ITR-2 is used by such individual taxpayers whose annual income is more than Rs 50 lakh and who have income from capital gains, house properties etc. Apart from this, if a person is a director of a company, then he has to use ITR-2.
The new financial year has started. Income tax returns for the financial year 2024-25 can now be filed. Generally, July 31 is the last date for filing income tax returns. Taxpayers have both the options of filing income tax returns – online and offline. The Income Tax Department has recently released an upgraded version of the Excel-based utility for filing ITR-2. It is specially designed for individuals and Hindu Undivided Families (HUFs) who do not have any income from business or profession.
Taxpayers will have ease in return filing
The Income Tax Department has released the Excel-based utility (version 1.11) on March 25, 2025. This is a big step towards simplifying the process of tax filing. Under Section 139(1) of the Income Tax Act, 1961, it is mandatory for companies, firms, individuals and HUFs to file income tax returns if their income exceeds the tax-exemption limit in a financial year.
Taxpayers filing ITR-2 will be able to avail the benefit
This utility will prove to be helpful for taxpayers in filing ITR-2 returns. This new tool will reduce the complexities associated with manual calculations and data entry. This will reduce the chances of error in return filing. This tool is especially useful for individuals and HUFs who have income from salary, house property, capital gains and other sources, which come under the purview of ITR-2.
Conditions for using ITR-2
ITR-2 is used by such individual taxpayers whose annual income is more than Rs 50 lakh and who have income from capital gains, house properties etc. Apart from this, if a person is a director of a company, then he has to use ITR-2. Also, if a person has shares of an unlisted company, then he has to use ITR-2. With the arrival of the new version of the Excel-based utility, such taxpayers will get convenience.
Efforts to simplify the online return filing process
The Income Tax Department is constantly trying to make the online return filing process easier. Taxpayers who file returns online get a lot of help from utilities. The Income Tax Department has already released many utilities for taxpayers.
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