- Last Date to File ITR for FY 2022-23 (AY 2023-24) - Income Tax Return Due Date
- Income Tax Return (ITR) Filing FY 2022-23 (AY 2023-24): How to File ITR Online India
- Documents Required for Income Tax Return (ITR) Filing in India FY 2022-23 (AY 2023-24)
- How to Calculate Income From House Property
- 80G Deduction: Claim Tax Benefits on Donations to Charitable Institutions
ITR 2 Form - How to file ITR-2 Online?
The Income Tax Department has categorized taxpayers based on income, source of income and many other factors to ensure easy compliance. Income Tax Return (ITR) forms are documents taxpayers use to report their income, deductions, and tax liability to the Income Tax Department of India. There are seven types of Income Tax Return (ITR) forms in India.
ITR -2 is one of these forms which needs to be filled by Individuals and HUFs receiving income other than income from ‘Profits and Gains from Business or Profession’
Who is eligible to file ITR-2 Form?
For the FY 2022-23 ITR-2 form is available for individuals and HUF with income from the following sources:-
- Salary or Pension
- One or more House Property
- Capital Gains or loss on the sale of investments like shares and mutual funds or property. It includes both short-term and long-term capital gains.
- Other sources. It includes Interest income on FDRs, Dividend income, winning from the Lottery, bets on Race Horses, and income from other legal gambling means.
- Foreign Assets/Foreign Income
- Agricultural Income of more than Rs 5000
- Resident not ordinarily resident and a Non-resident
- Director of a company
The total income from the above sources may exceed Rs 50 lakh.
Additionally, if you are a director of any company and an individual invested in unlisted equity shares of a company, you must file returns in ITR-2.
Who cannot file ITR 2 for AY 2023-24?
Form ITR 2 cannot be filed in these scenarios:
- Any individual or HUF having income from PGBP, i.e., profits and gains of Business or Profession
- Individuals who are eligible to fill out form ITR-1.
How to file ITR 2 for AY 2023-24 with Tax2win?
- Step 1: Go to the website of Tax2win and click on login to file ITR.
- Step 2: On the Homepage, you will get two options, File it yourself and Get a personal eCA.
File it yourself option lets you file the ITR yourself, while the eCA-assisted page offers you to take the assistance of our CA to guide you at each step.
- Step 3: If you click on “File yourself” option, you will find the below screenshot. Select the “ Income from Salary/Pension” and “Income from Capital Gains” to file ITR-2 form.
- Step 4: Once you will continue, you will get the option to upload Form 16. You can also skip this option. In that case, you have to fill in all details manually of income from Salary, deductions, and allowance, etc.
- Step 5: Let us do the paperwork for you further. Share the PAN number and DOB.. Click on ‘Proceed’ and enter the OTP received.
- Step 6: Further, share some basic yet important details about you if you haven’t selected the pre-filled option.
- Step 7: Further help us with your employment details and other salary information.
- Step 8:- Enter details of equity, debentures, property & other securities. Upload Capital Gain report.
- Step 9: Share the details of deductions to maximize your tax savings.
Note: In the case of the New Tax Regime, only deduction u/s 80CCD(2) is allowed. This is available under the Other tab.
- Step 10: Enter your bank details so the IT department can transfer any refund( if applicable).
- Step 11: In the next step, claim a tax credit by entering the details of taxes paid as a TDS, Self-assessment tax or advance tax, etc. Also, you can get tax credit details autofill by uploading form 26 AS.
- Step 12: Review all the details in the summary report and proceed to e-filing.
You can always avail of the “Get CA assisted” option if you get stuck in between, Our experts are always there to assist you.
How to file Form ITR-2 with the help of the Income Tax Portal?
The ITR 2 form xml and Excel Utility can be downloaded from the e-filing portal. Get a detailed understanding of what information is required to be furnished in this form in a sequential manner.
