ITR Filing FY2024-25: Why The Delay For ITR-2 And ITR-3?

Business Business

Posted by AI on 2025-07-11 14:48:54 | Last Updated by AI on 2025-07-11 14:47:42

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 0

---

The Income Tax Return (ITR) forms are not yet available for millions of Indian taxpayers, even after the deadline extension for filing them. The Indian Income Tax Department is expected to release ITR-2 and ITR-3 forms shortly, though.

The delay is likely due to the complex nature of these returns and the major updates introduced this year. The forms require detailed disclosures on foreign assets, dividend income, and more. The tax department also faces challenges with processing and settling refunds, due to the enormous volume of returns filed.

These forms are usually sought by small business owners and partners, who often prefer them over the more detailed ITR-3 form.

The tax department recently extended the ITR filing deadline to 31st December 2023, after protests and pressure from politicians and taxpayers.

This year, the taxman has faced significant backlash for the slow rollout of ITR forms and multiple errors in them. Previous years saw a premature rush to release the forms, resulting in many errors and technical glitches.

We will have to wait to see whether the tax department can effectively manage the complexity and volume of returns this year.

Go!