Home / Finance / Personal Finance / Use ITR 2 or 3? Be prepared to make more disclosures while filing return

Use ITR 2 or 3? Be prepared to make more disclosures while filing return

Contributed funds to a political party? Have gains from cryptos? The taxman wants more details

income-tax, tax filing, e-filing, tax portal, online, digital, income tax, I-T returns

Premium

A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets (VDAs)

5 min read Last Updated : Feb 05 2024 | 8:41 PM IST

The Central Board of Direct Taxes notified the Income-Tax Return (ITR) Forms 2, 3, and 5 last week for filing returns for assessment year (A.Y) 2024–25. ITR forms 1, 4, and 6 were notified earlier. ITR 2 and 3 have a few changes that individual taxpayers need to be aware of so that they comply with the tax laws.

“They include new fields aimed at enhancing the transparency of transactions and increasing disclosures in claiming deductions,” says Ronodeep Dutta, counsel, AQUILAW.

ITR-2 is for individuals or HUFs who receive income from sources other than profits and gains from business or

Topics : Personal Finance Guide to Personal Finance Income Tax filing Income disclosure

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in