Part A of the form ITR-2 requires general information like
Personal information such as full name as per PAN card, PAN card number, Full address of the assessee including town/city/district, state, country, Pin code/Zip code, etc., date of birth, Aadhaar no., phone no., mobile no., E-mail address, alternate E-mail address, etc. is required to be entered.
The assessee is required to choose amongst
- Filed u/s: The assessee has to indicate the section under which the return is being filed.
- Filed in response to notice u/s: In case the return is being filed in response to a statutory notice, please tick the applicable check box.
- Opting for New tax regime or not : Assessee need to tick the desired box.
- Deposits of Amount Exceeding INR 1 Crore in current Accounts: Select Yes/No
- Expenditure on foreign traveling for more than 2 Lakhs: Select Yes/No
- Electricity bill more than 1 Lakhs: Select Yes/No
- If revised/ defective/ modified: In such a case, enter the Receipt No. and Date of filing the original return.
- If filed in response to notice: Enter the Unique Number & Date of such Notice or Order issued.
- Residential Status: Tick the residential status in India (for individuals and HUFs).
- Benefit u/s 115H: If you were NRI in earlier years, but are a resident in India for this year, please specify whether you want to claim the benefit of special provisions under Chapter XII-A. The provisions under this chapter related to investment income from any foreign exchange asset.
- If you are governed by the system of community of property under the Portuguese Civil Code 1860: Please tick Yes and fill up the information necessary for the apportionment of income between husband and wife in Schedule 5A. Else, tick No.
- Whether you are an FII / FPI? Yes/No If yes, please provide SEBI Regn. No
- In case the return is being filed by a representative assessee: Furnish the required information.
- If you are an individual and were Director in a company at any time during the previous year: Provide information about the name & PAN of the company, and your DIN, and indicate whether, or not, shares of the company are listed on a recognised stock exchange. Please note that furnishing of PAN and DIN is not mandatory in the case of a foreign company.
- If you have held an investment in any unlisted equity shares at any time during the previous year: Furnish information about name & PAN of company, opening balance, shares acquired or transferred during the year. Also mention the closing balance, in the given table.
Find below the attached screenshot for further reference.
SCHEDULES TO THE RETURN FORM (FILL AS APPLICABLE)
The following schedules in the ITR 2 shall be filled depending upon the applicable source of income of the taxpayer.
Schedule S :Details of Income from Salary
Following employer information is required-
- Name of the employer
- Nature of employment
- TAN of the employer (mandatory in case tax is deducted)
- Complete address of the employer including name of town or city, State and Pin code/Zip code.
- Gross salary
- Salary as per section 17(1): The assessee is required to mention the type of salary payments from the list and enter the amount. In case more than one type of salary payment has been received during the year, then report each type of payment as a separate line item.
- Value of perquisites: The assessee is required to mention the type of perquisites from the list and enter the value thereof. In case more than one type of perquisite has been received during the year, then report each type of perquisite as a separate line item.
- Profits in lieu of salary as per section 17(3): The assessee is required to mention the nature of profits in lieu of salary from the list and enter the value thereof. In case more than one profit in lieu of salary has been received during the year, then report each as a separate line item.
- Residents who have income from foreign retirement benefits accounts in a country notified in Section 89A: Provide details of the country and amount of benefit.
- Income from retirement benefits account maintained in a country “other than notified country u/s 89A: Please enter Amount.
- Income taxable during the previous year on which relief u/s 89A was claimed in any earlier previous year: Please enter Amount.
Total Gross Salary: This is an auto-populated box aggregating all the salary Income.
Less: Allowances to the extent exempt u/s 10:
a) Select the allowances from the list and enter the amount which is exempt.
In case multiple allowances are claimed as exempt, please enter details of each allowance as a separate line item.
b) Foreign retirement benefit Income claimed for relief from taxation u/s 89A
Net salary: This is an auto-populated field representing the net amount, after deducting the exempt allowances from the Gross Salary.
