ITR Filing for FY 2024-25: New Excel Utilities for ITR-2 and ITR-3
The Income Tax Department has announced the release of Excel utilities for ITR-2 and ITR-3 forms, allowing taxpayers with taxable capital gains, cryptocurrency income, and other specified incomes to file their income tax returns for the assessment year 2025-26. Taxpayers must submit their returns by September 15, 2025. Previously, only ITR-1 and ITR-4 forms were available for filing, limiting the options for many taxpayers. The announcement was made on July 11, 2025, via the department’s official social media channels.
Understanding Excel Utilities for ITR Filing
Excel utilities for income tax returns are downloadable tools provided by the Income Tax Department. These utilities are specifically designed for ITR-2 and ITR-3 forms and can be accessed through the e-filing portal. Upon downloading, users receive a zip file containing an Excel spreadsheet. This spreadsheet includes various schedules and fields where taxpayers can input their financial details and declarations.
Once the necessary information is filled out, users must upload the completed file to the ITR e-filing portal to submit their income tax returns. It is crucial for taxpayers to verify their filed ITR within 30 days of submission to ensure compliance with tax regulations. This process aims to simplify the filing experience for taxpayers, making it easier to report their income accurately.
Key Changes in ITR-2 for FY 2024-25
The ITR-2 form has undergone significant changes for the financial year 2024-25. One of the notable updates is the introduction of distinct sections in Schedule-Capital Gain, which now differentiates between gains realized before and after July 23, 2024. This change follows amendments made in the Finance Act of 2024. Additionally, capital losses from share buybacks after October 1, 2024, are now permissible when the corresponding dividend income is reported under other sources.
Another important update is the requirement for asset and liability disclosure, which now applies only to taxpayers with a total income exceeding ₹1 crore. This adjustment aims to ease the filing process for many individuals. Furthermore, additional reporting requirements have been introduced for various deductions, including those under sections 80C and 10(13A). The Schedule-TDS has also been updated to require specific TDS section codes for improved tracking of tax deductions.
Updates in ITR-3 for FY 2024-25
Similar to ITR-2, the ITR-3 form has also seen revisions for the financial year 2024-25. The updated form includes a revised Schedule-Capital Gain, which separates gains realized before and after July 23, 2024, in accordance with the Finance Act 2024 amendments. For share buybacks occurring after October 1, 2024, capital losses are now allowed when the corresponding dividend income is reported under other sources.
The threshold for reporting assets and liabilities has been raised to ₹1 crore of total income. This means that individual taxpayers will only need to provide details of specified assets and liabilities if their total income exceeds this amount. Additionally, section 44BBC, which pertains to the cruise business, has been incorporated into the form. Enhanced reporting requirements for various deductions, including those under sections 80C and 10(13A), have also been introduced, along with the need for specific TDS section code reporting in Schedule-TDS. These changes aim to streamline the filing process and reduce errors in tax return submissions.
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