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:
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
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