Deductions u/s 16 (5a + 5b + 5c): This is an auto populated field representing Deductions u/s 16 (5a + 5b + 5c) from the below fields -
- Standard Deduction u/s 16(ia) :This auto populated field
- Entertainment allowance u/s 16(ii)
- Professional tax u/s 16(iii)
Income chargeable under the Head “Salaries”: This is an auto-populated field representing the net amount, after claiming deductions under section 16 against the Net Salary.
Schedule HP- Details of Income from House Property
You are required to indicate the ownership of the house property, income from which is being reported in this Schedule. For the same select the applicable option from the drop down menu – Self / Minor / Spouse / Others.
The following information is required:
- The complete address of the property including name of town or city, state and Pin code.
- State whether the property is co-owned by you along with other owners.
- Specify your percentage share in the property.
- Specify the name, PAN, and respective percentage shares of other co-owners of the property.
- Type of House property: Specify whether the house property is Self-occupied. Let out, Deemed let out.
- If the property was actually let out during the year or part of the year, mention the name, PAN, and TAN of the tenant(s). Furnishing of PAN of tenant is mandatory if tax has been deducted at source u/s 194-IB. Furnishing of TAN of tenant is mandatory if tax has been deducted at source u/s 194-I.
- If the house property is actually let out, please enter the amount of actual rent received or receivable in respect of the property during the year. Otherwise, enter the amount for which the property might reasonably be expected to be let during the year.
- Enter the amount of rent, out of the Gross rent receivable, which cannot be realized by the owner and has become irrecoverable.
- Tax paid to local authorities: Enter the amount of tax on house property that has been actually paid during the year, to local authorities, such as municipal taxes paid, etc.
- Total (1b + 1c): This is an auto-populated field representing the aggregate of unrealized rent and taxes paid to local authorities.
- The system will calculate the annual value of the share of the property that is owned by you on the basis of the ownership percent provided earlier
- Then the system automatically allows a standard deduction ie. of 30% of Annual Value of your share of your property.
- Interest payable on borrowed capital: In case the property has been acquired/ constructed/ repaired/ renewed/ reconstructed with borrowed capital, then enter the actual amount of interest payable on such borrowed capital.
- In case the house property is self-occupied as per provisions of section 23(2), the amount of interest payable on borrowed capital shall be restricted to Rs. 2 lakh or 30 thousand, as the case may be.
- Total (1g + 1h): This is an auto-populated field representing the aggregate of amounts deductible u/s 24 under the head house property, namely, 30% of annual value and interest payable on borrowed capital.
- Arrears/Unrealized Rent received during the year Less 30%: In case arrears of rent have been received, or unrealized rent has been recovered subsequently from a tenant in respect of the house property, during the year, then enter the amount of arrears/unrealized rent so received, after reducing a sum equal to 30% of the arrears/unrealized rent.
- Income from house property 1 (1f-1i+1j): This is an auto-populated field representing the net income from house property which is computed as annual value as reduced by total amounts deductible u/s 24 and as increased by arrears of rent etc.
- Income from house property 2: It is computed in a similar manner.
- The details of pass through income from business trust or investment fund as per section 115UA or 115UB are required to be reported separately in Schedule PTI.
- If any amount of pass-through income reported therein is of the nature of house property income, the same has to be reported in this column in the Schedule HP for including the same in head-wise computation.
- Income under the head “Income from house property”: This is an auto-populated field representing the aggregate of net incomes from all house properties owned during the year and also the pass-through income of the nature of house property.
Schedule CG – Capital Gains
- Part A of this Schedule provides for computation of short-term capital gains (STCG) from the sale of different types of capital assets. Out of this, item No. A3 and A4 are applicable only for non-residents.
- Part B of this Schedule provides for computation of long-term capital gains (LTCG) from the sale of different types of capital assets. Out of this, item No. B5, B6, B7 and B8 are applicable only for non-residents.
