Form ITR-2

ITR-2 filing - An overview

Individuals and Hindu Undivided Families (HUF) members who receive their income from any of the following sources must file an form ITR-2:

• Income from a regular monthly paycheck or pension
• Income from the rent paid each month for a house or a number of units
• From interest gains or penalties or the sale of an estate. Increases or losses in wealth
• Via extra references ( Lottery earning, revenue from legal means of gambling)
• From resources or assets elsewhere
• More than ₹5000 is earned through agriculture each month.

Form ITR-2 Schedules

The ITR-2 form contains 20 schedules segmented as section A and B.

Part B - Outline of the Total Income and Tax calibration with respect to the taxable Income.

• The computation of total income with regard to taxable income is covered in part B-TI.
• Calculating the tax owed on the entire income is covered in part B-TTI.

If the return was completed by a tax return preparer, some information must be filled out (TRP). Here is the list of following 20 schedules.

• Schedule-IF: Company Details
• Schedule-S: Details of revenue from primary incomes
• Schedule-80G: Statement of subsidies authorised for reduction u/s 80G
• Schedule-BFLA: Income after establishing off of the loss sent ahead from first years
• Schedule CYLA: Statement of revenue after establishing the recent year’s losses
• Schedule-CFL: Statement of penalties to be taken forward to coming years
• Schedule-VIA: Deductions from full income under Chapter VIA.l
• Schedule HP: Information on revenue from House Property
• Schedule-CG: Capital revenues
• Schedule-OS: Computation of revenue under Income from other facets
• Schedule-SPI: Income to spouse/ minor child/ son’s wife to comprise the income of the assessee in Schedule – HP, CG, and OS
• Schedule-SI: Statement of revenue which is chargeable to outstanding tax prices
• Schedule EI: Exempted Income factors
• Schedule PTI: Pass-through revenue features from the industry or investment account as per Section 115UA, 115UB
• Schedule-AL: Asset and drawback at the year-end (applicable in trial income surpassing ₹50 lakhs)
• Schedule-FSI: Statement of revenue procured outside India
• Schedule-TR: Taxes spent on external India data.
• Schedule FA: Foreign Assets and revenue components.
• Schedule-5A: Statement of apportionment of earnings between partners governed by Portuguese Civil Code.

Form ITR-2 Download Process

The first step in the ITR-2 download procedure is to go to the administration's Income Tax Department website. Register as a user.

• Visit the Income Tax Department website and log into your user account
• Under the Download menu, select the 'Offline Utilities' option
• Then select the 'Income Tax Return Preparation Utilities' button that follows it
• Select 'Assessment Year' when utilising the devices to ready your revenue tax recovery
• The form ITR-2 can then be downloaded in excel format by choosing the 'Excel Utility' tab
• Your computer or laptop will automatically download the form ITR-2 in ZIP format
• Extract the file, then enter all the necessary information.

How to File Form ITR-2 Online

Personally filing ITR requires a lot of attention to detail. Even if you miss a single information the process cannot be completed. You can complete ITR to online filing in just 2 steps through Vakilsearch.

Step 1: Get in touch with our tax experts
Provide your basic required information and book a slot with our tax experts. Our team will get in touch with you and provide all the required clarity regarding the process

Step 2: Provide required data
As explained on the call, provide the required information to our tax experts. We will initiate the paper work on your behalf.

Step 3: Form ITR-2 filing complete
Our team of tax experts will file form ITR online apply on your behalf and keep you updated on the process.

How to File Form ITR-2 Offline

The ITR-2 can be picked up at your local income tax office or obtained on the website of the government's income tax department.

Why Vakilsearch

Vakilsearch has a team of tax experts who can help you with completing the whole process of filing form ITR-2. We are a one stop solution, we have our in-house experts who can provide holistic support in tax filing. Just get in touch with our experts!

Recent Update

Significant adjustments were made in ITR-2 for AY 2022–2023

• Schedule of Foreign Assets (Schedule FA): The phrase 'accounting period' is changed to 'calendar year ending as of 31 December 2021'. It implies that the taxpayer must provide information on all overseas assets owned between 1 January 2021, and 31 December 2021. With this modification, the taxpayers for the foreign asset reporting period will be made clearer
• Capital gains schedule (Schedule CG)
• Fair Market Value (FMV) announcement and appreciation in slump sale treaties
• Year-by-year information on land/building improvement costs purchase cost and indexed cost of acquisition to be provided separately
• Other sources schedule (Schedule OS):
• Reporting of taxable interest that has accrued on the provident fund
• Section 2(22)(e) requires the separate disclosure of considered dividend income.
• To determine residence status, the taxpayer must select from options linked to several sections of the Income Tax Act
• An additional 'Schedule Tax Deferred on ESOP' is added: To keep track of the quantity of tax deferred and the year it should be fees, knowledge respecting the ESOPs of workers who developed them from authorised start-ups is essential.