ITR-2 FORM
Table of Contents
ITR-2 FORM
Income Tax department has designed various ITR forms depending on various criteria. Taxpayers has to choose right ITR forms to file their return. Comprehensive details have been elaborated for taxpayers who can file ITR-2.
Who is Eligible to File ITR-2 for AY 2020-21?
ITR-2 is for Individuals and HUF where total income does not include income under the head of Business or Profession:
- Applicable for resident, ordinarily resident and non-resident
- Income from Salary & Pension
- Income from House Property (May be more than House Property)
- Income, Income from other sources (including winning from lottery / income from racehorses)
- Agriculture Income more than Rs 5,000/-
- Individual having foreign income or foreign assets
- Investment in unlisted equity shares of a company
Who cannot file ITR-2 for AY 2020-21?
- Individual having Income from Business or Professions
How to file ITR-2 form?
ITR-2 can be filed either Offline or Online as follows:
Offline mode to file ITR-2:
- This is physical paper form to be filed with respective income tax officer having concerned jurisdiction
- Person having more than 80 years of age
- Person having income less than Rs 5 lakhs
- Person does not have any refund of tax
Online or Electronic mode to file ITR-2:
- Filing income tax return with Income Tax e-filing portal
Structure of ITR-2 form
ITR-2 contains the following parts and schedules as follows:
- Part ‘A’ – General Information
- Personal Information
- Filing Status
- Schedule-S: Details of Income from Salary
- Schedule-HP: Details of Income from House Property
- Schedule-CG: Capital Gains (Long Term Capital gain / Short Term Capital Gain)
- Schedule-112A: From Sales of equity shares or unit of equity-oriented fund or unit of a business trust on which STT is paid u/s 112A
- Schedule-115DA(1)(b)(iii) proviso: For Non-Residents
- Schedule-OS: Income from Other Sources
- Schedule-CYLA: Details of Income after set off of Current Year Losses
- Schedule-BFLA: Details of Income after Set-off of Brought Forward Losses of earlier years
- Schedule-CFL: Details of Losses to be carried forward for future years
- Schedule-VI-A: Deductions under Chapter VI-A
- Schedule-80G: Details of Donations entitled for deduction under section 80G
- Schedule-80GGA: Details of Donations for scientific Research or Rural Development
- Schedule-AMT: Details of Alternate Minimum Tax payable under section 115JC
- Schedule-AMTC: Details of Tax Credit under section 115JD
- Schedule-SPI: Income of specified persons (spouse, minor child etc) includable in income of assessee as per section 64
- Schedule-SI: Income chargeable to tax at special rates
- Schedule-EI: Details of Exempt Income
- Schedule-PTI: Pass Through details from business trust or investment fund as per section 115UA, 115UB
- Schedule-FSI: Details of Income outside India and tax relief (available only in case of resident)
- Schedule-TR: Summary of tax relief claimed for taxes paid outside India (available only in case of resident)
- Schedule-FA: Details of Foreign Assets and Income from any source of outside India
- Schedule-5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code
- Schedule-AL: Assets and Liabilities at the end of the year (applicable in a case where total income exceeds Rs.50 lakh)
- Schedule-DI: Details of investments
- Part ‘B’ – Gross Total Income
- Schedule-TI: Computation of Total Income
- Schedule-TTI: Computation of tax liability on total income
- Schedule-20: TAX PAYMENTS
- Gross Total Income
