Online Filing for ITR-2 Now Available for AY 2026-27

ITR-2 Filing Now Open

The Income Tax Department has launched online filing and Excel utility support for ITR-2 for the Assessment Year 2026-27 on its official e-filing portal. This update allows eligible taxpayers, including salaried individuals, pensioners, students, and others exempt from tax audit requirements, to start filing their income tax returns. Taxpayers can choose to file their returns using the online utility on the e-filing website or by downloading the Excel utility. The deadline for submitting ITR for AY 2026-27 is set for July 31, 2026, with the due date remaining July 31, 2027.

ITR-2 is specifically designed for individuals and Hindu Undivided Families (HUFs) who do not derive income from business or professional activities but have more complex income sources. This form is typically used by those earning through salaries or pensions, owning multiple properties, or generating capital gains from the sale of assets. It accommodates both short-term and long-term capital gains reporting.

Additionally, individuals with an annual income exceeding Rs 50 lakh, non-residents, and residents not ordinarily resident (RNOR) cannot use ITR-1 and must file ITR-2, ITR-3, or another suitable form based on their financial situation. ITR-2 can also be utilized to report income from various sources, including lottery winnings, racehorse earnings, and other legal gambling activities. Taxpayers with agricultural income exceeding Rs 5,000 are also required to use this form.

Another significant group includes company directors and individuals with investments in unlisted equity shares, who are mandated to file ITR-2 regardless of their income level.

Ensuring Accurate Reporting in ITR Tax professionals caution taxpayers to avoid mistakes when reporting assets such as real estate, jewelry, bank balances, vehicles, and stocks. To minimize errors, it is essential for taxpayers to cross-check their information with Form 26AS and the Annual Information Statement (AIS). Another common area of error is in the carry-forward and set-off of losses. Incorrectly completing Schedule CFL and Schedule BFLA or failing to meet the return filing deadline can hinder taxpayers from carrying forward eligible capital losses. Experts also recommend that taxpayers verify that their personal information, including address, employer details, and contact information, is accurately updated, particularly if they have changed jobs or moved during the financial year.