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Read Full Details on ITR-2

What is the ITR 2 Form?
The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income or any agricultural income more than Rs 5,000.

What is ITR 2 Form
Changes in ITR 2 for AY 2020-21
Eligibility File ITR 2 Online AY 2020-21
File ITR 2 Via Gen IT Software
ITR 2 Due Date for AY 2020-21
Structure of ITR 2 Filing
ITR 2 Form Filing Online and Offline Mode
Modifications in ITR 2 for AY 2020-21
Major Changes in Form ITR 2 for AY 2020-21
There are various changes that the income tax department has made in the ITR form for the financial year 2019-20 and will proclaim the ITR form 1 to 7. The ITR for the year 2019-20 in between April 1, 2019, and March 31, 2020, is to be filed for the derived income.

New details for “Schedule DI” for furnishing the information of investments accomplished within the extended period
On March 31, 2020, the president of India has declared about intensifying the limit till July 2021 for investments, deposits and payments for the fiscal year 2019-20 pretending deduction under chapter VI-A, section 10AA and sections 54 to 54GB in the ITR 2
The Seventh proviso to section 139(1) for filing the ITR
The implementation under section 139 for the seventh proviso by the Finance (No. 2) Act, 2019 for making people conscious who posts higher transactions and post ITR-2
Changes to quote PAN or Aadhaar in numerous schedules
Under the Finance (No.2) Act 2019, inserted sub-section (5E) to Section 139A the authority to replace the Aadhar and PAN has to be furnished. If someone has not allotted a PAN but he has Aadhar number then he can give his Aadhar details instead of PAN
The requirement for unique certificate identification if the return is filed with the reply to the notice
The officials to whom the Document Identification Number (DIN) given to quote it is made mandatory by CBDT. It is made for maintaining the audit to communicate for the department with the taxpayer
The changes in the schedule of deductions under section VI-A
For the deduction on housing loan and interest on the loan used for electric vehicles under the Section 80EEA and Section, 80EEB were introduced by the Finance (No. 2) Act
For refunding of tax the assessee can select several bank account
During the filing of the return, the taxpayer is urged to furnish the information of his bank accounts present in India for the preceding year except for dormant accounts. From all the displayed accounts an individual must have to point at least one account
Eligible Taxpayers for Filing ITR 2 Online AY 2020-21
The taxpayers who are eligible for filing ITR-2 form are the persons whose source of income is as mentioned below:

A resident having any asset located outside India or signing authority in any account.
A non-resident or not-ordinary resident.
Taxpayers who earn agriculture income above Rs. 5000/-.
Income from winnings of a lottery, horse race, gambling, etc. under the head of other sources.
Both short and long-term capital gains/losses from the sale of property/investments/securities. (if there is only long term capital gain exempt u/s 10(38) then ITR-1 can be filed)
The taxpayers who do not require to file ITR-2 form are as follow:

Taxpayers who earn from business or profession
Taxpayers who are eligible for Income Tax Return 1 filing.

 

Due Date for Filing ITR 2 Online AY 2020-21
Every year on or before 31st July is termed as the last date for filing ITR 2 (Non-audit cases). Note: The IT department has extended the due date till 30th November 2020.
Structure of ITR 2 Filing for AY 2019-20 Online
Part A: General Information

The general information is enclosed with the following details of the taxpayer to furnish with:

Name
Address
DOB
PAN number
Aadhar number
Contact Number
Email Address
A – Filed u/s 139(1)-On or before the due date, 139(4)-After due date, 139(5)-Revised Return, 92CD-Modified return, 119(2)(b)-after condonation of delay.

Or

Filed in response to notice u/s 139(9), 142(1), 148, 153A 153C

B – Are you filing return of income under Seventh proviso to section 139(1) but otherwise not required to furnish return of income?

C –

If Revised/Defective/Modified, then enter Receipt No. and Date of filing original return (DD/MM/YYYY)

D – If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b) enter Unique Number/ Document Identification Number (DIN) and date of such Notice/Order, or if filed u/s 92CD, enter date of Advance Pricing Agreement

E – Residential Status in India

F – Do you want to claim the benefit under section 115H?

G- Are you governed by Portuguese Civil Code as per section 5A?

H – Whether this return is being filed by a Representative Assesse?

