All you need to know about ITR-2 Form

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ITR-2 form
ITR-2 form

The Central Board of Direct Taxes have released the new ITR-2 Form, which can be used by individuals to file their Income Tax Return for the Financial Year 2017-18. Now the Java utility of the form is available, earlier the paper version of this form in PDF was available which cannot be used for e-filing of Income Tax Return.

you need to know about ITR-2 Form

It is mandatory for all the taxpayers to file Income Tax Return using ITR-2 Form, Form ITR-2 is the most widely used ITR Form after ITR-1.

ITR-2 Form can be filled by individuals and Hindu Undivided families (HUFs) who have income from any sources except for the income from profits and gains of business or profession. Income from sources that can be declared in this return include, income from more than one house property, capital gains, salary etc. Unlike ITR-1, ITR 2 can be used by non-resident individuals (NRI) as well as not ordinarily resident individuals.

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The notable changes that came into being in this form are Schedule-IF is deleted (Details of Partnership Firm) and Schedule-BP (Details of Income of Partner from Firm) that means now partners of the firm will not be able to file ITR 2 Form. The abovementioned taxpayers will have to go for ITR 3. However, the other change which is important is that now non-resident individuals (NRIs), who have income from salary have to furnish ITR 2 instead of ITR 1. Moreover, similar to ITR -1, even in ITR-2, as per the Schedule on TDS, there is also an additional field for furnishing details of TDS according to Form 26QC for TDS made on Rent and the taxpayer is supposed to provide the PAN details of the Tenant.

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It is important to understand that all the ITR Forms are to be filed electronically. However, the taxpayers who are required to file Forms ITR-1 to ITR-4 can do it by filling the paper version of the, if they satisfy the following conditions: –

Filing Income Tax Return 
  • If the taxpayer is 80 years of age or more at any time during the previous year, or
  • If the individual taxpayer or HUF’s income does not exceed Rs 5 lakh and who has not claimed a refund while filing their ITR.
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All India ITR, one of India’s leading tax prep websites offering personal tax solutions focussing on income tax return filing through tech platforms, be it the web, Android or iOS, is dedicated to making tax returns as easy and convenient and yet as complete as possible. With value added services to help maximise tax savings and minimise tax outgo and tax investment advice the comparative advantage of specialization allows us to uniquely serve our clients. All India ITR is certified to conduct E-return intermediary services by the Income Tax Department of India.

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