In this article, we will discuss in detail about ITR 2 form i.e. procedure to fill, procedure to file online and answer your all queries related ITR-2 form. You can download ITR-2 form in Excel and Java utility along with instructions.
Who can File ITR-2?
If you have the following incomes then you need to file ITR 2. The ITR 2 form is only for Individuals and HUF.
- Income from Salary/Pension
- Income from House Property (Even having more than one house property)
- Income from Capital Gains (Short term or Long term) even losses
- Income from other Sources
- Agricultural Income More than Rs.5000
If you are eligible to file ITR-1 then you will not file ITR-2. Please read ITR-1 form detail here.
Amendments in ITR 2 Form for A.Y. 2018-19
- The column of “Profit and Gains from Business and Profession” has been removed under Part B.
- The another column of Schedule – IF (Income from firm) and Schedule BP has also been removed. It means the individual having income from partnership firm need to file ITR-3 not ITR-2.
- Now RNORs and the non residents have to filed ITR-2 not ITR-1.
Amendments in ITR 2 Form for A.Y. 2017-18
- A new column inserted in ITR-2 “Income of Person as a Partner in a Firm or Association of Persons”. First it was in ITR-3 form.
- Now, you will have to declare the value of assets and liabilities above Rs.50 lakhs in schedule ‘AL’ of ITR-2 form
- From A.Y. 2017-18, you must mention Aadhaar number in ITR-2. If you have not Aadhaar card then apply it and mention Enrollment ID.
- A new column has inserted i.e. schedule ‘OS’ to declare unexplained credit or investment and dividend received from domestic companies above Rs. 10 lakhs.
- If you deposited Rs 2 lakh or more from 9th November 2016 to 30th December 2016 then you must fill the column of cash deposited during the demonetization period.
How to File ITR-2 Form for A.Y. 2017-18
You can file ITR-2 online or offline. Here is the complete procedure to file ITR-2 online or offline.
Procedure to file ITR-2 Online:
Filing the information in ITR-2 – Very Simple – Step by Step
|Step 1||Download ITR-2 Excel Utility|
|Step 2||Fill all worksheets and schedules as applicable in ITR-2|
|Step 3||Fill TDS detail worksheet|
|Step 4||Fill all TCS detail worksheet|
|Step 5||Fill taxes paid and verification worksheet of ITR-2 Form|
|Step 6||Fill 80G donation detail worksheet|
|Step 7||After filling all detail click on validate|
|Step 8||After validation click on Generate XML|
|Step 9||After XML generation, you are ready to file ITR-2|
Now Procedure to e-File ITR-2 on https://incometaxindiaefiling.gov.in/
|Step 1||Visit here -> http://incometaxindiaefiling.gov.in/eFiling/|
|Step 2||If you already registered then login|
|Step 3||If you are not registered then click on register yourself|
|Step 4||After login click on e-file|
|Step 5||Then select assessment year and select ITR-2 here|
|Step 6||Browse your XML file as generated above|
|Step 7||Select digitally sign as Yes (if you have digital signature), if Not then select No|
|Step 8||Click on Submit button|
|Step 9||System will generate ITR-V, Print it|
|Step 10||Send ITR-V to the address given in ITR-V|
|Step 11||E-verify your return – Check here how to e-verify Income Tax Return|
Offline Procedure to Fill and Submit ITR-2
You can file Income Tax Return in ITR-2 offline if you qualify the following conditions.
- If you have less than Rs.5 lakh income and don’t want to claim refund.
- If you are of the age of 80 years or more.
To file offline ITR-2, you have to fill ITR-2 schedules as applicable and deposit in your ward range income tax department office.
ITR-2 Schedules with Descriptions
|PART A- GENERAL||Personal Info., Filing Status||Details of personal information and filing status|
|PARTB – TI – TTI||PartB-TI ,PartB-TTI, Verification||Computation of total income, tax liability and details of income from salary|
|IT||Tax Payments||Details of Advance Tax and Self Assessment Tax Payments of Income-tax|
|TDS||Tax Payments (TDS1,TDS2,TDS3)||Details of Tax Deducted/Collected at Source on Income|
|TCS||Tax Payments (TCS)||Details of Tax Collected at Source [As per Form 27D issued by the Collector(s)]|
|SALARY||Schedule S||Details of Income from Salary|
|HOUSE_PROPERTY||Schedule HP||Details of Income from House Property|
|BP||Schedule BP||Details of Income from Business|
|CG||Schedule CG||Details of Capital Gains|
|OS||Schedule OS||Income from other sources|
|CYLA-BFLA||Schedule CYLA, Schedule BFLA||Details of Income after set-off of current years losses and Brought Forward Losses of earlier years|
|CFL||ScheduleCFL||Details of Losses to be carried forward to future Years|
|80G||Schedule 80G||Details of donations entitled for deduction under section 80G|
|VIA||Schedule VIA||Details of Deductions under Chapter VI-A|
|SPI – SI – IF||Schedule SPI, Schedule SI, Schedule IF||Details of Income of specified person, Income chargeable to Income tax at special rates and details of firm|
|EI||Schedule EI||Details of Exempt Income (Income not to be included in Total Income)|
|PTI||Schedule PTI||Pass Through Income details from business trust or investment fund as per section 115UA, 115UB|
|FSI||Schedule FSI||Details of Income accruing or arising outside India|
|TR_FA||Schedule TR, Schedule FA||Schedule TR Details of Tax Relief claimed under Section 90 or Section 90A or Section 91, Schedule FA Details of foreign assets|
|SCH5A||Schedule 5A||Information regarding apportionment of income between spouses governed by Portuguese Civil Code|
|AL||Schedule AL||Details of Assets and Liabilities|
One should consider the last date/deadlines to file ITR-2 as delayed returns attracts penal interest according to income tax rules. Please refer Income Tax Obligation Calendar to check all the deadlines for A.Y. 2017-18.
Download ITR-2 Form (A.Y.2018-19)
Useful Guides to File ITR-2
|Income Tax Slabs|
|Obligation to File Return|
|Computation of Total Income|
|Capital Gains Tax Rates|
|Cost of Inflation Index|
|How to Verify Income Tax Return|
|How to Send ITR-V to CVC|
|Which ITR Form Applicable to Me|
|How to File Income Tax Return Step by Step|