The Income Tax Return (ITR) filing season is here! From April 1, 2025, tax returns can be filed for the assessment year 2025-26 (financial year 2024-25). Like previous years, taxpayers will have both options – online and offline – to file their income tax returns.

New Excel-based utility for ITR-2 – What is special?

The Income Tax Department has recently released an upgraded version of the Excel-based utility for filing ITR-2. It is specially designed for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or profession.

This new utility (version 1.11) was launched on 25 March 2025. It provides the facility to file revised returns under Section 139(8A), allowing taxpayers to rectify their returns if required. This tool will make return filing easier for salaried employees, pensioners and other non-business taxpayers.

Also read: Making HRA claims without deducting TDS? Income Tax Department sending notices

What is ITR-2 and who is required to file it?

ITR-2 is applicable for individuals whose annual income is more than Rs 50 lakh and who earn from sources such as capital gains, rental income (from more than one house), foreign income, etc.

Apart from this, if you are a director of a company or hold unlisted equity shares, you are also required to file ITR-2.

ITR-1 (Sahaj) vs ITR-2 – Which form is right for you?

If you are a salaried person and do not have any income from business or profession, it is important to choose the right ITR form. Generally, ITR-1 (Sahaj) and ITR-2 are the two main options available to you.

If your annual income does not exceed Rs 50 lakh and you are earning from salary, rent from one house property, interest, dividend, or pension, then you can file ITR-1 (Sahaj).

But if your income is more than Rs 50 lakh, you have capital gains, you own more than one house, you are a director of a company, hold unlisted shares, or you have any foreign assets, then you will have to file ITR-2.

Also read: New Tax Rule: Govt to match your current ITR with previous year’s to find inconsistencies – Details here

Updates to ITR-2 Excel-based New Utility

For whom: Individuals and HUFs whose income is not from business or profession.

Version: Excel-based utility (version 1.11).

Latest update: Revised return filing facility under section 139(8A).

New utility release date: 25 March 2025.

Utility first released: 1 April 2024.

First JSON schema release date: 29 March 2024.

Latest JSON schema release date: 16 January 2025.

Fill your ITR with the right form, avoid the wrong form

If you are going to file income tax return, use this new utility and make sure you fill the right ITR form. Choosing the wrong form may result in your return being declared as ‘defective’ and you may get a notice from the Income Tax Department. So choose the right ITR and file your tax return without any hassle!