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Income Tax Portal July 2025 Updates: ITR-2 Filing Enabled, Foreign Assets Transparency & 3CA-3CD/3CB-3CD Forms Revised

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Income Tax Portal July 2025 Updates: ITR-2 Filing Enabled, Foreign Assets Transparency & 3CA-3CD/3CB-3CD Forms Revised

The Income Tax Department has rolled out three important updates on its official e-Filing portal on 17th July 2025, enhancing taxpayer convenience and streamlining compliance procedures for the Assessment Year 2025–26. These updates affect taxpayers filing ITR-2, those with foreign assets/income, and businesses subject to tax audit under Form 3CA/3CB & 3CD.

1️⃣ ITR-2 Filing Now Enabled with Prefilled Data

Update Date: 17-July-2025
Form Impacted: ITR-2
Mode: Online filing enabled
Assessment Year: AY 2025–26

The Income Tax Department has officially enabled online filing of ITR-2 for FY 2024–25 (AY 2025–26) using prefilled data on the e-Filing portal.

This means if you are a taxpayer eligible to file ITR-2 (individuals or HUFs not having income from business or profession), you can now:

  • Log in to www.incometax.gov.in

  • Select the ITR-2 form from the e-file section

  • Review and submit your return using the prefilled details from Form 26AS, AIS, and TIS

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2️⃣ Enhanced Transparency in Reporting Foreign Assets & Income

Update Date: 17-July-2025
Objective: Improve reporting of foreign income and assets

The government has introduced new guidelines and annexures for declaring foreign assets and foreign income. This move aims to increase transparency and align with global tax practices like the Common Reporting Standard (CRS) and FATCA.

➡️ Taxpayers with:

  • Bank accounts outside India

  • Foreign shares or mutual funds

  • Overseas directorships

  • Property abroad

Must refer to the new annexure and step-by-step guide made available on the portal.

📥 Click here to access the annexure and instructions

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3️⃣ Revised Forms 3CA-3CD and 3CB-3CD Enabled for E-Filing

Update Date: 17-July-2025
Forms Affected: 3CA-3CD and 3CB-3CD
Notification: No. 23/2025/TPL

Businesses and professionals undergoing tax audit under Section 44AB of the Income Tax Act will now have to use revised versions of these forms.

These forms are used by:

  • Auditors to report financials of audited entities

  • Businesses to comply with audit requirements under the Income Tax Act

The updated format includes new clauses and disclosures as per the latest Finance Act, ensuring better data reporting and compliance.

💼 If you’re a Chartered Accountant or business owner, you can now file the updated forms online via the e-Filing portal.

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🔗 Quick Links for Taxpayers:

📌 Why These Updates Matter?

These changes are part of the government’s broader strategy to simplify compliance, promote global transparency in foreign asset disclosures, and improve digital services for taxpayers.

Whether you’re a salaried taxpayer using ITR-2, a resident Indian with foreign assets, or a business entity under tax audit, these updates directly impact your return filing for AY 2025–26.

🔍 Final Thoughts

The Income Tax Department continues to upgrade its systems, encouraging timely and accurate filing. Taxpayers are advised to:

✔ Stay updated via the Income Tax Portal
✔ File returns well before the due date: 15 September 2025
✔ Avoid last-minute technical glitches or missing compliance deadlines

📢 For expert help in ITR filing, tax audits, or foreign asset reporting, connect with our professionals at TaxGyany.com.

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