ITR Filling Update- If you are a taxpayer, then this article is for you. Finally The Central Board of Direct Taxes (CBDT) has also notified the ITR-2 form for the financial year 2024-25. This form will be considered applicable from April 1, 2025. This means that it will be used from the beginning of the current financial year. ITR-1, 3, 4, 5 forms have also been issued by the CBDT earlier.

ITR-2 form is especially for those who earn income from salary or pension or who have more than one house property. If you have earned capital gains by selling anything like shares, mutual funds, property, then you will also have to fill ITR-2 form. If your annual income is more than ₹ 50 lakh or you have property abroad, then it is necessary to fill ITR-2 form instead of ITR-1.

What are the changes in ITR-2?
Earlier, information about assets and liabilities had to be given if the income was more than ₹ 50 lakh, but now this limit has been increased to ₹ 1 crore. Now you will also have to tell under which section (eg 194C, 194J) the TDS has been deducted.

After the change, you will also have to tell whether you have transferred the property before or after 23 July 2024, which will affect the tax rate. If you have suffered a loss on the buyback of a share and you have also declared the dividend income received from it, then now that loss can be adjusted. Apart from this, complete information related to Foreign Assets (FA), Foreign Income (FSI) and Virtual Digital Assets (VDA) will also have to be given in the form.