The ITR-2 Form is the Income Tax Return form for Individuals and HUFs who do not have any income from Business or Profession.
The due date of filing the ITR-2 form for the Financial Year 2014-15 is August 30, 2015.
Who is eligible to file the ITR-2 Return?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year includes:
Income from Salary/Pension
Income from House Property
Income from Capital Gains (Short Term and Long Term)
Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
Who is not eligible to file the ITR-2 Return?
Any individual or HUF with income wholly or partially earned from Business or Profession
Individuals who are eligible to fill out the ITR-1 Form
Individuals who are partners in a Partnership Firm
What is the structure of the ITR-2 Form?
ITR-2 is divided into:
Part A: General Information
Part B-TI: Computation of Total Income
Part B-TTI: Computation of tax liability on total income
Details to be filled if the return has been prepared by a Tax Return Preparer
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 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 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 IT: Statement of payment of advance-tax and tax on self-assessment.
Schedule TDS1: Details of tax deducted at source on salary.
Schedule TDS2: Statement of tax deducted at source on income other than salary.
Schedule FSI: Statement of income accruing or arising outside India.
Schedule TR: Details of taxes paid outside India.
Schedule FA: Details of Foreign Assets.
Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code.
How do I fill out my ITR-2 Form?
Here are a few general guidelines to keep in mind while filling your ITR-2 form:
If any schedule is not applicable to you, strike it out and write —NA— across it
If any item is not applicable to you, write NA against it
Indicate nil figures by “Nil”
Put a “-” sign before negative figures
All figures are to be rounded off to the nearest one rupee except figures for total income/loss and tax payable. Those are to be rounded off to the nearest multiple of ten.
If you are an individual, under the Employer Category you should tick Government if you are a Central/State Government employee. You should tick PSU if you work in a public sector company of the Central/State Government.
The ITR-2 Form can also not be used if you are claiming double taxation relief under Section 90/90A/91.
What is the best sequence to fill it out?
The easiest way to fill out your ITR-2 Form is to follow this sequence:
All the schedules
Part B-TI and Part B-TTI
How do I file my ITR-2 Form?
You can submit your ITR-2 Form either online or offline. It is mandatory to file Income Tax Returns electronically (either through Mode 3 or Mode 4) for the following assesses:
those who earn more than Rs. 5 lakhs per year
those having any assets outside India (including financial interest in any entity) or signing authority in any account outside India
those claiming relief under Section 90/90A/91 to whom Schedule FSI and Schedule TR apply
By furnishing a return in a physical paper form
By furnishing a bar-coded return
The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
By furnishing the return electronically under digital signature
By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V
If you submit your ITR-2 Form electronically under digital signature, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.
Remember that ITR-2 is an annexure-less form i.e. you do not have to attach any documents when you send it.
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