Name of the representative
The capacity of the Representative (drop down to be provided)
Address of the representative
Permanent Account Number (PAN) of the representative
I – Whether you were Director in a company at any time during the previous year?

J – Whether you have held unlisted equity shares at any time during the previous year?

 

 

Schedule S: Details of Income from Salary

The information regarding Details of Income from Salary is enclosed with the following details of the taxpayer to furnish with:

Name of Employer
Nature of Employer
TAN of Employer
Address of employer
Town/City, State, PIN Code
Gross Salary (1a + 1b + 1c)
Total Gross Salary
Allowances not exempt
Net Salary (2-3)
Deduction u/s 16 (5a + 5b + 5c)
Income chargeable under the head Salaries‘ (4 – 5)

 

 

Schedule HP: Details of Income from House Property

The information regarding Details of Income from House Property is enclosed with the following details of the taxpayer to furnish with:

Address of property 1:
a – Gross rent received or receivable or letable value
b – The amount of rent which cannot be realized
c – Tax paid to local authorities
d – Total (1b + 1c)
e – Annual value (1a – 1d)
f – Annual value of the property owned (own percentage share x 1e)
g – 30% of 1f
h – Interest payable on borrowed capital
i – Total (1g + 1h)
j – Arrears/Unrealised rent received during the year less 30%
k – Income from house property 1 (1f – 1i + 1j)
Address of property 2:
a – Gross rent received/ receivable/ letable value
b – The amount of rent which cannot be realized
c – Tax paid to local authorities
d – Total (2b + 2c)
e – Annual value (2a – 2d)
f – Annual value of the property owned (own percentage share x 2e)
g – 30% of 2f
h – Interest payable on borrowed capital
i – Total (2g + 2h)
j – Arrears/Unrealised rent received during the year less 30%
k – Income from house property 2 (2f – 2i + 2j)
Pass through income if any *
Income under the head “Income from house property” (1k + 2k + 3)

 

 

Schedule CG: Capital Gains

The information regarding Capital gains is enclosed with the following details of the taxpayer to furnish with:

A. Short-term Capital Gains (STCG)

1. From the sale of land or building or both

a
i Full value of the consideration received/receivable
ii Value of property as per stamp valuation authority
iii Full value of consideration adopted as per section 50C for the purpose of Capital Gains [in case (aii) does not exceed 1.05 times (ai), take this figure as (ai),
b – Deductions under section 48
i Cost of acquisition without indexation bi
ii Cost of Improvement without indexation bii
iii Expenditure wholly and exclusively in connection with transfer biii
iv Total (bi + bii + biii) biv
c – Balance (aiii – biv) 1c
d – Deduction under section 54B (Specify details in item D below) 1d
e – Short-term Capital Gains on Immovable property (1c – 1d) A1e
f – In case of transfer of immovable property,
2. From the sale of equity share or unit of an equity oriented Mutual Fund (MF) or unit of a business trust on which STT is paid under section 111A or 115AD(1)(ii) proviso (for FII)
3. For NON-RESIDENT not being an FII- from the sale of shares
4. For NON-RESIDENT- from the sale of securities
5. From the sale of assets other than mentioned above
6. Amount deemed to be short term capital gains
7. Pass-Through Income in the nature of Short Term Capital Gain
8. Amount of STCG included in A1 – A7 but not chargeable to tax or chargeable at special rates in India as per DTAA
9. Total Short-term Capital Gain

 

 

 

 

 

B. Long term Capital Gains

From the sale of land or building or both
From the sale of bonds or debentures
From the sale of listed securities or zero coupon bonds where proviso u/s 112 is applicable or from the sale of GDR referred to in section 115ACA
From the sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
For NON-RESIDENTS- from the sale of shares or debenture of an Indian company
For NON-RESIDENT- from the sale of unlisted securities/bonds/ securities by FII
For NON-RESIDENTS – From the sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
From the sale of foreign exchange asset by NRI
From the sale of assets where B1 to B8 above are not applicable
Amount deemed to be long term capital gains
Pass-Through Income in the nature of Long Term Capital Gain,(Fill up schedule PTI) (B11a + B11b)
Amount of LTCG included in B1-A8 but not chargeable to tax or chargeable at special rates in India as per DTAA
Total long term capital gain chargeable under I.T. Act

 

 

 

 

 

C. Income chargeable under the head “CAPITAL GAINS” (A9 + B13)

D. Information about deduction claimed against Capital Gains

E. Set-off of current year capital losses with current year capital gains

F. Information about accrual/receipt of capital gain

 

 

 

Schedule 112A:

From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A.

