To make the Income Tax Returns filing procedure more straightforward, the Income Tax Department has distinguished assessees into different groups based on their income, source of income and many other factors. Thus, before filing the returns, it becomes imperative for the taxpayer to know the eligibility criteria for the same. In this article, we will discuss the ITR 2 Form in detail.
Learn about the other ITR forms here:
ITR-1 ITR-2 ITR-3 ITR-4 ITR-5
Note: The due date to file ITR-2 (non-audit cases) for the AY 2020-21 (FY 2019-20) is extended to 30 November 2020 for all taxpayers.
ITR 2 Form means, it is for Individuals and Hindu Undivided Families (HUFs) earning income other than income from Business or Profession. Individuals or HUFs earning:
should file ITR-2. Directors in listed and unlisted companies, Not Ordinary Residents (NOR) and Non-Residents (NR) can file this return too.
The notified format of ITR 2 for AY 2020-21 can be downloaded here. This has 27 parts that need to be filled (as applicable). Part A: General details Schedule S: Salary Income details Schedule HP: House Property income details Schedule CG: Income/Loss from capital gains
Schedule OS: Income from other sources Schedule CYLA: Details of Income of the current year after setting off the current year’s losses Schedule BFLA: Income Statement after setting off of unabsorbed loss brought forward from previous year Schedule CFL: Statement of losses that has to be carried forward to future years Schedule VIA: Statement of deductions (from total income) as per Chapter VIA Schedule 80G: Donations eligible for deduction u/s 80G Schedule 80GGA: Donations for scientific research/rural development Schedule AMT: Computation of Alternate Minimum Tax (AMT) payable under section 115JC Schedule AMTC: Computation of tax credit under section 115J Schedule SPI: Statement of income arising to spouse/minor child/son’s wife or any other person or association of persons that is 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: Information regarding taxes paid outside India Schedule FA: Details regarding any foreign assets held and information of income earned from outside India A1. Details of Foreign Depository Accounts held (including any beneficial interest) at any time during the relevant accounting period A2. Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period A3. Details of Foreign Equity and Debt Interests held (including any beneficial interest) in any entity at any time during the relevant accounting period A4. Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period
Schedule 5A: Apportionment statement of income between spouses as per the Portuguese Civil Code Schedule AL: Asset and liability at the end of the year (if income exceeds INR 50 lakhs)
Schedule DI – Details of investments Part B-TI: Computation of Total Income Part B-TTI: Computation of tax liability on total income Tax Payments: Details of Advance Tax, Self Assessment Tax, TDS, TCS Verification: Confirmation that details are factually correct and self-attestation by the taxpayer.
There are two ways to file ITR-2 Form; either one can file it offline or online.
After filing the ITR-2 Form offline, the person gets an acknowledgement slip issued by the Income Tax Department for documentation purpose.
1.Resident But Not Ordinarily Residents (RNORs) and Non-Resident Individuals (NRIs) need to file ITR-2 even if their total income is less than INR 50 lakh.
2.Now on, the assessee should disclose details of:
3.Under the head ‘Income from Other Sources’, details of ‘any other income’ should be filled. Any deductions against ‘income from other sources’ have to be explicitly mentioned.
4.The ‘Type of company’ needs to be disclosed in ITR-2 form, in case an individual is a director in a company or holds unlisted equity investments.
5. Schedule 112A has been introduced to show the calculations of the long-term capital gains on the sale of equity shares or units of a business trust, for which STT is applicable.
6.Section 80EEA and section 80EEB are introduced in the ‘Schedule VI-A’.
7.Considering the current pandemic across the country, for this AY only, assessees have an option to claim and disclose tax-saving investments made between 1 April 2020 to 30th June 2020.