Income Tax Department has made a big change regarding ITR-2 form, check it before filing ITR

Income Tax Return: The Income Tax Department has posted on social media platform X on July 18 to tell about the ITR-2 form. It has been told that taxpayers can file online returns using this form on the e-filing portal. But, before that it is important to know about the changes made in this form

The Income Tax Department has made ITR Form-2 live a few days ago. Now taxpayers using this form can file returns online. On July 18, the Income Tax Department has posted a post about this on the social media platform X. It states that taxpayers can file online returns using this form on the e-filing portal. It is important to keep in mind that there are different ITR forms for different taxpayers depending on the source of income and other things. Therefore, it is very important to choose the right form in filing income tax returns.

Who can use ITR-2 form

This time the Income Tax Department has made many big changes in the ITR-2 form. First of all, it is important to know who can use ITR-2. If a taxpayer earns income from salary and annual income is more than Rs 50 lakh, then he can use ITR-2. The condition is that he should not have any income from business or profession. People who have more than one house property, have capital gains, have income from abroad and foreign assets, have income from cryptocurrency, are directors in a company and have investments in unlisted shares can use the ITR-2 form.

This time six changes have been made in the ITR-2 form:

1. Reporting of capital loss on share buyback

If a taxpayer has suffered a capital loss due to participating in a company’s share buyback program, then its information can now be given in the ITR-1 form. The condition is that the dividend income from that share has to be shown under ‘Income from other sources’.

2. Disclosure of dividend income

If dividend income has been received from shares, then its information has to be given in the ITR-2 form. Especially, it has been made mandatory to show the income or loss due to participation in the share buyback program.

3. Transfer of real estate

If a taxpayer has transferred land or buildings, then he will have to give complete information about it. It has been made a part of the form for the benefit of indexation on selling land. It is important to keep in mind that if the land or house property is bought and sold before July 23, 2024, then only the benefit of indexation will be available on the capital gains on it.

4. Reporting of income more than Rs 1 crore

If the total income of a taxpayer is more than Rs 1 crore, then he will have to declare all his assets and liabilities in ITF-2 form on the last day of the financial year. Earlier the limit for this was Rs 50 lakh.

5. Information about capital gains

In the Union Budget 2024, the government had announced changes in the rules of capital gains. Now complete information about capital gains will have to be given in ITR-2 form. The reason for this is that the rules for capital gains are different on properties bought and sold before July 23, 2024. The benefit of indexation is not available on properties bought and sold after this date.

6. TDS information

A new column has been added in ITR-2 for TDS information. In this, it has to be told under which section the TDS of the taxpayer has been deducted.

News