Quick Summary
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 i
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FAQ :
The ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession, but have income from salary, house property, capital gains, or other sources.
The new form includes enhanced personal information fields, requires explicit disclosure of opting for the new tax regime (Section 115BAC(6)), and mandates reporting of high-value transactions like significant bank deposits or foreign travel expenses for certain taxpayers.
The amended ITR-2 form is effective from April 1, 2025, and will be used for filing income tax returns for the financial year 2024-25 (Assessment Year 2025-26).
If you are not otherwise required to file a return but have made deposits exceeding ₹1 crore or incurred foreign travel expenses above ₹2 lakh, you must disclose these under the mandatory reporting section (Seventh Proviso to Section 139(1)).
Taxpayers who fall under the scope of ITR-2 should carefully review the changes, ensure accurate compliance, and consider using the updated utility tools on the income tax portal or consulting with tax professionals.
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