Only a few months are left to file ITR. The new financial year started yesterday i.e. 1st April. From now on, taxpayers can file taxes for the financial year 2024-25. The last date for filing ITR has been fixed as 31st July 2025.

All those taxpayers whose salary is more than Rs 50 lakh annually. ITR-2 is filed by them. Regarding this, the government has made changes to the Excel utility. This can give many benefits to the taxpayers filing ITR-2. ITR-2 filing is specially designed for businessmen.

What are the benefits associated with it?

Taxpayers get many benefits by making changes in the Excel utility of the ITR-2 file.

This change will now help taxpayers in manual calculation and data entry.

Which leads to minimum mistakes in filing taxes.

This change is useful only for those people who file ITR-2.

What has changed?

On March 25, the Income Tax Department released the utility Excel-based (version 1.11). Income Tax has released this new version so that taxpayers can easily file.

According to the rules of the Income Tax Act, of 1961, if the salary of a company, businessman, or individual is more than the limit, then he has to file ITR-2.

What are the benefits of filing an ITR?

By filing ITR, the money deducted in TDS (Tax Deducted at Source) can be brought back. Usually, TDS is deducted on interest, commission, salary, or fees.

At the same time, financial losses are also compensated. Financial losses include money lost in the stock market, loss in business or property, etc. This loss can be reduced by filing an ITR.

You can reduce tax on next year's profit by showing this year's loss.

ITR filing works as income proof for a loan. Because it is necessary to provide income proof to get a loan. You can show ITR filing for this income proof.

Apart from this, income proof is also asked many times when traveling abroad. In such a case, you can show ITR filing here.

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