- 1. In both parts A and B of Schedule CG, STCG/LTCG on sale of immovable property, if any, should be reported at item No. A1/B1 in the form. It is mandatory to disclose the details of immovable property, name and PAN of the buyer etc.
- 2. The details of pass-through income from business trust or investment fund as per section 115UA or 115UB are required to be reported separately in Schedule Pass-through income. In case any amount of pass-through income reported therein is of the nature of short-term capital gain, the same has to be reported at item No. A7 of this Schedule.
- Part C 1. It is auto sum of Capital Gains (9ii + 9iii + 9iv + 9v + 9vi + 9vii + 9viii of Part E)
C2. Income from transfer of virtual digital assets (Please fill Schedule VDA)
C3 Income chargeable under the head “CAPITAL GAINS” (C1 + C2)
- Part D requires the deductions that can be claimed in respect of capital gains subject to fulfillment of prescribed conditions under sections 54 or 54B or 54EC or 54F or 54GB or 115F. Some of these deductions are available only against long-term capital gains. In case any deduction is to be claimed against any type of capital gains, the details of suchclaim have to be furnished in part D of this Schedule.
- Part E of this Schedule provides for intra-head set off of current year capital losses with current year capital gains. The Schedule separates different categories of capital gains (long-term and short-term) into different baskets according to rate at which the same is chargeable to tax. The applicable rate implies the rate of tax at which the normal income of the assessee is otherwise taxable.
- Part F of this Schedule, requires reporting of the quarter-wise details of accrual or receipt of incomes under the head ‘capital gains’ as per the table given in the form.
For computing long-term capital gain, the cost of acquisition and cost of improvement may be indexed, if required, on the basis of the following cost inflation index notified by the Central Government for this purpose.
|Financial Year||CIF||Financial Year||CIF|
Schedule 112A- STT paid under section 112A
In this schedule we enter the details of equity shares sold or units of equity-oriented funds or units of a business trust on which STT is paid.
We shall enter the same details in the next schedule for non residents.
Schedule VDA: Income from transfer of virtual digital assets
In case you have traded in crypto currency and other virtual digital assets, we required to fill below schedule:
Schedule-OS - Income from other sources
In the Schedule Income from other sources following particulars (if any) shall be reported:
- 1.Enter the gross amount of income from other sources which are chargeable to tax at normal applicable rates. This is an auto-populated field representing the aggregate of figures reported at column 1a, 1b, 1c, 1d and 1e in the form.
- a.Enter the amount of gross dividend income.
- b.Enter the gross amount of interest income which is chargeable to tax indicating the break up of interest income.
- c.Enter the gross amount of rental income from letting of machinery, plants, furniture or buildings belonging to assessee which is chargeable under the head ‘income from other sources‘ under sections 56(2)(ii) or 56(2)(iii).
- d.Enter the total amount of income of the nature referred to in section 56(2)(x) which is chargeable to tax at normal applicable rates. This is an auto-populated field representing the aggregate of figures reported at column di, dii, diii, div and dv in the form.
- e.Enter any other income chargeable under the head ‘income from other sources‘, at normal rates, specifying the nature and amount.
- 2.Enter the gross amount of income from other sources which is chargeable to tax at special rates such as winning from lotteries, income chargeable u/s 115BBE etc. This is an auto-populated field representing the aggregate of figures reported at column 2a, 2b, 2c, 2d, 2e and 2f in the form.
- 3. Deductions under section 57: Any claim of deduction u/s 57 relating to income under the head ‘income from other sources’ chargeable at normal applicable rates should be mentioned here.
- 4. Amounts not deductible u/s 58: Any amount which is not deductible in computing income chargeable under the head ‘income from other sources‘ by virtue of section 58 should be reported in this column. In case any expenditure or deduction is claimed u/s 57 but the whole or part thereof becomes inadmissible as per section 58, the same should also be reported here.
- 5. Profits chargeable to tax u/s 59: Any profit which is chargeable to tax under the head ‘income from other sources‘ by virtue of section 59 read with section 41 should be reported in this column.
