The ITR-2 Form is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with the Income Tax Department of India. The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. Generally ITR 2 can be used by an individual and Hindu Undivided Family (HUF) who is not eligible to file ITR 1 (Sahaj) and not earning any income from "profit and gains of business or profession" that includes interest, salary, bonus, commission or remuneration. The due date for filing return with the Income Tax Department of India is 31 July every year.
Who is eligible to file ITR 2:
ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2.
Income from Salary/Pension
Income from House Property(Income Can be from more than one house property)
Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
Foreign Assets/Foreign Income
Agricultural Income more than Rs 5000
Resident not ordinarily resident and a Non-resident
If you have exempt income exceeds Rs.5000
What is the Structure of ITR 2:
ITR-2 is divided into:
Part A: General Information
Part B-TI: Computation of Total Income
Part B-TTI: Computation of tax liability on total income
Details to be filled if the return has been prepared by a Tax Return Preparer
Schedule S: Details of income from salaries
Schedule HP: Details of income from House Property
Schedule CG: Computation of income under Capital gains
Schedule OS: Computation of income under Income from other sources
Schedule CYLA: Statement of income after set off of current year’s losses
Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
Schedule CFL: Statement of losses to be carried forward to future years
Schedule VIA: Statement of deductions (from total income) under Chapter VIA
Schedule 80G: Statement of donations entitled for deduction under section 80G
Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assesse in Schedules-HP, CG and OS
Schedule SI: Statement of income which is chargeable to tax at special rates
Schedule EI: Details of Exempt Income
Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
Schedule FSI: Statement of income accruing or arising outside India.
Schedule TR: Details of taxes paid outside India
Schedule FA: Details of Foreign Assets
Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
Schedule AL: Asset and liability at the year-end (applicable in case income exceeds Rs 50 lakhs)
Documents for filing returns:
Name of the person
Source of Income
Abstract of bank statements
Proof of investments and Form 16 (Salary certificate issued by the employer)
Form 16A / TDS certificate
Challan of tax payment made like advance tax or self-assessment tax
Proof of investments in property
Documents on purchase and sale of investments/assets
Collect the TDS certificate and
Collect home loan certificate
First, log on to IncomeTaxIndiaeFiling.gov.in And register on the website.
Your Permanent Account Number (PAN) is your user ID.
View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.
Click on the income tax return forms and choose the financial year.
Download the ITR form applicable to you.
Open excel utility (the downloaded return preparation software) and fill out the form by entering all details using your Form 16.
Check the tax payable amount by clicking the 'calculate tax' tab.
Pay tax (if applicable) and fill in the challan details. Confirm all the data provided in the worksheet by clicking the 'validate' tab.
Generate an XML file and save it on your desktop.
Go to 'upload return' on the portal's panel and upload the saved XML file.
A pop-up will be displayed asking you to digitally sign the file.
In case you have obtained a digital signature, select 'Yes'. If you have not got digital signature, choose 'No'.
The acknowledgment form, ITR Verification (ITR-V) will be generated which can be downloaded by you.
If digital signature choosen as 'NO' then take a printout of form ITR-V