Income Tax: Now you will have to fill this form if you earn from property, shares, pension, know for whom else it is necessary

ITR-2 Form: The Income Tax Department has released the ITR-2 form for FY 2024-2025. This form is for those people whose income is not from business or profession. Some more changes have also been made in this form.

New Delhi: The Central Board of Direct Taxes (CBDT) has released the Income Tax Return Form-2 (ITR-2) for the financial year 2024-2025. ITR-2 is required for most taxpayers, especially salaried employees and pensioners. This form has come into effect from April 1, 2025, i.e. from the beginning of this financial year.

The special thing is that people who have income from salary or pension or who have income from more than one property can file their income tax return using ITR-2. It is also important that the capital gains or losses on the sale of property or other investments, whether long-term or short-term, also have to be disclosed in this ITR.

…so it is necessary for salaried people too

ITR-2 is for those salaried taxpayers who also invest in equity shares and mutual funds. Salaried people have to use ITR-2 instead of ITR-1 if they have more than one house, if they have any property outside India, or if their total income is more than Rs 50 lakh.

These changes have been made this time

Earlier, information about assets and liabilities had to be given only when a person’s total income was more than Rs 50 lakh. But, in the new ITR-2, this rule will be applicable only when the total income is more than Rs 1 crore. This will provide relief to those whose annual income is between Rs 50 lakh and 1 crore, as they will not have to give account of their assets and liabilities.

Information about TDS

Earlier, only the information of the company deducting TDS and the amount deducted had to be given. But, now this has changed. Now it will be necessary to tell under which section TDS has been deducted, such as 194C, 194J or any other section.

Apart from this, two major changes have also been made in the Capital Gain (CG) schedule. Information about transactions related to capital gain is filled in Schedule CG, which is in Part A of ITR-2 form. Now taxpayers will have to tell whether the transfer of property, which caused long-term or short-term capital gain or loss, took place before or after July 23, 2024.

Information about foreign assets also

The new ITR-2 also requires more information about foreign assets, for which Schedule FA (foreign assets) and FSI (income from foreign sources) will have to be filled. Apart from this, information about transactions of virtual digital assets will have to be given in Schedule VDA, which is taxed at 30% under section 115BBH. Disclosure of Legal Entity Identifier (LEI) is also required for certain high-value transactions.

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