 

 

115AD(1)(b)(iii) proviso

For NON-RESIDENTS – From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A.

 

Schedule OS:

Income from other sources: The information regarding income from other sources is enclosed:
Gross income chargeable to tax at normal applicable rates (1a+ 1b+ 1c+ 1d + 1e)
Income chargeable at special rates (2a+ 2b+ 2c+ 2d + 2e)
Deductions under section 57
Amounts not deductible u/s 58
Profits chargeable to tax u/s 59
Net Income from other sources chargeable at normal applicable rates
Income from other sources (other than from owning race horses)
Income from the activity of owning and maintaining race horses
Income under the head “Income from other sources” (7 + 8e)
Information about accrual/receipt of income from Other Sources

 

 

 

 

Schedule CYLA:

Details under this heading are enclosed with the following details of the taxpayer to furnish with:

Head/ Source of Income
Income of current year
House property loss of the current year set off
Other sources loss (other than the loss from race horses) of the current year set off
Current year’s Income remaining after set off

 

 

Schedule BFLA:

Details under this heading are enclosed with the following details of the taxpayer to furnish with:

Head/ Source of Income
Income after set off, if any, of current year’s losses as per 4 of Schedule CYLA)
Brought forward loss set off
Current year’s income remaining after set off

 

 

Schedule CFL:

Details under this heading are enclosed with the following details of the taxpayer to furnish with:

Assessment Year
Date of Filing
House property loss
Short-term capital loss
Long-term Capital loss
Loss from owning and maintaining race horses

 

 

Schedule VI-A: Deductions under Chapter VI-A

Details under this title are enclosed with the following details of the taxpayer to furnish with:

 

1. Part B- Deduction in respect of certain payments
2. Part C, CA and D- Deduction in respect of certain incomes/other deduction

Schedule 80G: Details of donations entitled for deduction under section 80G

Donations entitled for 100% deduction without qualifying limit
Donations entitled for 50% deduction without qualifying limit
Donations entitled for 100% deduction subject to qualifying limit
Donations entitled for 50% deduction subject to qualifying limit
Total donations

 

 

Schedule 80GGA:

R Details of donations for scientific research or rural development relevant clause under which deduction is
Claimed Name and address of donee
PAN of Donee
Amount of donation
Eligible Amount of donation

 

 

Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC

Total Income as per item 12 of PART-B-TI
Adjustment as per section 115JC(2)
Adjusted Total Income under section 115JC(1) (1+2a)
Tax payable under section 115JC [18.5% of (3)] (if 3 is greater than Rs. 20 lakhs)

 

 

Schedule AMTC: Computation of tax credit under section 115JD

The tax under section 115JC in the assessment year 2019-20 (1d of Part-B-TTI)
The tax under other provisions of the Act in the assessment year 2019-20 (7 of Part-B-TTI)
Amount of tax against which credit is available [enter (2 – 1) if 2 is greater than 1, otherwise enter 0]
The utilisation of AMT credit Available
Amount of tax credit under section 115JD utilised during the year [total of item No. 4 (C)]
Amount of AMT liability available for credit in subsequent assessment years [total of 4 (D)]

 

 

Schedule SPI:

Income of specified persons (spouse, minor child etc.) includable in income of the assessee as per section 64

Name of person
PAN of person (optional)
Relationship
Amount
Head of Income in which included

 

 

 

