The new financial year has started and so has the tax filing season. Taxpayers can now file their Income Tax Return (ITR) for the Assessment Year 2025-26 (Financial Year 2024-25). Just like every year, the ITR filing process is available in both online and offline modes, making it convenient for everyone to get started.
The Income Tax Department has introduced a new Excel-based utility for ITR-2 which was launched on March 25, 2025. This form is meant for individuals and Hindu Undivided Families (HUFs) who don’t have income from business or profession. A key update is the addition of the option to file a revised return under Section 139 (8A).
So, if you spot an error or need to update any details in your return, you can now do it without hassle. This new feature is especially helpful for salaried individuals, pensioners, and other non-business taxpayers.
ITR-2 is for individuals whose annual income exceeds Rs 50 lakh or those who earn from sources like rent, capital gains, or other income. You’ll also need to file ITR-2 if you’re a director in a company or hold shares in an unlisted company. Plus, if you own any foreign assets, this is the form you need to use.
Choosing the right ITR form depends on where your income comes from. If your total annual income is below Rs 50 lakh and you earn only from salary, pension, interest, dividends, or rent from just one property, then you should file ITR-1. So, whether you earn from salary, rent, capital gains, or other sources, picking the right ITR form is key to hassle-free filing and staying compliant with tax rules.
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