The Income Tax Department has activated online filing and Excel utility support for ITR-2 for Assessment Year 2026-27 on the official e-filing portal. With this update, eligible taxpayers, including salaried individuals, pensioners, students, and others who are not subject to tax audit requirements, can begin filing their income tax returns. Taxpayers now have the option to file returns through the online utility available on the e-filing website or by using the downloadable Excel utility. The deadline to submit ITR for AY 2026-27 is July 31, 2026. For the Tax Year 2026-27, the due date remains July 31, 2027.
ITR-2 is designed for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or profession but have relatively detailed income structures. The form is generally applicable to taxpayers earning through salary or pension, owning multiple house properties, or generating income from capital gains arising from property or investment sales. It also applies to both short-term and long-term capital gains reporting.
In addition, individuals with annual income exceeding Rs 50 lakh, non-residents, and residents not ordinarily resident (RNOR) are not permitted to use ITR-1. Such taxpayers are required to file ITR-2, ITR-3, or another applicable form depending on their financial profile.
ITR-2 can also be used to declare income earned from other sources, such as lottery winnings, racehorse earnings, and other legally permitted gambling activities. Taxpayers with agricultural income above Rs 5,000 must also use this form.
Another important category includes company directors and individuals holding investments in unlisted equity shares. These taxpayers are mandatorily required to file ITR-2 irrespective of their income level.
Importance of Accurate Disclosure In ITR
Tax experts also warn taxpayers against errors while reporting immovable property, jewellery, bank balances, vehicles, and shares. To avoid discrepancies, taxpayers should carefully reconcile details with Form 26AS and the Annual Information Statement (AIS).
Another area where many taxpayers make mistakes is the carry-forward and set-off of losses. Incorrectly filling Schedule CFL and Schedule BFLA or missing the return filing deadline can prevent taxpayers from carrying forward eligible capital losses.
Experts further advise taxpayers to ensure that personal details such as address, employer information, and contact details are updated correctly, especially if they switched jobs or relocated during the financial year.
She is working as a Chief Copy Editor at Times Now’s Business Desk, where she covers key developments in the stock market, Indian corporates across se...View More
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