The Income Tax Department has initiated various income tax forms depending upon the eligibility of the individuals. This eligibility depends upon income of the individual. There is a specific form for each category of the taxpayer. One such form is ITR-2 Form which is available for filing income tax returns by individuals and Hindu Undivided Family (HUF). In this article, we will discuss about ITR-2 Form in detail.
What is ITR-2 Form?
The ITR-2 Form can only be availed by individuals and Hindu Undivided Family (HUF) who do not carry any business or profession. Individuals can file ITR 2 online either on e-filing portal or by filling an excel utility. The last date of filing ITR-2 is 31st July of every financial year.
Individuals or HUF who have income gains from various sources such as capital gains from one or more property, rental income or income from other sources, etc. can file ITR 2 for particular financial year.
Components of ITR-2 Form
The ITR-2 Form consists of various parts as mentioned below-
Part A– General Information
Schedule S– Details of Income from Salaries
Schedule HP– Details of Income from House Property
Schedule CG– Computation of Income under Capital Gains
Schedule 112A– Any income from sale of equity shares in a company or unit of equity oriented fund or unit of business trust on which STT is paid under section 112A
Schedule 115AD (I)b(b) (iii)(provision)– It is for Non-Resident Indian (NRI). Income from sale of equity shares in a company or unit of equity oriented fund or unit of business trust on which STT is paid under section 112A
Schedule OS– Income from Other Sources
Schedule CYLA– Statement of income after set-off of current year losses
Schedule BFLA– Details of income after set-off brought forward of current year losses
Schedule CFL– Details of loss to be carried forward to future years
Schedule DI– Details of Investments
Schedule 80D– Details of health insurance under section 80D
Schedule 80G– Details of donations entitled for deduction under section 80G
Schedule 80GGA– Details of donations for scientific research and development
Schedule AMT– Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC– Computation of Tax Credit under section 115JD
Schedule VIA– Details of deduction under Chapter VIA
Schedule SPI– Details of Income of Specified Person
Schedule SI– Income Chargeable to Income Tax at a special rate
Schedule IF– Detail of the Firm
Schedule EI– Details of Exempt Income
Schedule PTI– Details of pass-through income from business trust or investment fund as per section 115UA and 115UB
Schedule FSI– Details of Income accruing or arising outside India
Schedule TR– Details of taxes paid outside India
Schedule FA– Details of Foreign Assets and income from any source outside India
Schedule 5A-Information regarding apportionment of income between spouses governed by Portuguese Civil Code
Schedule AL-Details of Assets and Liabilities
Part B-TI– Computation of Total Income
Part B-TTI– Computation of Tax Liability on Total Income
Tax Payments (TDS1, TDS2 and TDS3)– Details of Advance Tax and Self-Assessment Tax Payments of Income Tax
Tax Payment (TCS)– Details of tax collected at source (As per Form 27D issued by the collector)
Verification– Declaration of correctness and completeness of ITR
Eligibility Criteria to File ITR-2 Form for AY 2022-23
The ITR-2 Form can only be availed by HUFs and individuals if they are not receiving any income from business or profession. In case individuals or HUFs have income from other sources, it is important to file ITR-2.
- Salary/pension income
- Income from one or more house property
- Income from short-term/long-term capital gains or losses from the sale of property or investment
- Income from sources other than salary like lottery, different legal meaning of gambling, bets on horse races)
- Agricultural income of more than ₹5000
- Foreign income or assets
- Non-resident or a resident not ordinarily resident
- Company Director
Who Cannot File ITR-2 Form for AY 2022-23?
- Any individual or HUF having an income from business or profession
- Individuals eligible for ITR-1
How to File ITR-2?
The ITR-2 can be filed through online mode as well as offline mode. Given below are the details for the same-
- Individuals who are aged 80 years or more can only file offline ITR2
- ITR-2 can be filed by furnishing a return on physical ITR-2 form from nearest IT office
- ITR-2 can be filed by furnishing a bar-coded return at the nearest IT office
Step 1: Visit the official website of income tax e-filing at https://eportal.incometax.gov.in/iec/foservices/#/login
Step 2: Log in using User ID (PAN), Password, and a CAPTCHA code.
Step 3: Select the option of ‘e-File’ on the menu.
Step 4: Click on the ‘Income Tax Return’ option.
Step 5: Your PAN details will get auto-populated on the income tax return page. Now, go ahead and select ‘Assessment Year,’ and then ‘ITR Form Number.’
Step 6: Select ‘Filing Type’ and click on the option ‘Original/Revised Return.’
Step 7: Now click on ‘Continue.’
Step 8: Here, you must read the instructions carefully. Then, proceed to fill the ITR-2 form by entering details in all the applicable and mandatory fields.
Step 9: Remember to select the ‘Save Draft’ button periodically to avoid loss of data due to session time-out.
Step 10: Choose an appropriate verification option in the tabs ‘Taxes Paid’ and ‘Verification.’
Step 11: Opt for any one of the following options to verify your income tax return:
- E-verification within 120 days from the date of filing the ITR
- Verification by a signed ITR-V through the post within 120 days from the date of filing ITR
Step 12: Click on ‘Preview and Submit.’ Here, you must verify the accuracy of all the data in your ITR.
Step 13: Click on ‘Submit.’
That concludes how to submit ITR-2 online.
How can I download ITR-2 Form?
For ITR Form 2 download, you need to follow the below mentioned steps-
Step 1: Visit the Income Tax Department website at- https://www.incometax.gov.in/iec/foportal
Step 2: On the right-hand side, you will find ‘Downloads’ tab. Click it.
Step 3: Click ‘Income Tax Return’ available on the left hand side of the screen.
Step 4: Find ITR-1 and then click ‘ITR 2 Notified Form_AY 2022-23’
Step 5: Now you can download the ITR-2 Form in the PDF format.
ITR-2 Form: FAQs
Any individual aged 80 years or more can file ITR 2 offline. The returns can be filed offline through-
1. Furnishing a return in physical ITR-2 Form
2. Furnishing a bar-coded return
Yes. You can file and submit ITR 2 yourself through following methods-
1. Online Mode- Through E-Filing Portal
2. Offline Mode- Through Offline Utility
No. Rebate under section 87A is available only to an individual, hence, any person other than an individual cannot claim rebate under section 87A.