Income Tax Return (ITR) Form 2 Notified by IT Department
The Income Tax Department has notified the Income Tax Return (ITR) Form 2.
Key changes introduced in the ITR Form are as follows:
- Schedule-Capital Gain split for gains before/after 23.07.2024 (post changes in Finance Act, 2024)
- TDS section code to be reported in Schedule-TDS
- Asset and Liability Schedule for Income more than 1 Cr.
- Reporting of Capital Gains from Unlisted Bonds and Debentures As STCG or LTCG Based on the Transfer Date
- Reporting of Buy-back Proceeds As Deemed Dividend Starting 1st October 2024
- Reporting of Disability Certificates for Deductions Under Sections 80DD and 80U
- Enhanced reporting for deductions [80C,10(13A)], etc.
- Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)