1 111- Accumulated balance of recognised provident for prior years
2 111A or section 115AD(1)(b)(ii)- Proviso (STCG on shares units on which STT paid)
3 115AD (STCG for FIIs on securities where STT not paid)
4 112 proviso (LTCG on listed securities/ units without indexation)
5 112(1)(c)(iii) (LTCG for non-resident on unlisted securities)
6 115AC (LTCG for non-resident on bonds/GDR)
7 115ACA (LTCG for an employee of specified company on GDR)
8 115AD (LTCG for FIIs on securities)
9 115E (LTCG for non-resident Indian on specified asset)
10 112 (LTCG on others)
11112A or section 115AD(1)(b)(iii)-Proviso (LTCG on sale of shares or units on which STT is paid)  10 (part of 3vi of schedule BFLA)
12 STCG Chargeable at special rates in India as per DTAA
13 LTCG Chargeable at special rates in India as per DTAA
14 115BB (Winnings from lotteries, puzzles, races, games etc.)
15 115BBDA (Dividend income from domestic company exceeding Rs.10 lakh)
16 115BBE (Income under section 68, 69, 69A, 69B, 69C or 69D)
17 115BBF (Tax on income from patent)
18 115BBG (Tax on income from transfer of carbon credits)
19 Any other income chargeable at special rate (Drop down to be provided in efiling utility)
20 Other source of income chargeable at special rates in India as per DTAA
21 Pass Through Income in the nature of Short Term Capital Gain chargeable @ 15%
22 Pass Through Income in the nature of Short Term Capital Gain chargeable @ 30%
23 Pass Through Income in the nature of Long Term Capital Gain chargeable @ 10% u/s 112A
24Pass Through Income in the nature of Long Term Capital Gain chargeable @ 10%- under sections other than u/s 112A
25 Pass Through Income in the nature of Long Term Capital Gain chargeable @ 20%
26 Pass through income in the nature of income from other source chargeable at special rates (Drop down to be provided in e-filing utility)

Schedule EI:

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

1 Interest income
2 Dividend income from the domestic company (amount not exceeding Rs. 10 lakh)
3
i Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)
ii Expenditure incurred on agriculture ii
iii Unabsorbed agricultural loss of previous eight assessment years iii
iv Net Agricultural income for the year (i – ii – iii) (enter nil if loss) 3
v In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish the following details (Fill up details separately for each agricultural land)
a Name of the district along with pin code in which agricultural land is located
b Measurement of agricultural land in Acre
c Whether the agricultural land is owned or held on lease (drop down to be provided)
d Whether the agricultural land is irrigated or rain-fed (drop down to be provided)
4 Other exempt income (including exempt income of minor child) 4
5 Income not chargeable to tax as per DTAA
Sl. No. Amount of income
Nature of income
Country name & Code
Article of DTAA
Head of Income
Whether TRC obtained
(Y/N) I, II, III Total Income from DTAA not chargeable to tax 5
6 Pass through income not chargeable to tax (Schedule PTI) 6
7 Total (1+2+3+4+5+6)

 

 

Schedule PTI:

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

Name of business trust/ investment fund
PAN of the business trust/ investment fund
Head of income
Amount of income
TDS on such amount, if any

 

 

Schedule FSI:

Details of Income from outside India and tax relief

Country Code
Taxpayer Identification Number
Head of income
Income from outside India (included in PART B-TI)
Tax paid outside India
Tax payable on such income under normal provisions in India
Tax relief available in India (e)= (c) or (d) whichever is lower
Relevant article of DTAA if relief claimed u/s 90 or 90A

 

 

Schedule TR:

Summary of tax relief claimed for taxes paid outside India

1 Summary of Tax relief claimed
2 Total Tax relief available in respect of country where DTAA is applicable (section 90/90A)
3 Total Tax relief available in respect of country where DTAA is not applicable (section 91)
4 Whether any tax paid outside India, on which tax relief was allowed in India, has been refunded/credited by the foreign tax authority during the year?

 

Schedule FA:

Details of Foreign Assets and Income from any source outside India

A1 Details of Foreign Depository Accounts held (including any beneficial interest) at any time during the relevant accounting period
A2 Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period
A3 Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity at any time during the relevant accounting period
A4 Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period
B Details of Financial Interest in any Entity held
C Details of Immovable Property held
D Details of any other Capital Asset held
E Details of account(s) in which you have signing authority held (including any beneficial interest) at any time during the relevant accounting period and which has not been included in A to D above.
F Details of trusts, created under the laws of a country outside India, in which you are a trustee, beneficiary or settlor
G Details of any other income derived from any source outside India which is not included in,- items A to F above and, (ii) income under the head business or profession

 

 

 

Schedule 5A:

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

Name of the spouse
PAN of the spouse
Heads of Income
Income received under the head
Amount apportioned in the hands of the spouse
Amount of TDS deducted on income at (ii)
TDS apportioned in the hands of the spouse

