ITR Filing 2025: Income Tax Department made major changes in ITR-2 form for those with income ranging from ₹ 50 lakh to ₹ 1 crore

ITR Filing 2025: This form is for salaried employees, pensioners and other taxpayers whose income is more than ₹50 lakh and whose income does not include income from business or profession.

ITR Filing 2025: After ITR-1, 3, 4 forms for the financial year 2024-25 (assessment year 2025-26), the Income Tax Department has notified ITR Form 2 for the assessment year 2025-26. This new form incorporates some important changes made under the Finance Act 2024. These changes are special for those taxpayers who claim capital gains, share buyback and tax deduction. Let us know what new updates have been added to this form:

Who is the ITR-2 form for?

This form is for salaried employees, pensioners and other taxpayers whose income is more than ₹ 50 lakh and whose income does not include income from business or profession.

Important changes in ITR-2 form:

New division of capital gains

Now the schedule capital gains in ITR Form 2 has been divided into two parts—based on capital gains before 23 July 2024 and after that. This change reflects the amendments made after the Finance Act 2024.

Capital Loss Exemption on Share Buyback

If you have reported a loss from a share buyback of a company on or after October 1, 2024, then this exemption will be available only if the dividend received on the same is shown in ‘Income from Other Sources’.

Asset and Liability Reporting Limit Increased

Now taxpayers whose total income is ₹ 1 crore or more will be required to fill the details of their assets and liabilities in the form. Earlier this limit was lower.

Detailed information of deduction sought

Now those claiming tax deductions like Section 80C and 10(13A) will have to give more clear details. This will increase transparency and accuracy of data.

New code for reporting TDS

In Schedule-TDS, now taxpayers will have to mention the section code under which TDS has been deducted. This will make tax credit information more clear and trackable.

These changes are aimed at making the tax return process more transparent and comprehensive. Taxpayers are advised to keep these new points in mind while filing ITR.

Which documents are required to file ITR-2? Know the complete list

According to the official website of the Income Tax Department, if you want to file ITR-2, then you will need some important documents. These documents help in entering the information related to your income, tax deductions and exemptions correctly. Let us know which documents you should have—

For salaried persons:

Form-16: If you do a job and your income is from salary, then this form is necessary.

Form-16A: If you have earned interest on fixed deposit and TDS has been deducted on it, then this form will be available from the bank.

To check TDS and other income:

Form 26AS: This form shows how much tax has been deducted from you. You can download it from the Income Tax e-filing portal.

For renters:

Rent payment receipts: If you have opted for the old tax slab and want to claim HRA, rent receipts will be required (if you have not already given these to the employer).

Income from shares and capital gains:

Summary of share or security transactions: Profit/loss statement of all shares or other capital assets bought and sold during the year.

Interest income:

Bank passbook and FD receipts: So that bank interest can be calculated correctly.

Rental income:

Tenant details, house tax and home loan interest: If you have a rental property, then these documents will be required to calculate the income.

If you want to claim loss:

Loss documents: If you have incurred any loss in this financial year (like in the stock market), then keep the documents with you.

To claim tax deductions:

Documents related to exemptions under section 80C, 80D, 80G, 80GG: such as life insurance, health insurance receipts, donation receipts, tuition fee or rent payment receipts. Especially if this information is not included in your Form-16.

After filing:

ITR e-verification: After filing ITR, it is necessary to verify it online or offline (by sending ITR-V form).

The post ITR Filing 2025: Income Tax Department made major changes in ITR-2 form for those with income ranging from ₹ 50 lakh to ₹ 1 crore first appeared on informalnewz.

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