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ITR 2 Form Filing
ITR 2 Form is an Important form income tax return form that is used by the Indian Citizens as well as the NRIs to file the return with the Income-tax department of India. The taxpayers who are not eligible to file ITR 1 can file ITR 1 to file the income tax returns. ITR 2 can be filed by the individuals and Hindu Undivided Families who have their income for the financial year through salary, pension, more than one property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources that include lottery, Racehorses, legal gambling.
Also, an individual who is not eligible to file using ITR 1 as the income is exceeding Rs.50 Lakh can file ITR 2 Form.
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Who can file Form ITR-2?
ITR form 2 can be filed by individuals and the HUF who are not eligible to file form ITR-1 receiving income from the “profits and gains from business or profession”. Thus persons having come from the following sources are eligible to file Form ITR 2:
Who is not eligible to file Form ITR-2?
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Documents required to file ITR 2
What documents are required to file ITR 2 returns?
- Copy of the previous year’s tax return
- Bank Statement
- TDS Certificate
- Savings Certificate/ Deductions
- Interest Statement that shows the interest that is paid throughout the year.
- Balance sheet, P & I, Account Statement, and other Audit reports wherever they are applicable.
How to file Form ITR 2?
The ITR 2 Form can be filed with the Income Tax Department either online or offline:
- Either by furnishing the return in a paper for. When paper returns are made at the time of submission of the paper returns an acknowledgment is issued by the Income Tax Department to the assessee.
- By furnishing the return electronically using the Digital Signature. ITR 2 forms are submitted by the assessee electronically using the Digital Signature Certificate an acknowledgment is received to the registered Email Id.
- It can also be done by transmitting the data in the return electronically under an electronic verification code.
- It can be done by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR V.
- By furnishing a bar-coded return.
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Instructions to be filed while Form ITR 2
The following instructions and guidelines need to be followed while filing ITR 2 form:
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It is necessary to fill the form as per the following sequence:
Part AAll the schedules
Part B- TTI and Part B- TTI
Verification.
If the schedule does not apply to the assessee it should be struck out and it is necessary to mention NA ( Not Applicable)
The assessee must mention NA against any item that does not apply to him or her.
All the figures are to be rounded off to the nearest one rupee except the figures for total income/loss and the tax payable which is to be rounded off to the nearest multiple of ten.
Individuals that fall under the employer category should Choose Government if he or she is a Central or a state government employee.
The individuals who are working in the Public Sector Company should choose the “PSU”
ITR Form 2 cannot be used if the assessee is claiming double taxation relief under Section 90/90A/91.
ITR 2 is an annexure less form. No documents are required to be attached while submission.
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Structure of ITR 2 Form
[/vc_column_text][vc_column_text]ITR-2 is divided into:
Part A: General Information
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 80GGA: Statement of donations for scientific research or rural development
Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC: Computation of tax credit under section 115JD
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 assessee 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 and income from any source outside India
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 the total income exceeds Rs 50 lakhs)
Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
Part B-TI: Computation of Total Income
Part B-TTI: Computation of tax liability on total income
Details to be filled in if the return has been prepared by a Tax Return Preparer.
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Income tax return filing for persons having DIN or owing private limited company shares.
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Income tax return filing for persons having capital gains.
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Income tax return filing for persons having foreign assets or foreign income.
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Major changes were made to the ITR 2 Form for the AY 2021-22.
The Changes that are incorporated in the ITR 3 Form are:
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Frequently Asked Questions” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row row_space=”remove_padding_top”][vc_column][vc_tta_accordion][vc_tta_section title=”Q.1 Is a balance sheet necessary for ITR 2 filing?” tab_id=”1631962818888-f2d58f48-62d7″][vc_column_text]Individuals and the HUFs that are carrying business or profession are required to file the details of the assets and the liabilities through a balance sheet. It is necessary to file schedule AL while filing ITR2 which includes the taxpayer above Rs.50 lakh.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 Can ITR 2 be submitted online?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]ITR 2 is applicable for the individuals and the HUFs that do not have any income from business or profession. The ITR 2 filing can be done online on the e-filing portal or in excel utility.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 How many parts is Form ITR divided in?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]ITR 2 is divided into 2 parts, Part A and B.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 What does Part A of ITR 2 include?” tab_id=”1634375208465-1b41807f-303f”][vc_column_text]Part A of Form ITR 2 includes all the general information.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.5 What does Part B of Form ITR 2 include?” tab_id=”1634375207194-feeb45e1-ec4e”][vc_column_text]Part B consists of the total income computation and the tax liability on the total income computation.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row][vc_row custom_background=”bg-theme”][vc_column][gva_call_to_action title=”Need any further assistance with business compliances and filings?” button_align=”button-center” style_button=”btn-white” text_link=”Contact us” link=”/contact-us/”][/gva_call_to_action][/vc_column][/vc_row]