Know your Income tax form ITR-2

CS Karan B. Khattri , Last updated: 25 June 2018
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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)

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