CA Loan Bajaj Finserv
CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Know your Income tax form ITR-2

CS Karan B Khattri 
on 25 June 2018

LinkedIn


WHAT IS ITR 2

ITR-2 Form is for Individuals and HUFs not carrying out business or profession under any proprietorship.

DETAILS REQUIRED IN ITR-2 FORM


SCHEDULES FOR FILING INCOME TAX RETURN

DESCRIPTION

Personal Info., Filing Status

Details of personal information and filing status

PartB-TI ,PartB-TTI, Verification

Computation of total income, tax liability and details of income from salary

Tax Payments

Details of Advance Tax and Self-Assessment Tax Payments of Income-tax

Tax Payments (TDS1,TDS2,TDS3)

Details of Tax Deducted/Collected at Source of Income

Tax Payments (TCS)

Details of Tax Collected at Source [As per Form 27D issued by the Collector(s)]

Schedule S

Details of Income from Salary

Schedule HP

Details of Income from House Property

Schedule CG

Details of Capital Gains

 Schedule OS

Income from other sources

Schedule CYLA, Schedule BFLA

Details of Income after set-off of current years losses and Brought Forward Losses of earlier years

ScheduleCFL

Details of Losses to be carried forward to future Years

Schedule 80G

Details of donations entitled for deduction under section 80G

Schedule VIA

Details of Deductions under Chapter VI-A

Schedule SPI, Schedule SI, Schedule IF

Details of Income of specified person,  Income chargeable to Income tax at special rates and details of firm

Schedule EI

Details of Exempt Income (Income not to be included in Total Income)

Schedule PTI

Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

Schedule FSI

Details of Income accruing or arising outside India

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

Schedule 5A

Information regarding apportionment of income between spouses governed by Portuguese Civil Code

Schedule AL

Details of Assets and Liabilities


*Not required to all Schedule, only applicable mandatory schedule have to fill.

WHAT ARE THE DIFFERENT MODE OF FILING ITR-2 

  • Online-Not directly ( Through xml file upload )
  • Offline (Individual who are of the age 80 years or more and Individual whose income is less than Rs 5 lakhs per year and who do not have to claim refund in the return.)

ITR-2 APPLICABLE FOR:

  • Income from Salary/Pension
  • Income from House Property ( More than one house property)
  • Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Foreign Assets/Foreign Income
  • Income from Capital Gains/loss on sale of investments/property
  • Agricultural Income more than Rs 5000

WHO IS NOT ELIGIBLE TO FILE ITR 2 FORM:

  • Income from Business or Profession
  • Life insurance adviser ( Commission income)
  • Individuals who are eligible to fill ITR-1 Form

DUE DATE FOR FILING ITR-2 FORM

  • Form ITR-2 must be filed by individuals and HUFs on or before 31st July of every year.

CHANGES W.E.F. 1ST APRIL, 2018 (ITR-2  FY 2017-18 or AY 2018-2019)

  • More details of income from salary and house property
  • Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
  • There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.( For FY 2018-19)
  • Late fee if IT Return not filled on time.
  • It is mandatory to disclose the Aadhaar number while filing IT Return
  • Capital gains as a result of transfer of unquoted shares
  • Cess levied on your tax liability has been hiked by 1 per cent from the current 3 per cent to 4 per cent. ( For FY 2018-19)

PENALTY ON LATE FILING OF ITR 

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10,000. 

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

  • Rs. 5000 if return is furnished on or before 31 December of assessment year.
  • Rs. 10,000 in any other case.
  • Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000.
  • If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

The author can also be reached at rocguru.com@gmail.com


Tags :



Category Income Tax
Other Articles by -
CS Karan B Khattri 

Report Abuse

LinkedIn



Comments


update

X

Do you have any Tax Queries

Submit