Know the key ITR-2 changes for FY 2024-25, including new TDS rules, capital gains updates, and digital asset disclosures for salaried individuals and investors.
Anisha Kumari | Jun 13, 2025 |
What Salaried People and Investors Should Know for FY 2024-25
The Income Tax Department has introduced a new ITR-2 form for the FY 2024-25. This came into effect from April 1, 2025. This form is very important for salaried individuals, pensioners and those who earn from property, shares or mutual funds. Before filing your income tax return, everyone should know who should use ITR-2 and what changes have been made this year.
ITR-2 form is for those people who earn a salary or pension and also have income from more than one house property. If a person has sold property or made profits or losses from investments like shares or mutual funds, then they should also file using this form.
Even salaried individuals who invest in equity shares or mutual funds are required to file this form. If their income is Rs. 50 lakh or they own property outside India, then ITR-1 is not enough.
Until now, if someone’s total income was more than Rs. 50, then they had to give details of all their assets and liabilities. But now the limit has been increased to Rs. 1 crore. People who are earning between Rs. 50 and Rs. 1 crore don’t have to give extra details anymore.
Earlier, people only had to mention which company deducted their TDS and how much was deducted. From now on, they are required to mention the exact section under which the TDS was cut. This makes tax filing more accurate and detailed.
There are also some changes made in the part of the form where you report capital gains. Now you have to clearly mention whether the sale or transfer happened before or after July 23, 2024. This change applies to both long-term and short-term gains or losses and must be filled in the Capital Gains section (Schedule CG) of the form.
The new ITR-2 form now asks for more details about foreign assets and income from abroad through Schedule FA and FSI. If a person has done trading in virtual digital assets like cryptocurrency or NFTs, they must report it in Schedule VDA, which is taxed at 30% under section 115BBH. Also, for some high-value transactions providing a Legal Entity Identifier (LEI) is now necessary.
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