New ITR-2 form notified for income tax return Ay 2025-26: What is new for taxpayers? Check the top points

The new ITR-2 form notified: The Central Board of Direct Tax (CBDT) has informed the ITR-2 form for AY 2025-26, including separate reporting of capital gains, a capital loss allowance on share buybacks and a raised threshold for reporting of Rs 1 crore since 1 October, 2024.
The form also makes the reporting of TDS section code and revelations of revelations for cuts like 80C and 10 (13A).
ITR-2 Form FY 2024-25: Top points

What does the new ITR -2 mean for taxpayers?
Tax experts have expressed mixed opinions on the new ITR -2 form, which pays attention to both simplification and additional complexity.
ASN & Company Chartered Accountants Partner CA Ashish Niraj welcomed relief to non-business taxpayers from cumbersome disclosure requirements:
“If we see till last year, the schedule AL, which was for property and liabilities, was applicable, if the total income had exceeded Rs 50 lakhs. But now, it is applicable if the total income is more than Rs 1 crore. Preparing details of property and liabilities by 31 March every year is a tedious work for non-residents, for which it is applied. The boundary will be relieved by increasing the details of taxpayers in brackets of Rs 50 lakh to Rs 1 crore, ”he told TOI.
Neeraj said that the goal is to solve some earlier incompetence for new TDS reporting: “Earlier, while entering the TDS details in ITR2, there was no need to mention the section under which TDS was cut, such as Section 194I, 194J, now, a separate column.Since there was no ‘section’ column, the tax department faced issues in processing and cross-verification. Now, this new column will bring clarity in reporting. ,
Changes in capital gains reporting also reflect recent innings in tax policy: “Before July 23, 2024, the long -term capital gain was 20% with the rate index. After July 23, 2024, a new rate of 12.5% ​​was introduced without the index. In the new notified ITR2, separate columns are added separately before and after July 23, 2024. ,
Neeraj also informed about compliance with the government related to disability related to disability:
“In recent years, the department has caught several fake claims to reduce tax liability under Section 80U, 80DD etc. for disability or reduce tax liability. Now, disability certificate details etc. are required. ,
CA Gopal Bohra, Partner-Na Shah Associates LLP, direct taxes in LLP, told about the update about capital gains taxation: “Looking at the two tax rates applied to the capital gains for FY 2024-25 (ie on July 22, 2024, and where the schedule was expected to 23 July, 2024 or after the schedule, 2024, and where 2024, 2024, 2024 or 2024, 2024 or 2024 Was.Similarly, separate calculation mechanisms are provided in ITR, which are in relation to capital gains from the transfer of land or building by resident individuals, where such land or building was acquired before July 23, 2024. These changes in ITR will help the individual taxpayers to calculate the liability correcting the capital gains by filing the ITR. ,
Bohra also explained the impact of the 2024 Finance Act (No. 2), which will affect the share buyback: “Finance Act (no. 2) 2024, as effective from October 1, 2024, the buyback receipt will be made into the hands of the recipient, as it is a dividend under major income from other sources, and the cost of such shares will be allowed as capital loss under ‘capital advantage’. Accordingly, in ITR-2, to disclose capital losses on or then on 1 October, 2024 or then, separate line items are added under the schedule ‘capital gains’ and schedule ‘OS’, and the receipt from such buyback tax is obtained under Section 2 (22) (F) of the Act, “he explained the TOI.
Managing partner Sonam Chandwani in S. Legal and Associates called the new form a mixed experience for taxpayers.
“ITR-2 form for AY 2025-26 seems to be like a mixed bag compared to previous year version. The new partition in schedule capital gains for 23, 2024 after East and July is a smart step to align with the tax tweex of the Finance Act, but taxpayers to buy for October. Taxpayers. Reporting seems like a bureaucracy.Competition to asset and liability for Rs 1 crore is a relief for moderate-or-income filers, spare them tedious paperwork, but beef-up cut reporting for 80C and 10 (13A), as well as compulsory TDS section code, Scream overrage. Honestly, while the form tries to balance clarity and compliance, it is tilted to complexity, possibly salaried people and HNIs forced HNI to bend hard on causes to avoid errors. ,