By Times Now Digital
Taxpayers are currently facing delays in accessing the ITR-2 and ITR-3 forms on the Income Tax e-filing portal. These forms are still not available on (incometax.gov.in) or offline from the tax department. The Income Tax Department has acknowledged this issue but taxpayers need not worry that much as the ITR filing deadline has been extended from July 31 to 15 September 2025 to accommodate the necessary adjustments. Understanding ITR-2 and ITR-3 Requirements ITR-2 is designed for individual taxpayers and Hindu Undivided Families (HUFs) with complex financial situations, including income from multiple properties, capital gains, and foreign assets. In contrast, ITR-3 is tailored for self-employed individuals and firm partners. The intricate nature of these forms necessitates comprehensive reporting of various income sources, which has contributed to the delay in their release. Significant Changes Prompting Delays The Income Tax Department is implementing substantial modifications to the ITR forms for the assessment year 2025-26. These changes include separate reporting of capital gains earned before and after July 23, 2024, along with detailed reporting requirements for deductions and Tax Deducted at Source (TDS) section codes. These updates demand extensive technical modifications to ensure compliance with the new provisions outlined in the Finance Act, 2024. Who Needs to File ITR-2 or ITR-3 for FY 2024-25?ITR-2: For Individuals and HUFs (Non-Business Income) ITR-2 is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is applicable in the following cases: Income from salary or pensionIncome from more than one house propertyCapital gains of any amountForeign income or foreign assetsAgricultural income exceeding ₹5,000Resident but Not Ordinarily Resident (RNOR) or Non-Resident Indian (NRI) statusIf you are a director in a company or hold unlisted equity sharesCases involving clubbed income (e.g. spouse or minor children) Not for: Individuals with income from business or professional activities. Latest Update: The Excel-based utility for ITR-2 now supports revised return filing under Section 139(8A). ITR-3: For Business and Professional Income ITR-3 is designed for individuals and HUFs who have income from business or profession, including: Revenue from proprietorship businesses or freelance professionsIncome from partnership firms (excluding LLPs)Capital gains or carry-forward of capital lossesUnlisted equity shareholdingsIncome from derivatives trading (futures & options)Additional sources like salary, house property income, or other sources in combination with business income This form is to be used when you are not eligible to file ITR-1, ITR-2, or ITR-4 due to your income profile. Note: If you’re opting out of the new tax regime, you must submit Form 10-IEA acknowledgement with your return. Anticipated Timeline for Release Experts expect the ITR-2 and ITR-3 forms to be available shortly, as the Income Tax Department is actively working to finalise the e-filing utilities. The extension of the filing deadline reflects an understanding of the time required for system readiness and the integration of the updated reporting requirements. Taxpayers should remain informed and prepared for the upcoming changes in the filing process. Navigating the Filing Process In light of these developments, individuals and HUFs who typically file ITR-2 or ITR-3 are encouraged to review their financial documentation and stay updated on the release of the necessary forms. The extended deadline provides a valuable opportunity for taxpayers to ensure accurate reporting of their income and compliance with the latest regulations.