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ITR Form 2 - Eligibility and Process of Filing
by SAG Infotech Complete TAX SolutionITR form 2 is exclusively designed to be filed by the taxpayers who are individuals & Hindu Undivided Family (HUF) and not carrying any proprietary business or profession. After opening the windows for filing of ITR form 1 and 4, the entries for these taxpayers to file their ITR form 2 for the assessment year 2019-20 has also been opened by the Income-tax department. While other forms like ITR 3, ITR 5, ITR 6 and ITR 7 are yet left to be allowed very soon.
Certain changes are introduced in ITR form 2 by the income tax department which needs to be taken care of by the taxpayer while filing the return. So let us check what are these changes and how to deal with them.
The new modifications in ITR-2 form mandate taxpayers to mention their residential status, as a resident, ordinary resident or non-resident, of the FY 2018-19 for income tax purposes along with the detailed information about the days present in India.
In addition to this, the column for 80G needs to be prepared in such a way that the amount must be divided into cash and different modes of contribution.
Eligibility for filing ITR form 2
An individual and Hindu Undivided Family is eligible to file ITR from 2 when he/she satisfies the below-given conditions:
His/her eligibility is excluded from filing ITR-1 Sahaj Form
He/she is not earning any income as “profit and gains of business or profession”
He/she is not gaining any income from “Profits and gains of business or profession” due or received from a partnership firm in the form of salary, interest, bonus, commission or remuneration.
Secondly, this Return Form can also be filed when the income of another person like spouse, minor child, etc, is merged with the income of the taxpayer, subject to the condition that income clubbed with the taxpayer's also falls under the above-specified conditions.
Non- eligibility for filing ITR form 2
An individual and HUF is ineligible for filing ITR form 2 AY 2019-20 when his/her total income for the year encompasses the income from profit and gains from business or profession and also having income in the form of commission, interest, salary, bonus, or remuneration, or any other form, due to, or received by him from partnership firm.
The process to file ITR form 2
ITR form 2 can be filed offline and online. You can file the form offline with the help of Chartered Account or experts while the same can be filled online in an easier and flexible manner through an e-filing portal provided by the Income-tax department.
Following steps will guide you upload the ITR
Step 1 - Download the ITR preparation software to your PC / Laptop from the "Downloads" page. for the appropriate F.Y
Step 2 - Now prepare the Return with the downloaded Software.
Step 3 - Login to e-Filing website with your User ID, Password, Date of Birth or Date of Incorporation followed by entering the Captcha code.
Step 4 - Go to e-File; "Upload Return".
Step 5 - Choose the relevant ITR, Assessment Year and XML file stored initially in Step 2.Use the browse button for the same.
Step 6 - If Digital Signature Certificate (DSC) is applicable, upload the same.
Step 7 - Click the "Submit" button.
Step 8 - When submitted successfully, it will showcase ITR-V; when DSC is not used. Click the link and download the ITR-V. The same will also be sent to the registered email. The Return Filing process gets complete when ITR is uploaded with DSC.
When the ITR is not uploaded with DSC, the ITR-V Form has to be printed, signed and submitted to CPC. This has to be submitted within 120 days from the date of e-Filing. The return will be further processed only after the receipt of the signed ITR-V. On non-receipt of ITR-V keep checking emails/SMS for notifications.
Steps to Prepare and Submit ITR Online
Step 1 - First of all login to e-Filing website with providing your User ID, Password, Date of Birth /Date of Incorporation and Captcha.
Step 2 - Go to e-File -> click on "Prepare and Submit ITR Online".
Step 3 - Opt for the Income Tax Return Form ITR 1/ITR 4S and the relevant Assessment Year.
Step 4 - Enter the details - click the "Submit" button.
Step 5 - Upload Digital Signature Certificate (DSC) if the same is applicable.
Step 6 - Tap on the "Submit" button.
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Complete TAX Solution
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Created on May 7th 2019 06:52. Viewed 335 times.
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