The Income Tax Department has officially enabled the online filing of ITR-2 for the financial year 2024-25 (assessment year 2025-26) through its portal incometax.gov.in. The facility, activated on July 18, 2025, is now open for individuals and Hindu Undivided Families (HUFs) with income from various sources like salary, capital gains, crypto, and foreign assets.
Who Should File ITR-2?
ITR-2 is required for taxpayers with the following types of income:
- Salary or pension
- More than one house property
- Capital gains (including mutual funds, stocks, real estate)
- Cryptocurrency or virtual digital asset income
- Foreign income or foreign asset ownership
- Agricultural income exceeding Rs 5,000
- Lottery winnings or horse race income
- Directors or holders of unlisted equity shares
- Residents and non-residents with complex income structures
- Individuals covered under clubbing provisions
- Cases with losses to carry forward (except business losses)
Important Changes to ITR-2 for FY 2024-25
This year, several new updates have been made to simplify and clarify the filing process:
- Capital Gains Segregation: Gains before and after July 23, 2024, must be reported separately.
- Share Buyback Losses: Losses from buybacks post October 1, 2024, are allowed if dividend income is separately reported.
- Higher Disclosure Threshold: Asset and liability reporting is now mandatory only for total income exceeding Rs 1 crore.
- Detailed Deductions: Precise information must be furnished for deductions under Section 80C and others.
- TDS Section Codes: Taxpayers must mention the specific TDS section code while filling in the TDS schedule.
Deadline for ITR Filing
The final date to file ITR-2 for FY 2024-25 is September 15, 2025. Taxpayers are advised to verify Form 16, cross-check deductions, and ensure all details are correctly filled using the pre-filled forms available on the income tax portal.
