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ITR filings

ITR FILING FORM-2


Form ITR 2:

The ITR-2 Form is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with the Income Tax Department of India. The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India.

Generally ITR 2 can be used by an individual and Hindu Undivided Family (HUF) who is not eligible to file ITR1 (Sahaj) and not earning any incomefrom "profit and gainsof business or profession" that includes interest, salary, bonus, commission or remuneration. The due date for filing return with the Income Tax Department of India is 31 July every year.

Who is eligible to file ITR 2:

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2.

  • Income from Salary/Pension
  • Income from House Property(Income Can be from more than one house property)
  • Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
  • Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Foreign Assets/Foreign Income
  • Agricultural Income more than Rs 5000
  • Resident not ordinarily resident and a Non-resident

What is the Structure of ITR 2:

ITR-2 is divided into:

  • Part A: General Information
  • Part B-TI: Computation of Total Income
  • Part B-TTI: Computation of tax liability on total income
  • Details to be filled if the return has been prepared by a Tax Return Preparer
  • Schedule S: Details of income from salaries
  • Schedule HP: Details of income from House Property
  • Schedule CG: Computation of income under Capital gains
  • Schedule OS: Computation of income under Income from other sources
  • Schedule CYLA: Statement of income after set off of current year’s losses
  • Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
  • Schedule CFL: Statement of losses to be carried forward to future years
  • Schedule VIA: Statement of deductions (from total income) under Chapter VIA
  • Schedule 80G: Statement of donations entitled for deduction under section 80G
  • Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assesse in Schedules-HP, CG and OS
  • Schedule SI: Statement of income which is chargeable to tax at special rates
  • Schedule EI: Details of Exempt Income
  • Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
  • Schedule FSI: Statement of income accruing or arising outside India.
  • Schedule TR: Details of taxes paid outside India
  • Schedule FA: Details of Foreign Assets
  • Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
  • Schedule AL: Asset and liability at the year-end (applicable in case income exceeds Rs 50 lakhs)

Documents for filing returns:

  • Aadhar
  • PAN
  • Name of the person
  • Source of Income
  • Abstract of bank statements
  • Proof of investments and Form 16 (Salary certificate issued by the employer)
  • Form 16A / TDS certificate
  • Challan of tax payment made like advance tax or self-assessment tax
  • Proof of investments in property
  • Documents on purchase and sale of investments/assets
  • Collect the TDS certificate and
  • Collect home loan certificate

PROCESS:

  • First, log on to IncomeTaxIndiaeFiling.gov.in And register on the website.
  • Your Permanent Account Number (PAN) is your user ID.
  • View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.
  • Click on the income tax return forms and choose the financial year.
  • Download the ITR form applicable to you. If you're exempt income exceeds Rs.5,000, the appropriate form will be ITR-2.
  • Open excel utility (the downloaded return preparation software) and fill out the form by entering all details using your Form 16.
  • Check the tax payable amount by clicking the 'calculate tax' tab.
  • Pay tax (if applicable) and fill in the challan details. Confirm all the data provided in the worksheet by clicking the 'validate' tab.
  • Generate an XML file and save it on your desktop.
  • Go to 'upload return' on the portal's panel and upload the saved XML file.
  • A pop-up will be displayed asking you to digitally sign the file.
  • In case you have obtained a digital signature, select 'Yes'. If you have not got digital signature, choose 'No'.
  • The acknowledgment form, ITR Verification (ITR-V) will be generated which can be downloaded by you.
  • Take a printout of the form ITR-V and sign it in blue ink. Send the form by ordinary or speed post to the Income-Tax Department-CPC.