🔍 Latest Income Tax Filing Update – July 2025
The Income Tax Department has released the Excel-based offline utilities for ITR-2 and ITR-3 for Assessment Year 2025–26. Taxpayers falling under these categories can now prepare and file their income tax returns using the updated utility tools.
🧾 ITR-2 – Who Should File?
ITR-2 is applicable for individuals and Hindu Undivided Families (HUFs) not having income from business or profession, but who may have:
💼 Salary or Pension Income
🏠 More than one house property
📈 Capital Gains or Losses
🌐 Foreign assets or foreign income
🏢 Holding unlisted equity shares
👨💼 Directorship in a company
🧾 Other sources of income (e.g., interest, dividends)
❗ Not for individuals with income from business or profession.
🧾 ITR-3 – Who Should File?
ITR-3 is for individuals and HUFs having income from business or profession, including:
🏪 Proprietors and Freelancers
🧑⚕️ Professionals (Doctors, CAs, Consultants, Lawyers, etc.)
💹 Income from speculative and non-speculative business
📊 Business income under presumptive taxation (if not opting for ITR-4)
Includes details like balance sheet, profit & loss account, depreciation schedules, and more.
🔧 Filing Mode Available:
✅ Excel Utility (Offline Tool)
JSON & Online utility expected soon on the Income Tax Portal.
You can now download and use the Excel utilities for preparing your returns, verifying tax calculations, and filing safely before the due dates.
📆 Key Due Dates for AY 2025–26
Individual (Non-audit): Extended 15 September 2025
Tax Audit Cases (ITR-3): 31st October 2025
Revised / Belated Return: 31st December 2025
💼 Hemant Consulting – Expert Tax Filing Assistance
We offer complete support for ITR-2 and ITR-3, including:
✔️ Return preparation using Excel/JSON utilities
✔️ Capital gains computation (shares, mutual funds, property)
✔️ Foreign income and asset disclosures
✔️ Business & professional income tax return filing
✔️ Tax saving and advance tax planning