The ITR-2 can be filed by individuals and Hindu Undivided Family (HUF) earning income other than business and professional income. You can either file ITR-2 physically or electronically. Electronic filing of ITR-2 has been made compulsory for taxpayers having an income of more than Rs. 5 Lakhs. The due date to file ITR-2 is 31st July of the next financial year.
File ITR 2 Physically
- You can download ITR-2 Form from Income Tax Website,
- Fill the form and Submit the ITR-2 to IT Department in paper form,
- The department will provide you with an acknowledgment along with a stamp of submission on your copy.
File ITR 2 Online
- You can prepare ITR-2 offline using Tax Return Preparation Utility and submit it from your Login on Income Tax Website OR
- You can prepare and submit the ITR-2 online using E-Return Intermediary (ERI) like Quicko.
Structure of ITR-2
|PART A- GENERAL||Personal Information||Name, Address, Date of Birth, PAN, contact details.|
|Filing Status||Employer Category, Tax status, Residential status, Return filed under the section.|
|PART B-TI||Computation of total income||Total Income from all income sources, Losses of the current year set off, Gross Total Income, Deductions under Chapter VI-A.|
|PART B-TTI||Computation of tax liability on total income||The Bank Account details, Verification, and TRP details (if any) are to be provided.|
|Schedule IT||Details of Advance Tax and Self Assessment Tax Payments||BSR code, Date of Deposit, Chalan number, Tax Paid|
|Schedule TDS||TDS1: Details of Tax Deducted at Source from SALARY||TAN of Employer, Employer Name, Tax Deducted, etc.|
|Schedule TDS||TDS2: Details of Tax Deducted at sources from Income other than Salary (As per FORM 16A) & Details of tax deducted at source on sale of immovable property u/s 194IA (Form 26QB)||TAN, Name of Deductor, Year of Deduction, Tax deducted, etc.|
|Schedule TCS||Details of tax collected at source||TAN of the collector, Name of Collector, Tax Collected, etc.|
|Schedule S||Details of Income from Salary||Name and PAN of the Employer, Address of the Employer, Salary, Perquisites, Allowance, etc.|
|Schedule HP||Details of Income from House Property||Details of House Property, Name and PAN of the Co-owners and Tenants, Details of Rent Income, Interest payable on Borrowed Capital, etc.|
|Schedule CG||Capital Gains||Details about the Short term and Long term Capital gains, Sales consideration, Cost of Acquisition, Deductions under Section 54,54B,54EC,54F,54GB.|
|Schedule OS||Income from Other Sources||A dividend, Interest, Rental income from machinery, Winnings from lotteries, Crossword puzzles, Races, Games.|
|Schedule CYLA||Details of income after setoff of current year losses||Details of current year losses and its Inter Headset off|
|Schedule BFLA||Details of income after Set off of Brought Forward Losses of earlier years||Details of brought forward losses set off against current year’s income, total brought forward losses set off.|
|Schedule CFL||Details of Losses to be carried forward to the future years||Total of earlier year losses, current year losses, Total of carried forward to future years.|
|Schedule VI-A||Deductions under Chapter VI-A||Deductions under section 80C, 80CCC, 80CCG, 80D, 80DDB, 80E, 80G, 80TTA.|
|80G||Details of Donations||Name of Donee, Address, City or District, State Code, PAN of Donee, Amount.|
|Schedule SPI||The income of specified persons (spouse, minor child, etc.) included in the income of the assessee (income of the minor child, in excess of Rs. 1500 per child, to be included)||Name and PAN of Person, Relationship, Nature of Income, Amount.|
|Schedule SI||Income chargeable to income tax at special rates||Description of Special Rate Income, Special Rate, Income, Taxable Income after adjusting min. chargeable to tax, Tax thereon.|
|Schedule EI||Details of Exempt Income (Income not to be included in Total Income)||Interest income, Dividend, Agricultural Income.|
|Schedule PTI||Details of Income from Business Trust or Investment Fund||Details of Income earned from Business Trust or Investment Fund as per section 115UA, 115UB.|
|Schedule FSI||Details of Income from outside India and tax relief||A country, Head of income, Income from outside India, Tax paid outside India, Tax payable in India, Relevant article of DTAA if relief is claimed u/s 90 or 90A|
|Schedule TR||Summary of tax relief claimed for taxes paid outside India||Details of tax relief claimed|
|Schedule 5A||Information regarding the appointment of income between spouses governed by Portuguese Civil Code||Name and PAN of a spouse, Income received under different heads, Amount appointed in the hands of the spouse, TDS details.|
|Schedule FA||Details of Foreign Assets and Income from any source outside India||Details of foreign bank accounts, financial interest in any entities, Immovable Properties, Other Capital Assets.|
|Schedule AL||Details of Assets and Liabilities||Details of an immovable asset, Details of a movable asset, Interest held in the asset of a firm or AOP.|
Steps to prepare and file ITR-2
- All items must be filled in the manner indicated therein; otherwise, the return may be liable to be held defective or even invalid.
- If any schedule is not applicable than score across as “NA“.
- If any item is inapplicable than write “NA” against that item.
- Write “Nil” to denote nil figures.
- Except as provided in the form, for a negative figure/ figure of loss, write “” before such figure.
- All figures should be rounded off to the nearest one rupee. However, the figures for total income/ loss and multiple of ten rupees.
Sequence for filling out parts and schedules
You are advised to follow the following sequence while filling out the form:
- Part A – General on page 1.
- Part BTI and Part BTTI
- Details relating to TRP and countersignature of TRP if a return is prepared by him.
Sample ITR-2 Form
No, it is not possible to prepare ITR-2 from your login on Income Tax Website. You can either prepare it online through ERI like Quicko or you can prepare it offline through ITR Utility and then submit it online.
ITR-2 needs to be filed on or before 31st July of the next financial year. Failing which the taxpayer ends up with late filing fees u/s 234F.
Yes, ITR-2 can be filed even after the due date. It will be considered as a belated return. It can be filed at any time before the end of the assessment year.