The Income Tax Department has issued Excel-based utilities of ITR-2 and ITR-3 forms. Now taxpayers can file income tax returns using these forms. The Income Tax Department Form-1 and Form-4 have already released the utilities. Now the utilities of Form 1, Form 2, Form 3 and Form 4 have come. All these are available on the income tax e-filing website.
There have been many changes in ITR-2. People who have salary income or have non-business or professional income or those who invest in crypto can use this form. Capital Gens and other such income people are also using this form.
Capital loss reporting on share buyback
Disclose of dividend income
A new cry has been added for dividend income information under section 2 (22) (f). This is for taxpayers who have income from buyback of shares.
Real estate transfer
Resident individuals will have to provide details of the cost of acquisition and improvement for transfer of land or blind before July 23, 2024 and after this date. This change will provide the benefit of indexation on such transactions.
Entertained Asset and Liability Reporting Threshold
Taxpayers whose total income is more than Rs 1 crore will now have to give information about all its assets and liabilities. Earlier its limit was Rs 50 lakh.
Capital Gens Reporting
The rules of the Capital Gains have changed in the Finance Act 2024. Keeping this in mind, necessary changes have been made in Form 2.
TDS schedule update
A new column has been added to the schedule TDS in Form 2. In this, the taxpayer will have to tell that under which tax TDS has been deducted.