ITR-2 form is provided by Income Tax Department for those Individuals and HUFs who do not have income from business or profession.
ITR-2 can be used by following individuals to file returns
Individuals who earn income from:
capital gains (including both short and long term capital gains)
other sources (including winning from lottery, bets on race horses and other legal means of gambling)
Click on the image below to find Form ITR-2:
Understanding Form ITR-2
Form ITR-2 has the following components:
Part (A) Personal Details:
This section asks you to provide your personal details like name, age, sex, address, contact number etc.
Part (B) TI and TTI:
Here you are asked to compute and fill your total income as well as taxable income.
You need to provide details of all bank accounts held in India at any time during the previous year in this section.
You are asked to fill and sign verification statement here.
If your tax return has been prepared by a Tax Return Preparer then you should provide its details in this section.
You should fill the details of Advance tax and Self-Assessment tax paid by you.
TDS from Salary:
Here you should provide details of Tax Deducted at Source from salary by your employer.
TDS on Income:
Details of Tax Deducted at Source on other income as per Form 16A or 26QB should be mentioned here.
This section must be filled if you had more than one employer in the previous year.
In case, a single house property is owned by you (assesse) which is self-occupied and interest paid on the loan taken for the house property is to be claimed as a deduction, this schedule needs to be filled up.
Details of income in the form of capital gains must be furnished here.
Details of income from other sources should be provided here.
Schedule CYLA, BFLA & CFL:
These schedules are used for permissible adjustment of current year loss of one type of income against another type of income.
Deductions from income u/ch VIA must be provided here.
Mention the details of donations entitled for deduction under section 80G.
Furnish the details of income of spouse, minor child, etc., if to be included in your income in accordance with provisions of Chapter V of the Income Tax Act.
Mention the income included in Schedule-CG and Schedule-OS which is chargeable to tax at special rates.
Furnish the details of income like agricultural income, interest, dividend, etc. which is exempt from tax.
In this schedule, fill out the details of payment of advance income-tax and income-tax on self-assessment.
Schedules TDS1 & TDS2:
In these Schedules fill the details of tax deducted on the basis of TDS certificates (Form 16, Form No.16A or Form 26QB) issued by the deductor(s).
This is a new schedule introduced to disclose the overseas income under the various heads of income.
Mention the details of tax paid outside India on the income declared in Schedule FSI.
This Schedule is to be filled in case of assessee governed by Portuguese Civil Code.
This schedule is to be filled up by a resident assessee. It need not be filled up by a ‘not ordinarily resident’ or a ‘non-resident’.
The whole process of computing your tax & filing ITR-2 is time consuming and errors may occur at any step. We are here to offer you e-filing service through our team of tax experts.
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