The Central Board of Direct Taxes (CBDT) has notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26, replacing the the earlier format under Appendix-II.
The CBDT has introduced new fields and declarations to align with current financial reporting standards and the new tax regime.
Key updates:
Schedule-Capital Gain split for gains before/ after 23.07.2024 (post changes in Finance Act, 2024)
Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)
Asset & liability reporting limit raised to ₹1 crore of total income
Enhanced reporting for deductions [80C,10(13A)], etc.
TDS section code to be reported in Schedule-TDS
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