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ITR2: Detailed guide
Individuals having income from salary, pension, house property, capital gains, loss on sale of investments, property that includes both short term an…

The ITR-2 form is intended to be filed by individuals and HUFs without a profession or company.

Who are eligible to file ITR-2?

Individuals having income from salary, pension, house property, capital gains, loss on sale of investments, property that includes both short term and long term.

Income from other sources that include winning from lottery, bets on racehorses, and other legal means of gambling.

Income from agriculture exceeding Rs.5000.

Income generated from foreign sources.

An individual can be a resident or a non-resident.

Income exceeding Rs.50lakhs will be considered as well.

Anyone who owns unlisted equity shares in a company or a director of any company, he/she is required to file returns in ITR-2

Who are not qualified to file ITR-2?

An individual or HUF who derives their income from a trade, profession, or business.

Individuals who are qualified to submit ITR-1 or Sahaj.

If your only source of income is a salary and house property, then you should submit ITR-1 rather than ITR-2.

Deadline for filing ITR-2

The deadline for filing ITR-2 for the financial year 2022-23 is July 31, 2023, for individuals who do not need to get their accounts audited. For individuals who need to get their accounts audited, the deadline for them is September 30, 2023.

Structure of ITR-2

Part A: This section includes details regarding your personal information and filing status.

Part B: This component is mainly divided into two parts which are :

Part B-TI: It includes calculating the total income in relation to taxable income.

Part B-TTI: This part determines how much tax you must pay on your total income.

This form has a number of schedules, which are explained below.

Schedule S: This section has information about income from salary.

Schedule CG: It includes calculating how much money you made from "Capital Gains."

Schedule 112A- From the sale of equity shares of a company or a unit of an equity-oriented fund or business trust on which STT is paid

Schedule 115AD (I)b(b) (iii) proviso- For non-residents -From the sale of equity share of a company or a unit of equity-oriented fund/business trust on which STT is paid

Schedule HP: In section HP, a person must fill out the information about "Income from House Property.

Schedule OS: It requires one to determine one's income under the category "Income from Other Sources."

Schedule BFLA: This part of the report contains a summary of income after deducting any unabsorbed losses that were carried forward from the previous years.

Schedule CYLA: It has a statement of income that shows how much money it made this year after considering the losses of the current financial year.

Schedule 80G: This section contains a list of donations that are eligible for a tax deduction in accordance with Section 80G of the Income Tax Act.

Schedule CFL: It includes a statement of losses that will be rolled over to the succeeding fiscal years.

Schedule VI-A: It is a list of deductions from an individual's gross income in accordance with Schedule VI-A.

Schedule AMT: It includes calculating the individual's alternate minimum tax in accordance with Section 115JC of the Income Tax Act.

Schedule 80GGA: This section displays a statement of donations to be made towards rural development or scientific research.

Schedule AMTC: It involves calculating an individual’s tax credit under Section 115JD.

Schedule SI: This section includes a statement of the income that is chargeable to tax at special rates.

Schedule EI: It has details of exempt income, which is excluded from one’s total income.

Schedule SPI: It is a statement of income of an individual’s spouse/minor child/son’s wife or any such person or association of persons who are to be included in this individual’s income as per schedules HP, CG, and OS.

Schedule TR: If one pays taxes to another country, they must inform the Income Tax Dept. in a special form called schedule TR.

Schedule PTI: This schedule shows the income earned from one’s business or investments, as stated in the Section 115UA and 115UB

Schedule FSI: This provides a statement of revenue that is generated or accumulated outside of India.

Schedule AL: This displays an individual's assets and liabilities at the end of the year and is only relevant if the taxpayer's total income is more than ₹50,00,000.

Schedule FA: The schedule includes information regarding income derived from outside India, along with any foreign assets.

Schedule 5A: This shows how an individual's income is divided between their spouse and themselves.

Schedule DI: This schedule consists of information regarding investments, deposits, or payments that are eligible for a tax deduction or exemption.

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