Income Tax Department Enables Online Utility for ITR-2 Filing

Individuals and Hindu Undivided Families (HUFs) with income from capital gains can now file their Income Tax Returns using ITR-2 for the financial year 2024-25. The Income Tax Department has activated the online filing utility for ITR-2 with pre-filled data on its e-filing portal.

ITR-2 is specifically designed for individuals and HUFs who have income from capital gains but do not earn from business or profession. This form is more detailed compared to ITR-1 and ITR-4, which are suitable for salaried individuals and small business owners. You can learn more about the differences between ITR-1 and ITR-2 in our detailed guide.

Previously, the department had enabled the online utilities for ITR-1 and ITR-4, which you can file using our Income Tax Return Filing Services.

In a significant update, the deadline for filing ITRs for the Assessment Year 2025-26 (FY 2024-25) has been extended. Taxpayers who are not required to get their accounts audited now have until September 15 to file their returns, instead of the earlier deadline of July 31. For a full explanation of this change, check out our blog on the new ITR deadline extension.

This move is expected to ease the compliance process for taxpayers dealing with capital gains, such as those from the sale of property, shares, or mutual funds. If you're unsure about how capital gains impact your tax return, we recommend reviewing our Capital Gains Tax Consultation service.

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