The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26. The changes, published via Notification No. 43/2025 dated May 3, 2025, in the Gazette of India, are brought into effect under the powers conferred by Section 295 read with Section 139 of the Income-tax Act, 1961.
The updated ITR-2 form, part of the Income-tax Rules, 1962, replaces the earlier format under Appendix-II and introduces new fields and declarations aimed at aligning with current financial reporting standards and the new tax regime.
Key Highlights of the New ITR-2 Form
- Applicable for Individuals and HUFs: The form is meant for individuals and Hindu Undivided Families (HUFs) not having income from business or profession but earning income through salary, house property, capital gains, or other sources.
- Detailed Personal Information Section: The form now captures enhanced details such as Aadhaar number, multiple mobile numbers, alternate email addresses, and residency information for better taxpayer identification.
- Disclosure Under New Tax Regime: Taxpayers opting for the new regime under Section 115BAC(6) must now explicitly indicate their choice along with filing under Section 139(1).
- Mandatory Reporting Under Section 139(1) Seventh Proviso: Individuals not otherwise required to file returns must disclose high-value transactions such as deposits exceeding ₹1 crore or foreign travel expenses above ₹2 lakh, if applicable.
- Revised Filing Categories: The form now allows classification of returns under different subsections such as 139(4), 139(5), 92CD, or even in response to notices under Sections 139(9), 142(1), 148, or 153A.
Effective Date
The amended ITR-2 form is applicable from April 1, 2025, and will be used for filing income tax returns for the financial year 2024-25 (AY 2025-26).
What Taxpayers Should Do
Taxpayers falling within the scope of ITR-2 are advised to review the changes carefully and ensure accurate compliance while filing their returns. Use of updated utility tools on the income tax portal and consultation with tax professionals is recommended for a smooth filing experience.
Also Read:
- CBDT Notifies ITR Forms 1 and 4 for AY 2025-26
- CBDT Notifies New ITR-3 Form for AY 2025-26
- CBDT Notifies New ITR-5 Form for AY 2025-26
Official copy of the notification has been attached
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