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The Income Tax Department has now activated the online filing of Income Tax Return (ITR) Form 2 for the FY 2024-25 AED 2025-26. This is a noteworthy change where now a significant section of the taxpayers, especially those having complex incomes, can fulfill their tax obligations through the e-filing portal. Earlier, only ITR-1 and ITR-4 were available for online filing.
This change comes as a relief for those who were filing ITR-2, which comprises s Salaried persons, and those earning capital gains from Stocks or Properties, individuals having multiple House properties, and those having income through other sources including but not limited to dividends or lottery payments. The online filing system has a portal with pre-filled information which reduces keystrokes and errors while making it user friendly and accessible to everyone. Those who prefer offline method can still download the excel utility complete their returns and upload the JSON file generated.
The Income Tax Department made important modifications on ITR-2 form for the current assessment year. These changes include segmenting long-term capital gains into separate components based on the date of transaction as pre or post July 23, 2024, editing to allow claiming of capital losses from share buybacks under certain conditions, and increasing the limit for disclosure of assets and liabilities to Rs 1 crore. Moreover, there has been a change to the reporting of some deductions whereby, taxpayers will have to substantiate the TDS section codes provided with greater detail.
The latest date for filing Income Tax Returns for FY 2024-25 (AY 2025-26) remains set to 15th September, 2025. Taxpayers are expected to go through the changes very carefully, observing the right choice of ITR form based on the income sources and eligibility criteria.