5a Income claimed for relief from taxation u/s 89A
- 6. Net Income from other sources chargeable at normal applicable rates: This is an auto-populated field representing the gross income from other sources chargeable at normal rates.
- 7. Income from other sources (other than from owning racehorses): This is an auto-populated field representing the aggregate of income chargeable at special rates and net income chargeable at normal applicable rates.
- 8. Income from the activity of owning and maintaining racehorses
- 9. Income under the head “Income from other sources”: This is an auto-populated field representing the aggregate of income from other sources and net income from the activity of owning and maintaining racehorses.
- 10. Information about accrual/receipt of income from Other Sources: Report the period-wise details of accrual or receipt of income under the head ‘income from other sources in the table given in this column.
Schedule-CYLA - Details of Income after set-off of current year losses
If the net result of computation under the head ‘income from house property‘, and ‘income from other sources‘ is a loss figure, please fill up the figure of loss in the first row under the respective head. Also, note that loss from activity of owning and maintaining horse races cannot be set off against income under other heads for the current year.
The positive income computed under various heads of income for the current year are auto-populated by the system in column (1) in the relevant row for the respective head.
The amount of current year loss which is set off against the income computed under other heads will be automatically entered by the system into columns 2 and 3, in the relevant rows.
Schedule- BFLA- Details of Income after Set off of Brought Forward Losses of earlier years
This is an auto-populated schedule on the basis of information captured from other schedules. In column 1 details remaining positive income after setting off current year losses is mentioned followed by column 2 has details of brought forward loss which has been set off from various incomes during the year. Finally in column 3 net positive income after all sets of aggregating to Gross total income of the year are reported.
Schedule-CFL - Details of Losses to be carried forward to future years
In schedule CFL details of losses brought forward from previous years and net balance remaining to be carried forward for this year are mentioned.
The details shall be furnished sequentially as under:
- Row (i) to (viii) - it shall have details of losses brought forward from previous years.
- Row (ix) - shall state the aggregate amount of brought forward losses under various heads of income.
- Row (x) - amount of brought forward losses under various heads of income which is set off against income of the current year is given.
- Row (xi) - remaining amount of current year losses are reflected here.
- Row (xii) - details of aggregate losses available for set off in future years is specified in this row. under various heads to be carried forward to future years in the respective column.
Schedule-VIA - Deductions under Chapter VI-A
Table 1. Part B- Deduction in respect of certain payments
Provide the details regarding deductions claimed under various sections of Chapter VI-A during the year. The details regarding the various sections such as-
Table 2. Part C, CA and D – Deduction in respect of other incomes/other deduction Provide details regarding deductions claimed under sections- 80QQB, 80RRB, 80TTA, 80TTB, 80U and any other deduction as per the efiling utility
Schedule- 80G - Details of donations entitled for deduction u/s 80G
Please furnish the following details of donations made to charitable institutions or specified funds during the year in the respective table given in the Schedule:-
- Name and address of the donee
- PAN of donee
- Total amount of donation – give break-up of amount paid in cash/other mode
- Amount which is eligible for deduction
- Table A- donations entitled for 100% deduction without qualifying limit.
- Table B- donations entitled for 50% deduction without qualifying limit.
- Table C- donations entitled for 100% deduction subject to qualifying limit
- Table D- donations entitled for 50% deduction subject to qualifying limit.
Schedule- 80GGA- Details of donations for scientific research or rural development
Furnish following details of donations made during the year to research association, university, college or other institution for scientific research or any programme of rural development etc. in the respective table given in the Schedule:-
- Clause under which deduction is claimed
- Name and address of the donee
- PAN of donee
- Total amount of donation – give break-up of amount paid in cash/other mode
- Amount which is eligible for deduction.
Schedule AMT – Computation of Alternate Minimum Tax payable under section 115JC
In this Schedule, please furnish the assessee is required to fill the details of computation of Alternate Minimum Tax (AMT) payable under section 115JC (special provisions for payment of tax by certain persons other than a company).
