All you need to know about ITR Form 2A
The Income Tax Department has initiated a new form called ITR Form 2A. This is mainly for Individuals and Hindu Undivided Families who is a salaried income and owns more than a house and does not have profits in the equity markets. ITR 1 is a very basic form and which is allowed to provide limited details. As a result of these limitations, most of salaried employees should fill ITR 2 and the complexity is high. So there is ITR form 2A , which contains details more than ITR- 1 and with a less complexity.
Eligibility of ITR form 2A:
- Individual having salary income owning more than a single house.
- Individuals having long term capital gains, done their transactions on Securities Transaction Tax are submitted.
- Individuals whose income also from lotteries/race horses.
Not Applicable to:
- Individuals, whose income is from the equity market.
- Individuals, whose income is from business/profession.
- Individuals, who have claimed under Section 90, 90A or 91.
- NRI’s having any financial assets
- A Resident of India, having assets outside the country.
Mandatory Clauses, when to file ITR-2
- When gross income exceeds more than 5 lakh.
- When you want a refund.
- When you want DTAA relief.
For any help on ITR Filing feel free to consult the tax experts at Taxraahi. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, and Bulk Return.now !!