 

 

Schedule AL:

Assets and Liabilities at the end of the year (applicable in a case where the total income exceeds Rs.50 lakh)

A Details of immovable assets
B Details of movable assets
C Liabilities in relation to Assets at (A + B)

 

 

 

Part B-TI: Computation of Total Income

The information regarding total income is enclosed with the following details of the taxpayer to furnish with:

Salaries
Income from house property
Capital gains
Income from other sources
Total of head wise income (1+2+3c+4d)
Losses of current year set off against 5
Balance after set off current year losses (5-6)
Brought forward losses set off against 7
Gross Total income (7-8)
Income chargeable to tax at special rate under section 111A, 112, 112A etc. included in 9
Deductions under Chapter VI-A
Total income (9-11)
Income which is included in 12 and chargeable to tax at special rates
Net agricultural income/ any other income for rate purpose
Aggregate income (12-13+14)
Losses of the current year to be carried forward
Deemed income under section 115JC

 

 

Part B-TTI: Computation of tax liability on total income

The information regarding the Computation of tax liability on total income is enclosed with the following details of the taxpayer to furnish with:

Tax payable on deemed total income u/s 115JC
Tax payable on total income
Rebate under section 87A
Tax payable after rebate
Surcharge
Health and Education Cess
Gross tax liability
Gross tax payable
Credit u/s 115JD of tax paid in earlier years
Tax payable after credit u/s 115JD (8 – 9)
Tax relief
Net tax liability
Interest and fee payable
Aggregate liability
Taxes Paid
The amount payable/refundable
Refund
Details of all Bank Accounts held in India at any time during the previous year
Do you at any time during the previous year
(i) hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or
(ii) have signing authority in any account located outside India; or
(iii) have income from any source outside India?

 

 

Tax Payments

 

Verification: There will be verification at the end of all the General, Part B TI and Part B TTI ensuring that the details given are factually correct and self-attested by the taxpayer.

 

If the return has been prepared by a Tax Return Preparer (TRP) give further details below:

Identification No. of TRP
Name of TRP
Counter Signature of TRP
If TRP is entitled for any reimbursement from the Government, amount thereof 21

 

 

A Details of payments of Advance Tax and Self-Assessment Tax
B Details of Tax Deducted at Source from Salary [As per Form 16 issued by Employer(s)]

Income Tax Return 2 Form Filing Mode
An ITR-2 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or client can directly login to income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS. Super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR. Offline here means to furnish the return form in paper format.

Online:

While furnishing ITR-2 online, feed the details and e-verify return using EVC via Bank Account/Net Banking/Demat Account/Aadhar OTP or
2. Feed the details using electronic medium and send a physical copy of ITR V to Centralized Processing Centre (CPC), Bengaluru through speed post or normal post. When you furnish the ITR-2 return form using electronic medium, the receipt will be seen in the inbox of the registered email id. It can also be downloaded from the official income tax website manually. After downloading the acknowledgement, you need to sign the form and then send CPC office, Bangalore before completing 120 days counting from the e-filing date. On the other side, it is not required to send the ITR V to the CPC if EVC/OTP option is used
Offline:

If the age of the person is 80 or more years during the respective tax period or in the previous year, he/she can opt for offline return filing.
Modifications In ITR 2 For Assessment Year AY 2020-21:
Pensioners column has been added in the nature of employment.
A new deduction of 80TTB has been added in the deductions column.
From this assessment year, assesse is required to disclose his Directorship in Unlisted Company if any. Assesse has to provide the name of the Company, it’s PAN and his Director Identification Number
Assesse is required to provide details of shareholding of Unlisted Company wherein he has to provide all the details of shares purchased and sold during the financial year.
Facility of filing paper returns will now be available only to those over 80 years.
Those in possession of foreign assets will need to provide detailed disclosure of foreign depository account, foreign custodian accounts, equity and debt interest and particulars of overseas cash value insurance contract or annuity contract.
Taxpayers having agricultural income will have to provide additional details, including land measurement in acres, the name of the district along with Pincode in which the land is located, quality of land mentioning whether the land is irrigated or rain-fed etc.and whether the land is owned or held on lease.
Income received from the residential house properties would have to furnish details such as Tenant Name, PAN or TAN Number.