ITR-2

This article will aid users to understand Income Tax Return Form i.e. ITR-2. This article will provide details on who can use this form, what are prerequisites for filing this form, Various schedules of this form and slab rates of individuals and new tax regime U/S 115BAC.

ITR-2 can be filed online by log on to Income Tax Portal. Refer link>> https://www.incometax.gov.in/iec/foportal.

ITR-2 can be filed by using offline utility which can be downloaded from the link >> https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns

Due Date for filing ITR–2 for F.Y. 2021-22 & A.Y. 2022-23 is 31st July, 2022.

Who can use ITR-2

It is applicable for those Individual whose total income exceeds INR 50,00,000. This person does not have profits or gains from business or profession. He has more than one house property and agriculture income exceeding INR 5,000.

Perquisites for filling ITR-2/ Salaried ITR 

• User must be registered on e-filling portal.
• Link Aadhaar Number and PAN on e-filling portal
• It is mandatory to have at least one pre-validated bank account
• Nominate pre-validated bank account for refund
• Valid mobile number linked with Aadhaar for e-Verification of ITR post submission.
• Obtain Form – 16 & Salary slips from Employer
• Interest Certificates from the Post offices and Banks
• Download Form 26AS and Annual Information Statement
• Tax saving investment proof
• Deduction under the Section 80 D to 80 U
• Home Loan statement from the NBFC or the Bank
• Bank Account Statements for relevant period

Schedules of ITR-2

ITR-2 consists of various schedules. Person while filling his/her return can check on box for schedules applicable to him/her and is required to filled those checked in schedules only. However, a few of the schedules has to be mandatorily filled. Various schedules are:

1. Part A General – Usually prefilled from profile information updated on IT portal. This information if needs to be updated than the same has to be updated on Profile of IT Portal. Please verify the details filled and ensure all the mandatory star marked details have been filled.
2. Schedule Salary – Few information such as details on which TDS has been deducted get pre filled in the return. However, taxpayer to check the accuracy and completeness of such information and can add additional details of income not appearing.
3. Schedule House Property – Income from Let Out Property or Losses from Self occupied Property
4. Schedule Capital Gains – For detail understanding of Capital Gain refer https://www.taxledgeradvisor.com/capital-gain-tax-filling/
   1. Schedule 112A and Schedule-115AD(1)(iii) proviso
5. Schedule Other Sources – Few information such as details on which TDS has been deducted get pre filled in the return. However, taxpayer to check the accuracy and completeness of such information and can add additional details of income not appearing.
6. Schedule Current Year Loss Adjustment
7. Schedule Brought Forward Loss Adjustment
8. Schedule Carry Forward Losses
9. Schedule VI-A Deduction – Deduction can be added of Chapter VI as can be availed by assessee.
   1. Schedule 80G and Schedule 80GGA
10. Schedule Alternate Minimum Tax U/S 115JC
11. Schedule Alternate Minimum Tax Credit
12. Schedule Specified Person Income
13. Schedule Special (Rate) Income
14. Schedule Exempt Income
15. Schedule Pass Through Income
16. Schedule Foreign Source Income
17. Schedule Tax Relief
18. Schedule Foreign Assets
19. Schedule 5A (information necessary for apportionment of income between husband and wife if you are governed by the system of community of property under the Portuguese Civil Code 1860)
20. Schedule Assets & Liabilities (If your total income exceeds INR 50 lakhs, then it becomes mandatory to provide details of movable and immovable assets and liabilities. For a non-resident or resident but not ordinarily resident, only details of assets located in India should be provided)
21. Total Income
22. Tax Paid – It comprises of following details:
    • TDS from Salary / Other than Salary as furnished by Payer (mostly gets Prefilled)
    • TCS (mostly gets Prefilled)
    • Advance Tax (mostly gets Prefilled)
    • Self-Assessment Tax (This needs to added bases on Tax payment made by assessee)
23. Tax Liability on Total Income – Assessee has to review the Net tax liability basis the details filled in above sections.

Need Expert Assistance for ITR-2 filing

For expert assistance on ITR-2 return filling in Udaipur and Rajasthan, reach our professionals at Tax Ledger Advisor.