Filing your Income Tax Return (ITR) can be confusing, but choosing the correct form is essential to avoid penalties. Making a mistake can lead to a defaulted ITR and a potential tax notice. To simplify the process, here is a breakdown of the most common ITR forms—ITR-1, ITR-2, ITR-3, and ITR-4—and who should use them. … Read more
A chartered accountant, Aditi Bhardwaj, has flagged a critical technical glitch in the ITR-2 online utility that could create significant problems for taxpayers. The error, which affects how capital gains and losses are reported, could lead to incorrect filings, triggering automated adjustments under Section 143(1), and potentially causing return rejections. The primary issue is an … Read more
Correct Your Tax Filings: ITR-U Facility Now Live for AY 2021-22 & 2022-23 The Income Tax Department has launched the Updated Return (ITR-U) filing facility for Assessment Years (AY) 2021-22 and 2022-23, specifically for taxpayers using ITR-1 and ITR-2 forms. This is a crucial opportunity for eligible individuals to rectify any errors or omissions in … Read more
The Income Tax Department has announced the activation of online filing for ITR-2 forms, complete with pre-filled data, for the Assessment Year 2025-26. This development follows a recent extension of the tax return deadline to mid-September, a decision prompted by legislative changes introduced in the Finance Act 2024. ITR-2 is specifically designed for individuals and … Read more
It’s July 17, 2025, and while the Income Tax Department hasn’t yet rolled out the full online filing utility for ITR-2 and ITR-3 with pre-filled data, you still have options to file your returns. Current Status: Partial Online Filing Available Currently, you can’t directly file ITR-2 and ITR-3 on the e-filing portal using the pre-filled … Read more
Filing ITR-2 for AY 2025-26? Key Changes to Note in the Excel Utility Planning to file your Income Tax Return (ITR-2) for Assessment Year 2025-26 (Financial Year 2024-25)? The Income Tax Department’s e-filing portal now allows you to download the Excel utility for this form. However, before you dive in, it’s crucial to be aware … Read more
New ITR-2 Form for FY2024-25 (AY2025-26) Unveiled: Key Changes Taxpayers Must Know The Income Tax Department has finally released the Excel-based utilities for ITR forms 2 and 3, after a notable delay attributed to significant revisions in the utility forms for the Financial Year 2024-25. This release, following ITR forms 1 and 4, makes all … Read more
It’s July 14, 2025, and while the Income Tax Department has released the Excel utilities for ITR-2 and ITR-3, you still can’t file these forms online for Assessment Year (AY) 2025-26. The online filing option isn’t available on the e-filing portal just yet. When Can You File ITR-2 and ITR-3 Online? If you’re waiting to … Read more
The Income Tax Department has rolled out significant updates to ITR forms for the Financial Year 2024-25 (Assessment Year 2025-26), aiming to simplify tax filing for many.1 These changes, particularly to ITR-1, ITR-2, and ITR-4, broaden eligibility for some and streamline reporting for others.2 ITR-1 (Sahaj) Gets a Simpler Path for Capital Gains Previously, any … Read more
