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Utilities
As the new financial year unfolds, the Income Tax Department has ushered in significant updates to simplify the process of filing Income Tax Returns (ITRs), particularly for individuals and Hindu Undivided Families (HUFs) with no business or professional income. With tax filing due for Assessment Year 2025-26, taxpayers can now utilize a new Excel-based utility for ITR-2, designed to make the filing process more streamlined and accessible.
Who Should File ITR-2?
The Income Tax Department has introduced an upgraded Excel utility for ITR-2, version 1.11, which was released on March 25, 2025. This updated tool is designed to enhance the user experience by providing a feature to file revised returns under Section 139(8A). This means taxpayers can now easily rectify mistakes or update information on their returns if needed.
| Form | Eligibility | |----------|-----------------| | ITR-1 (Sahaj) | Suitable for individuals with income up to Rs 50 lakh from salary, pension, interest, dividend, or rent from a single property. | | ITR-2 | Required for individuals with income exceeding Rs 50 lakh or earning from capital gains, multiple house properties, foreign income, etc. |
The introduction of this new Excel utility is particularly beneficial for several reasons:
Ease of Revision: The feature to file revised returns under Section 139(8A) ensures that taxpayers can correct any errors or update information in their original return without much hassle.
Simplified Filing: The tool is designed to make the process smoother for non-business taxpayers, such as salaried individuals and pensioners, allowing them to file their returns with greater ease.
Increased Accuracy: By providing a clear and structured format for filling out the ITR form, taxpayers are less likely to make mistakes or miss important details.
For a seamless tax filing experience with the new utility, consider the following tips:
A: The utility allows for filing revised returns under Section 139(8A) and is designed for individuals and HUFs without business income.
A: The new Excel utility was released on March 25, 2025.
A: ITR-2 is required for individuals with income exceeding Rs 50 lakh or those earning from specific sources like capital gains, multiple house properties, or foreign income.
As the tax filing season for Assessment Year 2025-26 begins, the introduction of this new Excel utility for ITR-2 marks a significant step towards making income tax returns more accessible and user-friendly. With its ability to file revised returns and simplified format, taxpayers can now manage their income declarations with greater ease and precision.
