In a significant development for income tax filers, the Income Tax Department has issued the ITR-2 offline form for filing income tax returns for the financial year 2022-23 (AY 2023-24).
Last month, the Central Board of Direct Taxes (CBDT) had notified the ITR-1 and ITR-4 forms. Currently, the Income Tax Department has only released Excel utility for ITR-1, ITR-2, and ITR-4, and online ITR forms are not yet available.
If individuals wish to file their ITR immediately, they must download the utility tool from the Income Tax e-filing website.
After filling in the necessary income and tax rebate information, the form should be uploaded on the income tax e-filing platform. It is important to note that there have been no significant changes made to the ITR form this year.
One notable change in the ITR form is the requirement to provide information about virtual currency and digital assets.
Whether submitting the form offline or online, filers must ensure it is verified. If the ITR is not verified by the taxpayer, the Income Tax Department will not process it.
The ITR-2 form should be filled by individuals with an annual income of Rs 50 lakh or more.
It requires disclosure of details such as owning multiple residential properties, capital gains or losses from investments, dividend income exceeding 10 lakhs, and income from agriculture.
Additionally, if interest has been earned from PF (Provident Fund), this form should also be used.
Filers are advised to stay updated on the latest guidelines and ensure accurate submission of their ITR forms to comply with income tax regulations.
