A comprehensive guide to file ITR-2 Form online.
To make ITR-2 Filing procedure easy Income Tax Department has distinguished assesses into different groups based on income, source of income and many other factors. So, before filing ITR-2 Online or offline the taxpayer must know the eligibility criteria for the same. In this article, we will discuss the about ITR-2 Form in detail.
1. Who can file ITR-2 Form?
ITR 2 Form is for those Individuals and Hindu Undivided Families earning income that does not include any income from Business or Profession. Here is the list of eligible people who can file ITR 2 Form:
- Salary or Pension Income
- House Property Income; includes income from more than one house property
- Short Term capital gains or long term capital gains
- Income from Other Sources including income from betting, lottery and other legal means of gambling.
- Income from Foreign Assets
- Any agricultural income exceeding the amount of 5000 INR
- Listed and unlisted companies director
- RNOR (Resident Non-Ordinary Resident) and NR (Non-Resident)
2. Who cannot File ITR-2 Form?
Here is the list of people who are not eligible to file ITR-2 Form
- Any Individual or HUF receiving any income from business or profession
- Individuals who are filing other Income Tax Return Form
3. Structure of ITR 2 Form
ITR-2 has different sections namely
- Part A: General details
- Part B-TI: Total Income computation
- Part B-TTI: Tax liability on total income computation
- Details need to be mentioned IF ITR-2 is filed by the tax return preparer
- Schedule S: Salary Income details
- Schedule HP: House Property income details
- Schedule CG: Income from capital gains or profits
- Schedule OS: Income from other sources
- Schedule CYLA: Income Statement after setting off the current year’s losses
- Schedule BFLA: Income Statement after setting off of unabsorbed loss brought forward from previous years
- Schedule CFL: Losses statement that has to be carried forward to future years
- Schedule VIA: Deductions statement (from total income) as per Chapter VII
- Schedule 80G: Donations eligible for deduction U/S 80G
- Schedule 80GGA: Donations Statement for scientific research/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 assesse 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 regards any asset held in foreign and foreign income
- 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 50 lakhs INR)
You can download the ITR-2 Form from here https://www.incometaxindia.gov.in/forms/income-tax%20rules/2019/itr_2_english.pdf
4. Ways file ITR-2
There are two ways to file ITR-2 Form, either you can file it online or offline
i) Offline Filing of ITR-2 Form
ITR-2 Form can be filed offline by every individual who is above the age of 80 years (Super Senior Citizen)
A person can file ITR-2 Form offline either by furnishing ITR in physical paper form or through furnishing a bar-coded ITR-2.
After filing the ITR-2 Form offline, the person gets an acknowledgement slip issued by the Income Tax Department.
ii) Online Filing of ITR-2 Form
ITR-2 Form can be filed electronically using digital signature by every assesse falling into this group.
When you file ITR-2 Form online you will get an acknowledgement mail on your registered e-mail ID.
Note: ITR-2 form does not consist of any annexure that means you need not to attach any document at the time of filing the ITR-2 Form.