ITR 2 Form – For Individuals and HUFs not having income from profits and gains of business or profession

Who can file ITR2?

  • Individuals and HUFs can file ITR-2. This form will be applicable to you if you receive income from:
  • Income from Salary or pension
  • House property Income from one or more
  • Capital Gains or Loss on sale of investments/property (both short-term and long-term)
  • Income from Other sources (lottery winnings, gambling and other legal channels)
  • Foreign Assets/Foreign Income
  • Agricultural income exceeding Rs 5,000
  • From AY 2018-19, RNORs (Resident not ordinarily resident) and Non-Residents have to file Form ITR-2.

Who cannot File ITR 2?

You cannot file this form if your income includes the following:

  • Income from Business or Profession
  • If you are eligible to fill out the ITR-1 Form

Structure of ITR 2 Form?

ITR-2 has the following parts:

  • Part A: General information such as identification, etc.
  • Part B: Details of total income and tax computation in respect of income chargeable to tax.

This is followed by the below schedule:

  • Part A: General Information
  • Part B-TI: Calculation of Total Income
  • Part B-TTI: Calculation of tax
  • Details if the return has been prepared by a Tax Return Preparer (TRP)
  • Schedule S: Details of income from salaries
  • Schedule HP: House Property income details
  • Schedule CG:. Calculation Capital gains income
  • Schedule OS: Calculation of Income from other sources.
  • Schedule CYLA: Income Statement after set off of current year’s losses
  • Schedule BFLA: Income Statement after set off of unabsorbed loss brought forward from earlier years.
  • Schedule CFL: Carried forward of losses
  • Schedule VIA: Deductions from total income under Chapter VIA.
  • Schedule 80G: Statement of donations entitled for deduction under section 80G.
  • Schedule SPI: Income Statement arising to spouse or minor child or son wife or any other person or AOP’s to be included in the assessee income in Schedule-HP, CG & OS
  • Schedule SI: Statement of income chargeable to tax at special rates
  • Schedule EI: Exempt Income Details
  • Schedule IT: Statement of payment of advance-tax and self-assessment tax.
  • Schedule TDS1: Tax deducted at source on salary Details.
  • Schedule TDS2: Statement of tax deducted at source on income other than salary.
  • Schedule FSI: Income Statement accruing or arising outside India.
  • Schedule TR: Details of taxes paid outside India.
  • Schedule FA: Details of Foreign Assets.
  • Schedule 5A: Apportionment of income between spouses governed by Portuguese Civil Code.
  • Schedule AL: Asset and liability at the year end(applicable in case where income exceeds Rs 50 lakhs).

Some of the significant changes made in the ITR 2 for the AY 2018-19 are:

1. From AY 2018-19, RNORs and Non-Residents have to file Form ITR-2.

2. Schedule-IF i.e. Income from firm and Schedule Business Profession (BP) has been removed. Therefore, anyone having income from partnership firm has to file ITR-3 and not ITR-2 from the financial year 2017-18.

3. Same as ITR -1, even in ITR-2, under the Schedule on TDS, an additional field has been added for furnishing details of TDS as per Form 26QC for TDS made on rent. Also, PAN of tenant is also required in certain cases.

4. “Profits and Gains from Business or Profession” Field which was earlier featuring under Part B – TI has now removed.

5. In Schedule AL, the field of “Interest held in the assets of a firm or association of persons as a partner or member thereof” has been done away with.

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