By Neeraj Agarwala,
I tried filling up the ITR2 form last week but could not do it as it was showing an error. Should I wait for some more time now?
—Ashish Sharma
The notified Income Tax Return (ITR) forms for Assessment Year (AY) 2025–26 have undergone significant structural and content-level changes, which in turn have required additional time for system development, integration, and testing of the corresponding utilities. Accordingly, the schema for ITR 2 and ITR 3 has not yet been released. Note that, in light of these changes, the due date for filing returns has been extended from July 31, 2025 to September 15, 2025.You will have to wait for the income tax return forms to be released to file ITR 2.
I had paid advance tax for my interest on deposits and salary income for FY25. I got capital gains from some shares. I am awaiting some more capital gains statements from brokers. Can I pay all tax while filing returns?
—Rajender Wadhwani
Yes, you may pay the balance tax on capital gains while filing your income tax return, but interest under Sections 234B and 234C may apply depending on when the gains arose and whether sufficient advance tax was paid during the previous year. It’s advisable to compute and pay any outstanding tax as soon as possible to reduce interest liability.
I took a home loan in 2018 and got possession in January 2025. As I have not claimed tax exemption ever on a home loan, how much tax exemption can I claim at the time of filing returns this year?
—Suresh Kumar
Under Section 24(b), deduction for interest paid on a home loan is available from the financial year in which the possession of the property is obtained. You can start claiming this deduction from FY 2024-25 (AY 2025-26). Further, since the completion of property took more than 5 years, the deduction on interest will be limited to Rs 30,000 in case of self-occupied property.
Additionally, under Section 80C, the principal repayment of the loan is eligible for deduction, up to a maximum of Rs 1.5 lakh per financial year, along with other eligible investments. To retain the deduction claimed under Section 80C, the property must not be sold within five years from the end of the financial year in which possession is obtained. If it is sold within this period, the deductions claimed earlier will be reversed in the year of sale and added back to your taxable income. This deduction under section 80C is available only under the old tax regime.
The writer is partner, Nangia & Co.