ITR-2 Form Notified by CBDT: Know the Key Changes

Income Tax Return (ITR) Form 2 Notified by IT Department

The Income Tax Department has notified the Income Tax Return (ITR) Form 2.

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ITR Forms 1 and 4 for FY 2024-25 Released: Major Amendments in ITR Form 1, Now Requiring Reporting of Long-Term Capital Gains

Key changes introduced in the ITR Form are as follows:

Schedule-Capital Gain split for gains before/after 23.07.2024 (post changes in Finance Act, 2024)
TDS section code to be reported in Schedule-TDS
Asset and Liability Schedule for Income more than 1 Cr.
Reporting of Capital Gains from Unlisted Bonds and Debentures As STCG or LTCG Based on the Transfer Date
Reporting of Buy-back Proceeds As Deemed Dividend Starting 1st October 2024
Reporting of Disability Certificates for Deductions Under Sections 80DD and 80U
Enhanced reporting for deductions [80C,10(13A)], etc.
Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)