ITR-2 for FY2024-2025 notified by Income Tax dept: There’s good news for Rs 50 lakh to Rs 1 crore income-earners, know other changes and more

 The CBDT has notified the ITR-2 form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of taxpayers, especially salaried individuals, pensioners, and those with income from multiple properties or capital gains. Key changes include raising the asset and liability reporting limit to Rs 1 crore, requiring TDS section reporting, and splitting capital gains. Read on to know more about the changes made
Sujit Sudhakar Bangar, founder of TaxBuddy.com, says that the ITR 2 form for the assessment year 2025-26 (FY 2024-25) allows taxpayers to calculate long-term capital gains (LTCG) either 20% with indexation benefit or 12.5% without indexation for properties transferred after 23rd July 2024. This change offers flexibility in determining the most beneficial tax treatment, especially for land and building transfers." "Capital gains from the sale of unlisted bonds and debentures will now be categorized as either short-term or long-term capital gains, depending on the transfer date. This adjustment simplifies the treatment of these transactions," he adds. Source: https://economictimes.indiatimes.com/wealth/tax/itr-2-for-fy2023-2024-notified-by-income-tax-dept-theres-good-news-for-rs-50-lakh-to-rs-1-crore-income-earners-know-other-changes-and-more/articleshow/120898471.cms  Website: https://www.taxbuddy.com/ 

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