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Individuals and Hindu Undivided Families with income from pay or pensions, residential property, capital gains, income from overseas assets, company or income from a profession as a partner, as well as other sources such as lottery racehorses and legal gambling, can submit their ITR 2 in Mumbai. In Mumbai, a person who is not qualified to submit ITR 1 because his or her income exceeds Rs 50 lakh can file ITR 2. How to file Income Tax Return ITR 2 Form Filing in Mumbai.

 Income Tax Return ITR-2 Filing in Mumbai

ITR 2 Filing in Mumbai 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 ITR 2 Form in Mumbai can be used by both Indian citizens as well as NRIs to file their tax returns with the IT department. The taxpayers who cannot file ITR 1 can file ITR 2 returns in Mumbai. How to file Income Tax Return ITR 2 Form Filing in Mumbai.

FAQ

When does the ITR 2 form have to be filed in Mumbai?

Individuals and HUFs must file ITR 2 Forms in Mumbai on or before July 31st of each year.

Is it feasible to submit an ITR 2 form in Mumbai without going online?

Both offline and online ITR 2 forms are available in Mumbai. The customer can either upload the XML or connect into the income tax portal directly in online mode.

Is it possible for a non-resident Indian to file an ITR 2 form in Mumbai?

In Mumbai, a non-resident Indian can file an ITR 2 form.

When should you file your ITR 2 in Mumbai?

When the assessee falls into one of the following categories, he can utilise the ITR 2 form in Mumbai:

• Gains in capital
• Income from many rental properties
• Income from sources other than India
• As a partner in any business, you can earn money.
• Agribusiness revenue of more than Rs. 5000.
• Lotteries and horse racing winnings
• Finally, income surpassing Rs.50 lakh from salary pension, housing property, and other sources. How to file Income Tax Return ITR 2 Form Filing in Mumbai.