ITR-2 Form Filing Online in Chennai

Any individual, both resident and non-resident, including HUF, having income from Salary/Pension, one or more Housing Property, Other sources that exceeds Rs. 50 Lakhs, agricultural income more than Rs.5,000/-, Income as a partner in any firm, Income from sale of assets (Capital Gain), income from foreign assets shall use this ITR-2 for reporting their income tax. Not applicable for Individuals or HUF having income from business or profession.

GET FREE CONSUTATION

ITR-2 Form Filing – Income Tax Return

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

  1. Income from House Property(Income Can be from more than one house property)
  2. Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
  3. Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
  4. Foreign Assets/Foreign Income
  5. Agricultural Income more than Rs 5000
  6. Resident not ordinarily resident and a Non-resident

What is the Structure of ITR 2?

  • 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 assessee 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)

What is the structure of ITR 2?

  • Individuals who are 80 years of age or older.
  • By transmitting the data electronically and then submitting the verification of the return in the Return Form ITR-V
  • An individual whose income is less than Rs 5 lakhs per year and who does not have to claim a refund in the return.
  • By furnishing a bar-coded return.
  • The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.
  • By furnishing the return electronically under a digital signature, Online/Electronically

FAQ's

1. Who is eligible to file ITR 2 for AY 2018-19?

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:

  1. Income from Salary/Pension
  2. Income from House Property(Income Can be from more than one house property)
  3. Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
  4. IIncome from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling) Foreign Assets/Foreign Income
  5. Agricultural Income more than Rs 5000
  6. Resident not ordinarily resident and a Non-resident

ITR-2 form is to be used when the assessee has income that falls into the below category: Accrued income through the sale of assets or property (Capital Gains)

  1. Income from more than one housing property
  2. Income from countries outside of India
  3. Income as a partner in any firm (not proprietorship)
  4. Income from agriculture above Rs 5,000
  5. Income from any windfall such as lotteries or horse racing
  6. Income from Salary/Pension, Housing Property, Other sources that exceeds Rs. 50 Lakhs

ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year.

  1. There are two divisions and 19 schedules to The Income Tax ITR 2 Form.
    1. In the Part A section of the form, you need to fill in all the general information
    2. The Part B-TI consists of details regarding the calculation of total income
    3. The Part B-TTI section of the form consists of calculation of tax liability on total income
    4. In the Schedule IT you need to mention details of advance tax and self-assessment tax payments
    5. The Schedule TDS1 of the form requires details of tax deducted at source and tax collected at source.
    6. Schedule TDSS2: This includes TDS details of income apart from salary sources [regarding Form 16A, issued to file Income tax]
    7. Other Supplementary Schedules like TDS1, TDS2 and IT

GET FREE CONSUTATION