ITR Form 2 is to be filed by people and Hindu Undivided Families (HUFs) who are not engaged with any business or profession. People or HUFs earning through a business or a profession and the individuals who are qualified to file ITR Form 1 can’t file their profits with ITR 2. Return in ITR 2 can’t be filed by an individual or HUF in the event that he/it has income chargeable to tax under the head ‘Profit or gains from business or profession’ or he needs to claim deduction under Section 10AA or Part-C of Chapter VI-A.
The Income Tax Return (ITR) filing deadline for the financial year 2019-20 (the assessment year 2020-21) prior would have ended on November 30, 2020. The administration has now extended the deadline for filing an income tax return by a month. The new deadline is December 31.
ITR Form 2: How to download
- Sign in to https://www.incometaxindiaefiling.gov.in/home
- Under the Download tab, click “Offline Utilities”
- Click on “Income Tax Return Preparation Utilities”
- Select your Assessment Year
- Click-on “Excel Utility” for filling the subtleties by hand under ITR 2 segment and download the file
- Open the downloaded file and fill in the details.
ITR Form 2: Who is Eligible to use the form
- This form is for Individuals and Hindu Undivided Family (HUF) not having salary from profits and gains of business or profession.
- This ITR form should not be utilized by an Individual or HUF whose Total Income for A.Y. 2020-21 incorporates income under the head “Profits and Gains of Business or Profession”.
Key Changes in ITR Form 2 for FY 2019-20
- Given that ITR-1 isn’t relevant for the RNORs and the non-residents, they need to essentially go with ITR-2 for filing their return of pay.
- The applicability of ITR-2 has been made more clear in as much as now it is pertinent for people and HUF having pay other than salary under the head “Profits and Gains from Business or Profession”
- For people with two house properties on lease need to report a similar sum in the ITR-2.
- ITR-2 keeps on applying to resident individuals who have an absolute salary surpassing Rs 50 lakh.