ITR FOR SALARIED PERSON
BASIC PLAN
ELIGIBILITY FOR ITR-2 FORM
ITR-2 can be filed by individuals or HUFs who:
1) Income more than Rs 50 Lakhs per annum.
2) Income is from salary, Two or more house rent, family pension income, agricultural income (more than Rs. 5000/-), Individual Director in a Company and other sources, which include:
o Interest from Savings Accounts
o Interest from Deposits (Bank / Post Office / Cooperative Society)
o Interest from Income Tax Refund
o Interest received on Enhanced Compensation
o Any other Interest Income
3) Income from Capital Gain.
4) Income from other Country (Foreign Income, NRI)
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ITR-2 RETURN FILING FOR:
- Income tax return filing for persons with single or multiple Form 16 with Salary more than Rs 50 Lacs.
- Dividend Income of more than Rs 10 Lacs.
- Rental Income More than One House property.
Rs 1,999/-
ITR FOR SALARIED PERSON
STANDARD PLAN
ITR-2 RETURN FILING FOR:
- Income tax return filing for persons having capital gains (mutual funds and stocks), ESOP (Employee Stock Ownership Plan), FD, Interest or salary arrears.
- E filing of form 10e.
- Rental Income More than One House property.
Rs 2,499/-
ITR FOR SALARIED PERSON
PREMIUM PLAN
ITR-2 RETURN FILING FOR:
- Income tax return filing for persons having Foreign Income (On-site deputation), Foreign Assets, NRI.
- Rental Income More than One House Property.
Rs 4,999/-
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ITR-2 Form Return Filing
ELIGIBILITY FOR ITR-2 FORM.
ITR Form 2 is for Individuals and HUF having income more than 50 lakhs from the following sources:
- Income from Salary/Pension
- Income from House Property(Income can be from more than one house property)
- Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
- Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
- Foreign Assets/Foreign Income
- Agricultural Income more than Rs 5000
- Resident not ordinarily resident and an NRI.
A Director of any company and an individual who is invested in unlisted equity shares of a company will be required to file their returns in ITR-2.
WHO CANNOT FILE ITR-2 FORM.
- Any individual or HUF having income from Business or Profession
- Individuals who are eligible to fill out the ITR-1 Form.
- Individuals who are partners in a Partnership Firm.
DOCUMENTS REQUIRED TO FILE ITR-2 FORM
- 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.
INSTRUCTION FOR FILING ITR-2 FORM
The following instructions and guidelines are 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.
ITR-2 is divided into two parts:
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
FREQUENTLY ASKED QUESTION - FAQ.
How many parts is ITR-2 divided into ?
ITR 2 is divided into 2 parts: » Part A and B.
What does PART A Form of ITR-2 include?
Part A of Form ITR-2 includes all the general information.
What does PART B Form ITR-2 include?
Part B consists of the total income computation and the tax liability on the total income computation.
Is a Balance sheet necessary for ITR-2 Filing?
Individuals and the HUFs that are carrying business or profession are required to file the details of the assets and the liabilities through a balance sheet. • It is necessary to file schedule AL while filing ITR2 which includes the taxpayer above Rs.50 lakh.
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