IT Dept Launches Online Utility for ITR-2 Filing

Swift Summary

• The income Tax Department has enabled filing of ITR-2 for the financial year 2024-25 through its e-filing portal wiht pre-filled data.
• ITR-2 is applicable to individuals adn Hindu Undivided Families (HUFs) earning income from taxable capital gains but not from business or profession.
• Earlier,the department activated online utilities for simpler forms,ITR-1 and ITR-4,targeting small and medium taxpayers.
• The government has extended the filing deadline for non-audit cases to September 15, 2025, from July 31.

Read more: Parliamentary panel clears Income Tax Bill 2025 with suggestions

Indian Opinion Analysis

Allowing taxpayers to file their ITRs with pre-filled data marks a progressive step towards simplifying tax compliance in India.By introducing detailed yet user-friendly options like ITR-2-targeting specific taxpayer categories-the government demonstrates a nuanced approach tailored to diverse income sources. Such measures can enhance transparency while minimizing errors during submission.

The extended deadline for non-audit cases aligns well with policies aimed at alleviating pressure on taxpayers. This timeline adjustment could prevent last-minute rushes and system overloads without compromising overall revenue collection targets.As digital infrastructure upgrades continue alongside legislative reforms such as the upcoming Income Tax Bill 2025 discussion in Parliament, thes initiatives may signal India’s commitment towards modernizing its tax regime further.