said, 'Senior citizens can save more tax under the old regime using Section 80TTB, which allows a deduction of up to ₹ 50,000 on interest from both savings accounts and fixed deposits. In contrast, those below the age of 60 get ₹ 10,000 under Section 80TTA,' He further added that, 'Senior citizens should also be cautious of the fact that this benefit isn't available if the new regime is opted for when filing the ITR.' It is critical to keep in mind that under the new tax regime applicable in FY 2024-25 and beyond, deductions under Section 80TTA and 80TTB are not permitted. That is why keeping the same thing in mind, taxpayers should carefully evaluate whether to opt for the lower slab rates under the new regime or simply stick with the old regime to claim the benefit of these exemptions. In the case of taxpayers with high interest income, especially senior citizens, remaining in the old regime may provide greater benefits in FY 2024-25. Keeping the same points in mind, the tax saving potential of Section 80TTB makes it a crucial component of financial planning especially for retired government employees. Further, those relying heavily on interest income for meeting their monthly expenses should check and analyse the long term tax implications before switching regimes as the old regime permits more flexibility through numerous deductions. Disclaimer: This article is for informational purposes only and should not be considered financial or tax advice. Readers are advised to consult a qualified tax professional before making any decisions related to investments and income tax planning.
