ITR-2 Return Filing

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ITR-2 Return Filing

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Income tax return filing for persons having DIN or owing private limited company shares.

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Description

ITR 2 Form Filing

ITR 2 Form is an Important form income tax return form that is used by the Indian Citizens as well as the NRIs to file the return with the Income-tax department of India. The taxpayers who are not eligible to file ITR 1 can file ITR 1 to file the income tax returns. ITR 2 can be filed by the individuals and Hindu Undivided Families who have their income for the financial year through salary, pension, more than one property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources that include lottery, Racehorses, legal gambling.

Also, an individual who is not eligible to file using ITR 1 as the income is exceeding Rs.50 Lakh can file ITR 2 Form.

ITR form 2 can be filed by individuals and the HUF who are not eligible to file form ITR-1 receiving income from the “profits and gains from business or profession”. Thus persons having come from the following sources are eligible to file Form ITR 2:

  • Income from Salary/Pension
  • Income from House property ( can be from more than one house property)
  • Income from Capital gains
  • Income from other sources (Lottery, bets on horses, and other gambling)
  • Foreign Assets/Foreign Income
  • Agricultural income more than Rs.5000
  • A resident is not an ordinary resident and an NRI.
  • Also, a director of any company and an individual who is invested in unlisted equity shares of a company should file their returns in ITR-2
  • Any individual or Hindu Undivided Family with income that is fully or partially earned from the business or profession.
  • Individuals that are eligible to file ITR 1 Form.
  • Individuals who are partners in a Partnership Firm.

What documents are required to file ITR 2 returns?

  • Copy of the previous year’s tax return
  • Bank Statement
  • TDS Certificate
  • Savings Certificate/ Deductions
  • Interest Statement that shows the interest that is paid throughout the year.
  • Balance sheet, P & I, Account Statement, and other Audit reports wherever they are applicable.

The ITR 2 Form can be filed with the Income Tax Department either online or offline:

  • Either by furnishing the return in a paper for. When paper returns are made at the time of submission of the paper returns an acknowledgment is issued by the Income Tax Department to the assessee.
  • By furnishing the return electronically using the Digital Signature. ITR 2 forms are submitted by the assessee electronically using the Digital Signature Certificate an acknowledgment is received to the registered Email Id.
  • It can also be done by transmitting the data in the return electronically under an electronic verification code.
  • It can be done by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR V.
  • By furnishing a bar-coded return.

Instructions to be filed while Form ITR 2

The following instructions and guidelines need to be followed while filing ITR 2 form:

It is necessary to fill the form as per the following sequence:

Part A
All the schedules
Part B- TTI and Part B- TTI
Verification.

If the schedule does not apply to the assessee it should be struck out and it is necessary to mention NA ( Not Applicable)

The assessee must mention NA against any item that does not apply to him or her.

All the figures are to be rounded off to the nearest one rupee except the figures for total income/loss and the tax payable which is to be rounded off to the nearest multiple of ten.

Individuals that fall under the employer category should Choose Government if he or she is a Central or a state government employee.

The individuals who are working in the Public Sector Company should choose the “PSU”

ITR Form 2 cannot be used if the assessee is claiming double taxation relief under Section 90/90A/91.

ITR 2 is an annexure less form. No documents are required to be attached while submission.

 

Structure of ITR 2 Form

ITR-2 is divided into:

Part A: General Information

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 80GGA: Statement of donations for scientific research or rural development

Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC

Schedule AMTC: Computation of tax credit under section 115JD

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 and income from any source outside India

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 the total income exceeds Rs 50 lakhs)

Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020

Part B-TI: Computation of Total Income

Part B-TTI: Computation of tax liability on total income

Details to be filled in if the return has been prepared by a Tax Return Preparer.

The Changes that are incorporated in the ITR 3 Form are:

  • Under Section 115BAC of the Finance Act, 2020 ITR Forms are updated to include the declaration of choosing between the old or the new tax regime. Also if the assessee is paying the Taxes following the New Tax Regime then Form 10 E is to be submitted.
  • Finance Act 2020 has allowed deferring the payment or the deduction of the tax on the ESOPs that are allowed from an eligible startup covered under section 80-IAC. The Part B of the Schedule TTI seeks disclosure on this deferred tax.
  • The Tax liability of the dividend income from the company’s hand is shifted to the investor’s hand since the Finance Act,2020. Section 10(34), 10 (35), 115-O, 115 BBDA are amended. A new row is added to schedule OS to allow the deduction of the expenses like the interest from the dividend income. One more new row is added under the Schedule OS to incorporate the details of the dividend income that is taxable in the hands of the unitholders of the business trust.
  • It is necessary to provide the quarterly breakup of the dividend income for the interest calculation under Section 234C.
  • It is necessary to include the marginal effect of the marginal relief by showing the surcharge calculated before the marginal relief as well as after the marginal relief. Previously there was no such requirement.
  • Under Section 50 C the value of sale consideration in case of the land or building or both is considered. If this sale consideration is less than the stamp duty value then the stamp duty value is considered to be the full value of consideration except for the difference of 5%. The tolerance limit is increased from 5% to 10% and the changes are made to the ITR.
  • Under schedule 80 GGA a separate disclosure of cash donation with the date is required in the ITR Form.
  • Under the Scheule 112A and 115 AD (1)(b) (iii) the ITR 2 form is updated with a new column that provides the details of the nature of the securities that are transferred. Also, both schedules are updated to give the grandfathering clause effect by allowing to mention the details including the Sale price, FMV, and COA of the securities.

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