ITR Form 2
The Income Tax Department has introduced a form called ITR 2 Form. This is mainly for Individuals and Hindu Undivided Families who does not possess any income from business or any profession rather than income received from more than a single property. It is very much comprehensive form than ITR 2A. And the only difference between 2A and 2 is ITR 2 can be filed by the person who invested in equity and holding profits in them (income from mutual funds, gold, shares, gold or property).
Eligibility for ITR form 2A:
- Individual having salary income from owning more than a single house.
- Individuals receiving income from House properties.
- Individuals having long term & short term capital gains, given that their transactions on Securities Transaction Tax are submitted.
- Individuals whose income also from lotteries/race horses.
- Individuals who have income from foreign assets.
Non- Eligibility for ITR 2 Form:
- Individuals/HUFs who’s fully or partially income is from business/profession.
- Individuals who have filled ITR-1 Form.
- Individuals who owns a partnership firm.
Structure of ITR 2 Form
ITR-2 Form is divided into four parts Part A, Part B, Verification, and Schedules which are further divided into sub-category.
- Part A: General Information
- Part B-TI: Calculation of Gross Income
- Part B-TTI: Calculation of tax liability on gross income
- Details to be filled if the return is prepared by a Tax Return Preparer
- Schedule S: Income details from salaries
- Schedule HP: Income details from House Property
- Schedule CG: Calculation of income under Capital gains.
- Schedule OS: Calculation of income under Income from other sources.
- Schedule CYLA: Statement of income after setting off of current losses
- Schedule BFLA: Statement of income after setting off of unabsorbed loss brought forward from previous 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 under section 80G which is entitled for deduction.
- Schedule SPI: Statement of income arising to minor child/spouse/son’s wife or any other person or association of persons to be added in the income of assessee in Schedules-HP, CG and OS.
- Schedule SI: Statement of income which is chargeable to tax at special rates
- Schedule EI: Exempt income details.
- Schedule IT: Statement of payment of advance-tax and tax on self-assessment.
- Schedule TDS1: Details of TDS on salary.
- Schedule TDS2: Statement of TDS on income other than salary.
- Schedule FSI: Statement of income accruing or arising outside India.
- Schedule TR: Taxes details paid outside India.
- Schedule FA: Foreign Assets details.
- Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code.
There are two ways to submit ITR 2 Form:
- Offline: Fill and submit the form with necessary documents. At the time of submission, the Income Tax Department will issue an acknowledgment of physical paper return.
- Online: Fill the form and submit the data electronically. After that, submit the verification of the return in Return Form ITR-V. Acknowledgement will be sent via registered E-mail id. After that, download the acknowledgement, sign it, and send it to the Income Tax Department office within 120 days.
Note: It is compulsory for the following assesses to file Income Tax Returns electronically:
- When individual/HUF whose gross income exceeds Rs. 5 lakh.
- When individual/HUF has any assets outside India or signing authority in any account outside India.
- When individual/HUF has claimed relief under section- 90/90A/91.
Check the form of ITR 2 here: ITR 2
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, Bulk Return or Revised Return Filing.