Winning Bizness Desk
Mumbai.The Income Tax Department has started online filing facilities for ITR-2 for Assessment Year 2026-27, giving relief to taxpayers with income beyond salaries. The form is meant for people earning through capital gains, multiple house properties, foreign assets or other sources apart from regular salaries. The Excel utility has now gone live on the department’s portal, allowing taxpayers to download the form and prepare their tax details in advance.
Offline filing process now made easier
The department said taxpayers can now fill the return form offline through the Excel utility without needing continuous internet access. Once the details are entered, the utility creates a JSON file that has to be uploaded on the Income Tax portal. First-time filers will need PAN and Aadhaar-linked registration before proceeding with submission.
Key points taxpayers must remember:
- ITR-2 utility is now available online
- Return can be prepared offline in Excel format
- JSON file must be uploaded later
- PAN and Aadhaar registration is compulsory
The department had earlier activated ITR-1 and ITR-4 filing utilities on May 17. With the launch of ITR-2, salaried professionals and investors can now begin preparing their tax returns for Financial Year 2025-26.
Deadline pressure and penalty warning
The last date for filing income tax returns for regular taxpayers is July 31, 2026. Certain business category taxpayers filing ITR-3 and ITR-4 have time till August 31. Officials have warned that those missing the July deadline can still file belated returns till December 31, but only after paying penalty charges.
Tax experts, however, have advised salaried employees not to rush into filing returns immediately. Companies were given time till May 31 to deposit TDS details. Experts say Form 26AS and AIS usually take another 10 to 15 days to reflect updated figures correctly.
Experts caution against early filing rush
Financial advisers say filing returns before June 15 may create mismatch problems between salary records and tax statements. Such errors can delay refunds and even trigger notices for correction.
Before filing returns, taxpayers should verify:
- Form 16 received from employer
- AIS and TIS details on tax portal
- Correct bank interest and share market entries
- Mobile number linked with PAN and Aadhaar
Officials said proper verification before submission can help avoid refund delays and unnecessary compliance issues later. Taxpayers have also been advised to complete e-verification immediately after filing to ensure smooth processing of returns.
