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.

Form ITR-2