ITR-2 form is provided by Income Tax Department for those Individuals and HUFs who do not have income from business or profession.
Individuals who earn income from:
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.
Bank Account: You need to provide details of all bank accounts held in India at any time during the previous year in this section.
Verification: You are asked to fill and sign verification statement here.
TRP: If your tax return has been prepared by a Tax Return Preparer then you should provide its details in this section.
Tax Payments: 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.
Schedule S: This section must be filled if you had more than one employer in the previous year.
Schedule HP: 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.
Schedule CG: Details of income in the form of capital gains must be furnished here.
Schedule OS: 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.
Schedule VIA: Deductions from income u/ch VIA must be provided here.
Schedule 80G: Mention the details of donations entitled for deduction under section 80G.
Schedule SPI: 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.
Schedule SI: Mention the income included in Schedule-CG and Schedule-OS which is chargeable to tax at special rates.
Schedule EI: Furnish the details of income like agricultural income, interest, dividend, etc. which is exempt from tax.
Schedule IT: 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).
Schedule FSI: This is a new schedule introduced to disclose the overseas income under the various heads of income.
Schedule TR: Mention the details of tax paid outside India on the income declared in Schedule FSI.
Schedule 5A: This Schedule is to be filled in case of assessee governed by Portuguese Civil Code.
Schedule FA: 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.