ITR-2: For individuals or HUF (Hindu Undivided Families) having income but not derived from any business or profession.
Know everything about ITR Form 2, who can use it
With the simplification of the rules for filing ITR by the Income Tax Department, its method has been made very simple. Now different categories of people fill different forms of ITR.
Overall, this post is dedicated to ITR 2. So, if you belong to this category, then know more about how you can continue with this form. Who is eligible to file ITR 2 Form? ITR 2 filing is mandatory for HUFs and individuals who are deriving their income from additional sources other than profits and gains from profession or business. Therefore, the following people cover eligibility in this form.
Know everything about ITR 2 Form Updated on March 30, 2022 , 7017 views Taxpayers have been divided on Aadhaar to ensure their source of income, income and other additional factors to ensure seamless compliance. Those who have income from different categories have been kept in different categories on Income Tax Return Form. Overall, this post is dedicated to ITR 2. So, if you belong to this category, then know more about how you can continue with this form.
Who is eligible to file ITR 2 Form?
ITR 2 filing is mandatory for HUFs and individuals who are deriving their income from additional sources other than profits and gains from profession or business. Therefore, the following people cover eligibility in this form: Non-resident and resident who is not ordinarily resident whose income comes from pension or salary Individuals earning more than Rs.5000 from agriculture Income from house property (More than one house property) can also be calculated.
Taxpayers receiving income from foreign income or foreign assets Gain or loss on sale of capital assets or investments (both long-term and short-term) Those who earn their income from additional sources (betting on horse racing, lotteries and other legal forms of gambling Including)
Who cannot file ITR 2?
For those who are not eligible to fill out this form, the list includes: People who . Are eligible to File ITR 1 Form Ready. Any Hindu Undivided Fund or person earning income from profession or business.
Who can use this form?
This form is for individuals or Hindu Undivided Family (HUF) who are not eligible to file Sahaj (ITR-1) and who do not have any income under the head ‘Profits or gains of business or profession’.
Who cannot use this form?
This return form should not be used by a person whose total income for the assessment year 2018-19 includes income under the head “Profits or gains of business or profession”.
Know how to fill ITR-2 form
This return form can be filed with the Income Tax Department in any of the following ways:-
– by submitting the return electronically under digital signature;
– by transmitting the data in the return electronically under the Electronic Verification Code;
– By transmitting the data in the return electronically and then submitting the verification of return in the return form ITR-V.
Taxpayers should also match the taxes deducted/collected/paid by or with their tax credit statement (Form 26AS).
Let us tell you that the last date for filing income tax return is 31st July.
Mahendra has received Long Term Capital Gains (LTCG) of Rs 40,000 from the sale of shares of listed companies. Actually, earlier such profits were shown as exempt income. They want to know whether now they will have to give this information in ITR-2.
Amit Maheshwari, partner at Ashok Maheshwari & Associates, says that LTCG of more than Rs 1 lakh will be taxed from the sale of shares of listed companies. Such income is taxable under section 112 of the Income Tax Act.
The pre-filling and filing of ITR-2 service is available to registered users on the e-Filing portal. This service enables individual taxpayers to file ITR-2 online through the e-Filing portal. This user manual covers filing of ITR-2 through online mode.
2. Prerequisites for availing this service
Registered user on the e-Filing portal with valid user ID and password
Status of PAN is active.
Link PAN and Aadhaar
Pre-validate at least one bank account and nominate for refund (recommended)
Valid mobile number linked with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
Download the offline utility or avail a third-party software (If using offline mode)
TR-2 has the following sections that you need to fill before submitting the form, a summary section where you review your tax computation and pay tax and finally submit the return for verification:
1 Part A General
2 Schedule Salary
3 Schedule House Property
4 Schedule Capital Gains
5 Schedule 112A and Schedule-115AD(1)(iii) proviso
6 Schedule Other Sources
7 Schedule CYLA
8 Schedule BFLA
9 Schedule CFL
10 Schedule VI-A
11 Schedule 80G and Schedule 80GGA
12 Schedule AMT
13 Schedule AMT
14 Schedule SPI
15 Schedule SI
16 Schedule EI
17 Schedule PTI
18 Schedule FSI
19 Schedule TR
20 Schedule FA
21 Schedule 5A
22 Schedule AL
23 Part B – Total Income (TI)
24 Tax Paid
25 Part B-TTI
1 Part A General
In the Part A General section of the form, you need to verify the pre-filled data from your e-Filing profile. You will not be able to edit some of your personal data directly in the form. However, you can make the necessary changes by going to your e-Filing profile. You can edit your contact details, filing status, residential status and bank details in the form itself.