📣 CBDT Clears Path: Filing for ITR‑2 & ITR‑3 Now Open for FY 2024‑25

 

Introduction

The Central Board of Direct Taxes (CBDT) has officially given the green light: taxpayers can now file ITR‑2 and ITR‑3 for the Financial Year 2024‑25 (Assessment Year 2025‑26). After a strategic delay, the Income Tax Department released Excel utilities for both forms on July 11, 2025 

This milestone enables taxpayers with non-business and business income to start filing via offline tools and later upload returns online. Let’s dive in.

📋 What Is the ITR Excel Utility?

The Excel-based ITR utility is a downloadable offline tool from the Income Tax e-filing portal. Users enter details like income, deductions, assets, and TDS in structured spreadsheets. Once validated, it generates a JSON file ready for upload to the portal 

Why Excel?

• Offline access—work without net connectivity.

• Built-in validations—reduce errors.

• Auto JSON generation—ready for portal upload automatically.

🧑‍💼 Form ITR‑2: Who Should File?

ITR‑2 is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession, but do have:

• Salary or pension income

• Capital gains (equity, debt, property)

• Income from multiple house properties

• Foreign assets/income

• Cryptocurrency or other income

• Agricultural income above ₹5,000 

Excludes business incomes or professional gains.

🏢 Form ITR‑3: Who Should File?

ITR‑3 caters to those with business/professional income, including:

• Self-employment, consultancy, or freelance work

• Proprietorship businesses

• Partnership (excluding LLP via ITR‑5)

• Combined business income + capital gains/crypto

• Directors, commission earning, speculative income 

🆕 Key Updates: What’s New in FY 2024‑25 Forms?

1. Capital Gains Split: Gains before vs. after July 23, 2024 must be detailed separately 

2. Share Buyback Losses: Can now report losses when dividend income is recorded as “Other Sources”

3. Assets & Liabilities: Disclose only if income exceeds ₹1 crore (raised from ₹50 lakh) StoxN Tax.

4. Detailed TDS Code Disclosure: Must record the specific section (e.g., 194A, 194H) 

5. New Schedule 44BBC (ITR‑3): Required for ship/cruise operators reporting deemed income StoxN Tax.

Additional changes include removal of Aadhaar enrolment ID, expanded ITR‑1/4 eligibility, and richer business income disclosures 

🗓️ Deadlines & Extension

• ITR utility release: July 11, 2025

• Original due date: July 31, 2025

• Extended due date: September 15, 2025 for non-audit taxpayers 

Extension granted via CBDT Circular No. 06/2025 (May 27, 2025) due to major ITR form changes and filing utility delays 

✅ Step-by-Step Filing Guide

Step	What to Do
1. Download utility	Visit e-filing portal → ‘ITR Utilities’ → ITR‑2 or ITR‑3 StoxN Tax
2. Fill in details	Enter income, TDS, deductions, assets, liabilities, capital gains & crypto
3. Validate & export JSON	Click “Validate” in each sheet, then “Generate JSON”
4. Upload JSON	Log in to portal → “File ITR” → choose AY 2025‑26 → upload
5. E‑Verify	Verify within 30 days via Aadhaar OTP, net banking, or signed ITR-V form

💡 Practical Tips for Filers

• Match AIS/Form 26AS before uploading to avoid mismatches.

• Accurate capital gain dates are essential—especially around July 23, 2024.

• Crypto reporting: All crypto-related gains must be declared (gain/loss).

• Asset-liability reporting: Required only if ₹1 crore+ income.

• E‑verify within 30 days—failure invalidates your return.

• Penalties may apply: ₹5,000 if filing after September 15; ₹1,000 if income <₹5 lakh 

🔍 Real-Life Examples

• Example 1: Salaried Individual with Crypto Gains

  • Income: ₹12 lakh salary, ₹2 lakh long-term capital gains from crypto.

  • Filer uses ITR‑2, fills with TDS, crypto gains, and e‑verifies.

• Example 2: Self-Employed Consultant

  • Business income: ₹30 lakh; capital loss: ₹1 lakh from share buyback.

  • Must use ITR‑3, report business P&L, TDS, and loss.

🧾 Why This Matters

• Compliance: Helps track new income streams like crypto and share buybacks.

• Transparency: Detailed TDS coding ensures AML and tax oversight.

• Ease for taxpayers: Extended deadline offers breathing space.

• System readiness: Portal delays addressed by utility launch and deadline relaxation.

Conclusion

The release of ITR‑2 and ITR‑3 Excel utilities signals the official start of filing season for FY 2024‑25. With comprehensive updates—capital gains splits, crypto returns, asset disclosures—taxpayers can file more accurately and transparently. The extended deadline of September 15, 2025 provides sufficient time, but early filing is always prudent.

At Manika TaxWise, we encourage you to:

• Start preparing now

• Cross-check all documents and AIS/26AS statements

• Meet e‑verification deadlines

• Reach out to tax professionals early if needed

Stay proactive, file seamlessly, and let Manika TaxWise guide your tax journey!

Frequently Asked Questions (SEO-Friendly)

1. Who should file ITR‑2 and ITR‑3 for FY 2024‑25?
ITR‑2: Salaried people with capital gains, crypto, foreign income, multiple properties.
ITR‑3: Self-employed, proprietors, professionals, partnerships with business income.

2. When did ITR‑2 & ITR‑3 utilities release?
On July 11, 2025 via CBDT notification 

3. What’s the deadline to file?
Due date was extended to September 15, 2025 from July 31, 2025 .

4. What are major form changes?
Includes capital gains split (before/after July 23), crypto, share buyback losses, increased assets reporting threshold, and detailed TDS code reporting.

5. Can I file online?
Currently only Excel and JSON offline utilities are live. Online portal filing to follow soon.

6. What if I miss the September deadline?
Penalties up to ₹5,000 apply; only ₹1,000 charged if income ≤ ₹5 lakh StoxN Tax.

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