Who is eligible to file ITR-2 form?
The ITR-2 form is filed by individuals or members of HUF (Hindu Undivided Families) who earn their income from the following sources:
- From a fixed monthly salary or pension
- From monthly rent on a House Property or several properties.
- From profit or loss on investments or the sale of a property. (Capital gain or capital losses).
- From other sources ( Lottery winning, earnings from legal means of gambling)
- From foreign assets or sources.
- Monthly Income from agriculture is more than Rs. 5000/-.
What is the structure of the ITR-2 form for the assessment year 2019-2020
The ITR-2 form has two parts - A & B, with 20 schedules.
Part A - General information requiring identificatory and other data.
Part B - Outline of the total income and tax computation in respect of income chargeable to tax.
- Part B-TI: Computation of Total Income in respect of income chargeable to tax.
- Part B-TTI: Computation of tax liability on total income.
*Details to be filled if the return has been prepared by a Tax Return Preparer (TRP).
- Schedule-IF: Details of the partnership firm in which you are a partner.
- Schedule-S: Details of income from head salaries.
- Schedule-80G: Statement of donations entitled for deduction u/s 80G.
- Schedule-BFLA: Income after set off of unabsorbed loss brought forward from earlier years.
- Schedule CYLA: Statement of income after set off of current year’s losses.
- Schedule-CFL: Statement of losses to be carried forward to future years.
- Schedule-VIA: Deductions from total income under Chapter VIA.
- Schedule HP: Details of income from House Property.
- Schedule-CG: Income under Capital gains.
- Schedule-OS: Computation of income under Income from other aspects.
- Schedule-SPI: Income to spouse/ minor child/ son’s wife or any other person or association of persons to include in the income of the assessee in Schedule – HP, CG, and OS.
- Schedule-SI: Statement of income which is chargeable to special tax rates.
- Schedule EI: Exempted Income details.
- Schedule PTI: Pass-through income details from the business trust or investment fund as per Section 115UA, 115UB.
- Schedule-AL: Asset and liability at the year-end (applicable in case income exceeding Rs 50 lakhs).
- Schedule-FSI: Statement of income accruing or arising outside India.
- Schedule-TR: Taxes paid outside India information.
- Schedule FA: Foreign Assets and income details.
- Schedule-5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code.
Explain the ITR-2 download process
The ITR-2 download process starts with a visit to the Government’s Income Tax Department website; Income Tax Department website. To initiate the ITR-2 download process register as a user. After the registration is complete.
- Log in to your user account at the Income Tax Department website.
- Click on the “Offline Utilities” option located under the Download tab.
- Then click on the subsequent button that appears for “Income Tax Return Preparation Utilities”
- Choose the “Assessment Year” for the Income Tax Return Preparation Utilities
- After which you can select the tab “Excel Utility”, to download the ITR-2 form in excel format.
- The ITR-2 form will download itself into your computer/laptop in ZIP format. Extract the file and fill in all the required details.
How to file ITR-2
Regarding how to file ITR-2, the form is filed for the assessment year 2019-2020, in relation to the income earned and taxed for the financial year 2018-2019.
How to file ITR-2 online:
As discussed above, the ITR-2 form is for individuals and individuals and HUFs (Hindu Undivided Families) who earn their income from various sources. These individuals or members of the HUF, download the ITR-2 form from the Government’s Income Tax Department website. Once they fill the form with all the requisite details, it is then uploaded on the income tax portal. Verification is done online by using the company’s digital signature. On using this, the user receives the acknowledgment receipt via email, on their registered email id. The user can then sign the acknowledgment receipt and mail it to the nearest Income Tax Department office within 120 days of filing the ITR-2. It does not require any additional or supportive documents at the time of filing, as it is an annexure-less form
How to file ITR-2 offline:
With respect to how to file ITR-3 offline, they are individuals and HUFs (Hindu Undivided Families) who are 80 years old or more. The ITR-2 is collected from the nearest income tax office or downloaded from the Government’s Income Tax Department website.
These individuals can then fill up and submit the ITR-2 form either in paper form or in a bar-coded return form, at any one of the nearest offices of the Income Tax department. An acknowledgment form along with the summary of the income tax returns is submitted. A stamped copy of the acknowledgment form is then handed over to the user in return.