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Income Tax Department released new Excel utility for ITR-2 filing, know its benefits

ITR-2 is used by such individual taxpayers whose annual income is more than Rs 50 lakh and who have income from capital gains, house properties etc. Apart from this, if a person is a director of a company, then he has to use ITR-2.

New financial year has started. Income tax returns for the financial year 2024-25 can now be filed. Generally, July 31 is the last date for filing income tax returns. Taxpayers have both the options of filing income tax returns – online and offline. The Income Tax Department has recently released an upgraded version of the Excel-based utility for filing ITR-2. It is specially designed for individuals and Hindu Undivided Families (HUF) who do not have any income from business or profession.

Taxpayers will have ease in return filing

The Income Tax Department has released the utility Excel-based (version 1.11) on March 25, 2025. This is a big step towards simplifying the process of tax filing. Under Section 139(1) of the Income Tax Act, 1961, companies, firms, individuals and HUFs are required to file income tax returns if their income exceeds the tax-exemption limit in any financial year.

Taxpayers filing ITR-2 will be able to take advantage

This utility will prove to be helpful to taxpayers in filing ITR-2 returns. This new tool will reduce the complexities related to manual calculations and data entry. This will reduce the chances of mistakes in return filing. This tool is especially useful for those individuals and HUFs who have income from salary, house property, capital gains and other sources, which come under the purview of ITR-2.

Conditions for using ITR-2

ITR-2 is used by such individual taxpayers whose annual income is more than Rs 50 lakh and who have income from capital gains, house properties etc. Apart from this, if a person is a director of a company, then he has to use ITR-2. Also, if a person has shares of an unlisted company, then he has to use ITR-2. With the arrival of the new version of the Excel-based utility, such taxpayers will get convenience.

Efforts to simplify the online return filing process

The Income Tax Department is constantly trying to simplify the online return filing process. Taxpayers who file online returns get a lot of help from utilities. The Income Tax Department has already released many utilities for taxpayers.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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