New Delhi. Income Tax Department has activated ITR-2 and ITR-3 forms for FY 2024-25 for FY 2024-25. This time many major changes have been made in them. Along with this, Excel facility for these forms has also been released. This will make it easier for taxpayers with capital gains, crypto income, foreign property and commercial income taxpayers.

According to the Central Board of Direct Taxes, this year taxpayers have to take care of all the changes in all the forms that they have to fill. In all the new ITR forms issued, taxpayers will have to give more information about tax deduction (TDS) on taxes other than taxpayers, house rent allowance (HRA) and salary.

For example, ITR-2 and 3 will have to give more detailed descriptions of capital gains, assets and liabilities. Especially the taxpayers have been given relief, whose long -term capital gains from equity and equity mutual funds have been up to Rs 1.25 lakh. Now they can fill ITR-1 or 4. Earlier they had to fill ITR-2 or 3 forms.

What is Excel facility
It is an offline software tool, based on Microsoft Excel. By using it, taxpayers can easily file an ITR form. Its specialty is that this tool allows taxpayers to fill and submit the ITR form in an offline manner.

The advantage of this is that if the taxpayers are not comfortable to fill the online form, they can first prepare offline returns and upload it later. Taxpayers fill the information in this tool and make a JSON file, which has to be uploaded on the portal later.

Lower scope of disturbances
This tool also provides the facility to provide pre-filled data (pre-filled data), which can be downloaded from the e-filing portal. Due to this, time is saved and the scope of errors is almost over while filling the information. Apart from this, taxpayers can easily verify the form.

These important changes were made
1. The property will have to be given information on the income of more than one crore, earlier this limit was 50 lakh rupees.
2. Now not the information of the cutter cutting TDS, but also will also have to give information about which section the TDS is cut. This will make it easier to match income and cuts correctly.
3. There have been two major changes in the section giving information about the capital gains. Now the taxpayer will have to tell whether the sale of property or investment took place before or after 23 July 2024. The tax rate will be fixed according to the date of sales.
4. After 1 October 2024, if a share is restored and the taxpayer shows dividend income on it, now he can also show the capital loss from it. Earlier this was not an option.
5. Income from foreign property and foreign sources will have to be given in detail. Apart from this, every transaction of crypto currency will have to be recorded in the schedule VDF. These will be charged 30% tax.

Essential for these- ITR-2
– Income from sources like salary, pension, capital gains
– On receiving rental income from more than one property
– Small or long -term capital gains or loss on selling any investment, or property
– A taxpayer has received income from winning a lottery or horse riding race
– Those who are earning from abroad or property abroad

ITR-3
– If you are doing business or an income comes from a profession, then this form has to be filled
– If a person is a partner in a firm, then he also has to fill this form
– Those who have income from business or profession, including freelancer, advisor and single masters

How to use
-Go to the e-filing portal (www.incometax.gov.in) and download the Excel Utilities Tool required for ITR-2 or 3 from the ‘Download’ section.
Now open the Excel file downloaded on the computer. If already installed, its new version will be updated as soon as it is connected to the Internet.
After opening it, the taxpayer has to choose its pan and assessment year (2025-26). Then, the already filled data has to be downloaded or exported to the JSON format.
– In this data, the income, TDS and other information of the taxpayer will be filled before, which the taxpayer can verify and improve.
After filling the data, it will facilitate to fill all the important parts of the tool form and verify them. After filling the information, taxpayers can create JSON file.
-The process of filing returns will have to be completed by uploading this file on the e-filing portal.