The Income Tax Act, 1961 classifies taxpayers based on earnings, income source and age to ensure hassle-free compliance. Taxpayers having different sources of earnings must download and file separate Income Tax Return forms. For example, Form ITR-2 is applicable to HUFs and individuals not earning any income from business or profession.
If you need to file ITR-2 form, keep reading this page!
HUF and individuals with income from the below-mentioned sources can file ITR-2 form:
Note that a company’s director and a person investing in a company’s unlisted equity shares will have to file ITR-2 form.
Also Read – How To File Income Tax Return Online?
The following cannot file ITR-2:
ITR-2 consists of the following divisions:
Also Read – How To Save Income Tax On Salary?
You may submit your Income Tax Return-2 form through offline or online mode.
Taxpayers who are aged 80 years and above can file ITR-2 offline.
You can file a return offline in the following ways:
The tax department will provide you with an acknowledgement after you submit the physical return form.
You can file a return online in the following manner:
You will receive an acknowledgement in your email id if you have submitted ITR-2 electronically with a digital signature.
You can also download the ITR-2 form from the Income Tax portal. After filling in the details, you can send it to Bangalore’s CPC office within 120 days of ITR e-filing.
If you want to file ITR-2 for AY 2021-22, go through the following points:
Individuals who are about to file ITR-2 form must know that it is annexure-less. This means you need not submit any documents while filing the return. A taxpayer’s residential status and source of income determine the type of ITR form required in a financial year.
What are some of the modifications of ITR-2 in AY 2018-19?
The tax department made the following changes in AY 2018-19:
Who can file ITR-1 form?
ITR-1 is a 1-page form for taxpayers earning up to Rs. 50,00,000 from the below-mentioned sources:
If taxpayers earn above Rs. 50 lakh, which forms should they choose?
When a taxpayer’s income exceeds Rs. 50 lakh, he/she should select the following:
Which incomes are eligible for exemption u/s 10?
An individual should file ITR-2 form if his/her exempted earning is above Rs. 5,000. Section 10 of the IT Act offers exemptions for the following incomes:
What is form ITR-3?
HUF and individuals having gains and profits from profession and business can file ITR-3 form. The sources of income can be as follows:
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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