ITR-2 and ITR-3 Excel Utilities Released for AY 2025-26: Know What is New:

ITR-2 and ITR-3 Excel Utilities Released for AY 2025-26: Know What is New As the income tax return (ITR) filing season for the financial year 2024-25 is already here, many people have been waiting for all the ITR forms to be available. The Income Tax Department had already released the ITR forms like ITR-1 and ITR-4. However, those taxpayers having income from business or profession, capital gains income, etc., were still waiting for the release of Excel Utilities for ITR-2 and ITR-3. These taxpayers include professionals, freelancers, partners in firms, and individuals. Finally, after a long time, the wait is over. The department has now released the Excel utilities for ITR-2 and ITR-3 for Assessment Year 2025-26. This has provided relief to the taxpayers having capital gains, business income, income from multiple properties, etc., who were unable to file their returns.

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Who Must File ITR-2

ITR is required to be filed by individuals and Hindu Undivided Families (HUFs) if they have income from sources (other than business or professional income) such as:

• Income from more than one house property
• Income from Capital gains
• Income from foreign assets
• Income from salary or pension
• Income from agriculture exceeds Rs 5,000
• Income from Shareholding in unlisted companies

Who Must File ITR 3

Individuals and Hindu Undivided Families (HUFs) are required to file ITR-3 if they have income from the following sources:

• Income from business and professions
• Income from partnership firms
• Income from derivatives and intraday traders
• Income from freelancing and consultancy.

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Additions In New ITR-2 and ITR-3

The updated Excel tools now include better validation features and new reporting rules based on the latest Budget changes. These new additions focus on enhancing transparency and making the tax calculation easier. These forms also include clearer sections for reporting the following things:

• Details of Foreign assets and foreign taxes paid
• Income from trading and speculative activities
• Capital gains income earned before and after 23 July 2024
• Section-wise breakup of deductions
• Income from unlisted shares

What Should Taxpayers Do?

• Choose the right form between ITR-2 and ITR-3, based on your income sources.
• Get your documents ready, such as Form 16, AIS, capital gain reports, and business financials.
• Fill the form carefully, validate it and generate the return JSON file.
• Furnish the ITR on the income tax portal and complete e-verification to finish filing.