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The Income Tax Department has made it easier for taxpayers in India to file their annual returns and pay taxes. Taxpayers are categorized based on income and different forms are applicable to individuals as per their status and salary. One such Income Tax Return (ITR) form is an ITR 2 Form. Explained ahead are the various aspects related to the form such as its meaning, eligibility, structure, and information on how to file ITR 2.
In order to file income tax in India, an assessee must fill and submit various forms, depending on the type of category in which the assessee fits. The ITR-2 form is one such form that must be completed as part of the tax filing procedure. ITR 2 Form is filed by individuals and Hindu Undivided Families (HUFs) who are not engaged in any business or profession. Both Indian nationals and non-resident Indians can use it to file tax returns with the IT Department.
If you intend to file your income tax returns, you must submit the ITR-2 form. It is not available to partners in Partnership Firms, HUFs, or individuals who are qualified and eligible for the ITR 1 form.
ITR 2 Form is bifurcated into two parts, that is, Part A and Part B. While Part A contains general information, Part B comprises the computation of total income and the tax payable on the total earnings. Along with these two parts, the form also includes various schedules such as details of income from salary, income from house or property, income from capital gains, income from other sources, etc.
The ITR-2 Form has 22 components:
This section enquires about general information.
This section provides information on the computation of the total income.
This provides information regarding the tax liability on total income.
This includes income details from your salary.
This includes income details from house property.
This includes capital gains related income computation.
This includes income computation from other sources.
Income information post set-off of current year losses.
Income information post set-off of brought forward losses of the year prior.
Losses that will be carried forward into the future.
This covers the exemptions/deductions under section VI-A.
This includes the details regarding the donations that are eligible for deduction under Section 80G.
This includes details about the income of specified persons like minors, spouses, etc.
This has information on tax chargeable income under special rates.
This includes details on Exempt income.
This has the statement of tax on self-assessment and advance tax payments.
This includes TDS or tax deducted at source on the salary.
This includes the tax deducted at source on income other than salary.
Information on tax relief or income from outside India.
This has the summary of tax relief claimed for taxes paid outside India.
This section includes information on foreign assets and any source outside India.
This includes details on income apportionment between spouses as per the Portuguese Civil Code.
The form is for those individuals and HUFs who receive earnings apart from the income from ‘Profits and Gains from Business or Profession’. Hence, those who have income from the below-mentioned sources have to file ITR 2
Individuals or HUFs earning income through a business or a profession and those who are eligible to file ITR Form 1 cannot file their returns with ITR 2.
Here is a list of documents that you need to have while filling the ITR 2 Form:
A taxpayer can file the ITR 2 Form either offline or online.
Only taxpayers aged over 80 can file the ITR offline. In order to file an offline form, the taxpayer needs to furnish a return physically on paper or through a bar-coded form. The Income Tax Department will give you an acknowledgement slip when you submit the return.
You can file ITR 2 online with a digital signature or by transmitting the entire information electronically. Later, you can furnish the verification through the Return Form ITR-V. If you submit the form electronically by using a digital signature, you will receive the acknowledgement on your email ID. Also, it is possible to download the form manually, sign it, and post it to the Department’s Central Processing Centre (CPC) office within a period of four months of e-filing of the form. You need to keep in mind that you need not provide any additional documents with the ITR 2 Form, which means that it is an annexure-less form. As a diligent taxpayer, you need to calculate your tax liability and file your returns under ITR 2 before the due date.
You can start filing ITR 2 in the following sequence:
You can fill out the form:
- Cash deposits over INR 1 crore in a current bank account.
- Expenditure over INR 2 lakhs on foreign travel.
- Expenditure over INR 1 lakh on electricity.
In order to file income tax in India, an assessee must fill and submit various forms, depending on the type of category in which the assessee fits. The ITR-2 form is one such form.
ITR 2 Form has two parts, that is, Part A and Part B. While Part A contains general information, Part B comprises the computation of total income and the tax payable on the total earnings.
Yes, ITR 2 Form can be filled in both online and offline mode.
Individuals or HUFs earning income through a business/profession and those who are eligible to file ITR Form 1 cannot file their returns via the ITR 2 Form.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