Schedule AMTC- Computation of tax credit under section 115JD
Credit for AMT paid in assessment year 2013-14 and subsequent assessment years, in excess of normal tax liability, is allowed to be set-off against the normal tax liability of the current assessment year. However, the amount of credit is restricted to the extent of normal tax liability for the current assessment year exceeding the AMT liability for the current assessment year.
Schedule SPI - Income of specified persons (spouse, minor child etc.) includable in income of the assessee as per section 64
In this Schedule, furnish the details of income of specified persons (spouse, minor child, etc.), which is required to be clubbed with your income in accordance with the provisions.
Also, Section 10(32) provides an exemption to the extent of Rs.1,500/- in respect of income of each minor child which is required to be clubbed.
Schedule-SI – Income chargeable to tax at special rates
In this Schedule, report income forming part of total income which is chargeable to tax at special rates at column (i) and tax chargeable thereon at such special rates at column (ii).
Schedule-EI – Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)
- Enter the amount of any interest income which is not liable to be included in total income or not chargeable to tax.
- In case you have income from agricultural activities, please enter the amount of gross agricultural receipts, expenditure incurred on agriculture, unabsorbed agricultural loss of previous eight assessment years. The auto-populated figure will be computed as gross agricultural receipts reduced by expenditure and unabsorbed agricultural losses
- In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish information like address of agricultural land with PIN code; Measurement of agricultural land in Acre;Whether the agricultural land is owned or held on lease or it is irrigated or rain -fed. Other exempt income: Details of any other type of exempt income. Specify the nature of income and enter the amount.
- Report in this column any income which is not chargeable to tax in accordance with the relevant article of the Double Taxation Avoidance Agreement (DTAA) of India with another country.
- The details of pass through income from business trust or investment fund as per section 115UA or 115UB are required to be reported separately in Schedule PTI. Total (1 + 2 + 3+ 4 + 5 + 6): This is an auto-populated figure representing the sum of figures computed.
Schedule PTI - Pass Through Income details from business trust or investment fund as per section 115UA, 115UB
In this Schedule, report the details of pass through income received from business trust or investment fund as referred to in section 115UA or 115UB. It shall have the name and PAN of the business trust or investment fund from which income has been received.
The break-up of income received from each business trust etc. is required to be furnished under the various heads of income.
Schedule FSI - Details of Income from outside India and tax relief
In this Schedule, Report the details of income, which is accruing or arising from any source outside India. Note that such income should also be separately reported in the head-wise computation of total income.
Schedule TR - Summary of tax relief claimed for taxes paid outside India
In this Schedule, provide a summary of tax relief which is being claimed in India for taxes paid outside India in respect of each country. This Schedule captures a summary of detailed information furnished in the Schedule FSI.
Schedule FA - Details of Foreign Assets and Income from any source outside India
If you are a resident in India, you are required to furnish details of any foreign asset etc. in this Schedule. This Schedule need not be filled up if you are not ordinarily resident‘ or a ‘non-resident’
Schedule 5A- Information regarding apportionment of income between spouses governed by Portuguese Civil Code
In case you are governed by the system of community of property under the Portuguese Civil Code 1860,furnish the information necessary for apportionment of income between husband and wife in this Schedule.
Schedule AL - Assets and Liabilities at the end of the year
In case your total income exceeds Rs. 50 lakh, it is mandatory to disclose the details of movable and immovable assets etc. in this Schedule along with liabilities incurred in relation to such assets.
Schedule: Tax deferred on ESOP: Assessee has to furnish the information related to tax deferred on income on perquisites referred in section 17(2)(vi) received from eligible start-up under section 80-IAC.
Part B – TI - Computation of total income
In this schedule all the information will be auto captured on the basis of information provided in the earlier respective schedule.
Under this schedule total income of the assessee is calculated after taking into accounts all the available deductions.
