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Taxpayers have been divided on the Basis of their source of Income, income, and other additional factors to make sure seamless compliance. Those who have incomes from different categories have been categorized into different Income Tax Return Forms.
Out of all, this post is dedicated to ITR 2. So, in case you belong to this category, know more about how you can continue with this form.
ITR 2 filing is necessary for those HUFs and individuals who have been receiving their income from additional sources, except the gains and profits from profession or business. Hence, the following people cover in this form eligibility:
Coming to those who are not eligible to fill up this form, the list includes:
People who are eligible to File ITR 1 form
Any Hindu Undivided Fund or individual earning income from profession or business
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As per the last financial year, income tax ITR 2 is divided into different parts as mentioned below:
Details of Income from House Property
Computation of Income under Capital Gains
Computation of Income under income from other sources
statement of income after set off of current year’s losses
Statement of income after set off of unabsorbed loss brought forward from earlier years
Statement of losses to be carried forward to future years
Statement of deductions (from total income) under Chapter VIA
Statement of donations entitled for Deduction under Section 80G
Statement of donations for scientific research or rural development
Computation of Alternate Minimum Tax payable under section 115JC
Computation of tax credit under section 115JD
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 assessee in Schedules-HP, CG and OS
Statement of income which is chargeable to tax at special rates
Details of exempt Income
Pass through income details from business trust or investment fund as per Section 115UA, 115UB
Statement of income accruing or arising outside India
Details of Taxes paid outside India
Details of Foreign Assets and income from any source outside India
Statement of apportionment of income between spouses governed by Portuguese Civil Code
Asset and liability at the year-end (applicable in case income exceeds Rs 50 lakhs)
There are two different ways of submitting ITR 2 form – online and offline.
When it comes to filing ITR 2 offline, only the ones who are 80 years or above age are allowed to do so. And, as far as the method is concerned, it can either be done by furnishing a return in a physical form of paper or by furnishing a return in a bar-code form.
The ITR 2 online filing is one of the easiest ways to file the return. You can simply follow the below-mentioned steps:
Filing up ITR 2 is not a tough task. All you have to do is collect required documents if you belong to the eligible category. Sign up on the portal if you haven’t yet. In case you are new to ITR and filing, you can take professional help as well.
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