Income tax depot has made ITR Form-2 live a few days ago. Now taxpayers using this form can file online returns. On July 18, the Income Tax Department has posted a post on the social media platform X in this regard. It states that taxpayers can file online returns using this form on the e-filing portal. It is necessary to keep in mind that there are different ITR forms for different taxpayers based on sources 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 Income Tax Department Done ITR-2 Many major changes have been made in the form. First of all it is important to know who can use ITR-2. If a taxpayers have income from salary and annual income is more than Rs 50 lakh, then they 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 a capital gain, have income from abroad and foreign assets, income from cryptocurrency, a company has directors and unlisted stocks can use ITR-2 forms.
This time six changes have been made in ITR-2 form,
1. Capital loss reporting on share buyback
If the taxpayer has got a capital loss due to participation in a company’s share buyback program, then its information can now be given in ITR-1 form. The condition is that that shared dividend income will have to be shown under ‘Income from Other Sources’.
2. Disclose of Dividend Income
If dividend income has been made from shares, then its information will have to be given in ITR-2 form. In particular, it has been made necessary to show the income or loss due to participation in the share buyback program.
3. Real Estate Transfer
If a taxpayer has transferred land or buildings, then he will have to give complete information about it. It has been made part of the form for the benefit of indexation on selling land or land. It is necessary to keep in mind that if the land or house property was purchased and sold before July 23, 2024, then only the capital gains on it will get the benefit of indexation.
4. Reporting more than 1 crore income
If the total income of a taxpayer is more than Rs 1 crore, then he will have to tell all his assets and liabilities in ITF-2 form on the last day of financial year. Earlier there was a limit of Rs 50 lakh for this.
5. Capital Gens information
In the Union Budget 2024, the government announced a change in the rules of the Capital Gens. Now complete information about the Capital Gens will have to be given in ITR-2 form. The reason for this is that the rules of the capital gains are different on the property purchased and sold before July 23, 2024. After this date, there is no benefit of indexation on the property purchased and sold.
6. TDS information
A new column has been added to ITR-2 for TDS information. It has to be stated that under which section the TDS of Taxpayers is deducted.