Introduction to New ITR Utilities

The Income Tax Department has introduced new excel utilities for ITR-2 and ITR-3, aimed at simplifying the tax filing process for the financial year 2024-25. These tools are particularly beneficial for taxpayers with capital gains and cryptocurrency income, allowing them to efficiently file their returns for the assessment year 2025-26. The deadline for submission is set for September 15, 2025.

Key Changes in Capital Gains Reporting

One of the significant updates in these utilities is the revised schedule for reporting capital gains. This change is designed to provide clearer guidelines and ensure accurate reporting of gains from various investments. Taxpayers should familiarize themselves with these revisions to avoid errors in their filings.

Updated Asset and Liability Disclosure Requirements

Another critical update involves the thresholds for asset and liability disclosures. Previously applicable at different income levels, these thresholds now apply to individuals with an income exceeding ₹1 crore. This adjustment aims to enhance transparency and compliance among high-income earners.

Mandatory TDS Section Code Reporting

The new utilities also introduce mandatory reporting of TDS section codes. This requirement is intended to streamline the process of tax deduction at source, ensuring that all deductions are accurately accounted for in the taxpayer’s return.

Implications for Taxpayers

These updates reflect the government’s ongoing efforts to modernize the tax filing system, making it more user-friendly and efficient. Taxpayers are encouraged to utilize these new tools and stay informed about the changes to ensure a smooth filing experience.