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ITR FORM 2
Learn about ITR 2 form in detail
01.
ITR 2 For FY 2022-23 & AY 2023-24
Income Tax Department of India has categorized its taxpayers based on their income earned in a year, source of income, and other factors. There is also a specific form for each category, which is necessary for income tax filing. ITR Form 2 is one such form used for filing an income tax return by individuals and Hindu Undivided Family (HUF). The last date of filing ITR 2 is 31st July of every financial year.
It is crucial to fill ITR 2 form with precision to avoid any misinformation or its consequences. ITR 2 means Income Tax Return form 2.
ITR 2 means Income Tax Return form 2, which is for all individuals and HUFs. Individuals and HUFs can file ITR 2 if they are not receiving income from business or other professions. If you have income from the following sources, you must file ITR-2:
1) Salary/pension income
2) Income from one or more house property
3) Income from short-term/long-term capital gains or losses from the sale of property or investment
4) Income from sources other than salary like lottery, different legal meaning of gambling, bets on horse races)
5) Agricultural income of more than Rs. 5000
6) Foreign income or assets
7) Non-resident or a resident not ordinarily resident
8) Company direct
Not eligible for filing ITR 2
1) Individual or HUF having income from PGBP, i.e. profits and gains of business or professions
2) Individuals eligible for ITR 1
02.
Who is Not Eligible to File ITR 1 Form for AY 2023-24?
ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who fall under any of the following categories:
1· The income of the taxpayer must be more than Rs.50 lakh
2· Income can be created via salary or from a pension
3· Income generated from house property
4· Income generated from sources such as lottery or horse races
5· In case the taxpayer is a company’s director
6· Agricultural income of the taxpayer is higher than Rs.5,000
7· Revenue produced from capital gains
8· In case any investments were made in equity bonds unlisted during the financial year
9· Income is generated from foreign assets and foreign income
What is the Structure of ITR 2 Form?
ITR 2 form is divided into different sections as below:
1) Part A of ITR 2: General Information containing personal data
2) ITR 2 Form Schedule S: Details of your income received as salary
3) ITR 2 Form Schedule HP: Details of your income received from one or more house property (indicate ownership of the property)
4) ITR 2 Form Schedule CG: Detailed computation of your income from capital gains (from sale/transfer of capital assets, including long-term and short-term capital gains)
5) ITR 2 Form Schedule 112A: 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 u/s 112A
6) ITR 2 Form Schedule OS: Details of computation of your income earned from other resources such as rental income from machinery, buildings, and lottery
7) ITR 2 Form Schedule CYLA: Statement of your income after setting off current year’s losses
8) ITR 2 Form Schedule BFLA: Details of income after setting off brought forward losses of previous years
9) ITR 2 Form Schedule CFL: Details of losses that are being carried forward to following years
10) ITR 2 Form Schedule VIA: All deductions under chapter VI-A (including Section 80C, 80CCC, 80CCD, 80D, 80E, and 80E)
11) ITR 2 Form Schedule 80G: All details of donations made in a year entitled under section 80G
12) ITR 2 Form Schedule 80GGA: All details of donations for rural development or scientific research only
13) ITR 2 Form Schedule AMT: Detailed computation of alternate minimum tax payable under section 115JC
14) ITR 2 Form Schedule AMTC: Detailed calculation of tax credit under section 115JD
15) ITR 2 Form Schedule SPI: Income of specified people (minor child, spouse, or similar) included in the total income of the assessee under section 64
16) ITR 2 Form Schedule SI: Income chargeable to tax at special rates
17) ITR 2 Form Schedule EI: All details of income exempted
18) ITR 2 Form Schedule PTI: Pass through Income details from business trust or investment fund u/s 115UA and 115UB
19) ITR 2 Form Schedule FSI: Statement of income accruing or arising outside India
20) ITR 2 Form Schedule TR: Entire summary of tax relief claimed under tax paid in countries other than India
21) ITR 2 Form Schedule FA: All details of foreign assets and income from any other sources from a country other than India
22) ITR 2 Form Schedule 5A: Information regarding income apportionment between spouses being under the Portuguese Civil Code
23) ITR 2 Form Schedule AL: Asset and liability at the end of each year
24) ITR 2 Form Schedule DI: Schedule for tax saving investments, deposits or payments to claim exemption or deduction in extended period of 01.04.20 to 30.06.20
25) Part B-TI: Computation of Total Income
26) Part B-TTI: Computation of tax liability on Total Income
27) Item No 20 – Tax payment details
IT 2 Form – Item no 20 – Part A – All details of payments made under advanced tax or self-assessment tax
IT 2 Form – Item no 20 – Part B – TDS (tax deducted at source) details from salary
IT 2 Form – Item no 20 – Part C – TDS (tax deducted at source) details on income other than salary
IT 2 Form – Item no 20 – Part D – TCS (tax collected at source) details during a year as mentioned in form 27D
28) ITR 2 Form- Verification – Enter details for verification as per given specifications (return of income verified by individual himself or by Karta of HUF)
29) ITR 2 Form- Tax Return Preparer (TRP) Details
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