- Enter net income chargeable under the head ‘salaries’ as computed at item No. 6 of Schedule S.
- Enter net income chargeable under the head ‘income from house property‘ as computed at item No. 4 of Schedule HP.
- Enter the amounts of short-term capital gains (STCG) and long-term capital gains (LTCG) for the year, chargeable to tax at different rates, at columns 3(a) and 3(b) respectively.
- Enter net income under the head ‘income from other sources’ which is chargeable to tax at normal rates,chargeable to tax at special rates, and income from the activity of owning and maintaining race horses at columns 4(a), 4(b) and 4(c) respectively.
- Enter the aggregate of income computed under various heads in this column.
- Enter the aggregate of losses computed under the heads of house property, business and other sources, if any, for the current year, to the extent such losses are permitted to be set-off against positive income under other heads for the current year, as per the Schedule CYLA.
- Enter remaining current year income after inter-head set-off of current year losses. This is an auto-populated figure.
- Enter the aggregate of losses brought forward from earlier years under the heads of house property, business loss, capital loss, loss from horse races and unabsorbed depreciation or allowance, if any, to the extent such brought forward losses etc. are permitted to be set-off against remaining positive incomes under various heads for the current year, as per the Schedule BFLA.
- Gross Total income (7-8):Enter remaining current year income after allowing for adjustment of brought forward losses, unabsorbed depreciation and unabsorbed allowances. This is an auto-populated figure taken as balance of current year income as reduced by brought forward losses unabsorbed depreciation and unabsorbed allowances allowed to be set-off against such income.
- Report in this column aggregate of incomes under various heads which are chargeable to tax at special rates and are included in the Gross Total Income computed. Report deductions claimed under Chapter VI-A of the Income-tax Act in this column.
- Enter the amount of total income chargeable to tax for the previous year at this column. This is an auto-populated figure taken as Gross Total Income as reduced by total deductions.
- Report in this column aggregate of incomes under various heads which are chargeable to tax at special rates and are included in the Total Income computed.
- Report in this column net agricultural income or any other income which is required to be aggregated to the total income for the previous year for the purpose of determining the applicable rate of tax.
- Compute aggregate income in this column as Total Income reduced by the income chargeable at special rates and increased by the amount of net agricultural income for rate purposes.
- Report in this column aggregate of losses of the current year under various heads which are permitted to be carried forward to subsequent years.
- Report in this column adjusted total income computed u/s 115JC for the purpose of determining Alternate Minimum Tax (AMT) payable for the current year.
Part B – TTI - Computation of tax liability on total income?
In this schedule taxes are calculated on total income computed on the basis of the TI schedule.
Most of the fields are auto populated on the basis of calculations made by the auto process of utility except point no.10,18,19.Where we are required to provide information of:-
- i) Tax relief claimed u/s 89;
- ii) Details of all the bank accounts held in India; Any beneficial interest in property located
- iii) Outside India; have signing authority in any account located outside India;have income from any source outside India.
- Tax payable on deemed income under section 115JC: Compute the gross tax payable on deemed income as aggregate of AMT payable on adjusted total income computed under section 115JC, surcharge and cess.
- Tax payable on total income: Compute tax payable on total income as per normal provisions.Enter the amount of tax chargeable at special rates. In case total income chargeable at normal rates exceeds the maximum amount not chargeable to tax, enter the amount of rebate admissible on net agricultural income.
- Enter the amount of tax rebate admissible u/s 87A, if any.
- Compute the net tax payable after rebate.
- Compute surcharge leviable on net tax liability.
- Compute health and education cess leviable @ 4% on net tax payable and surcharge.
- Compute the gross tax liability on total income as aggregate of tax, surcharge and cess computed.
- Enter the amount of gross tax liability payable for the year which should be taken as the higher amount of gross AMT liability and gross tax payable as per normal provisions.
- Deduct- Tax deferred - relatable to income on perquisites referred in section 17(2)(vi) received from employer, being an eligible start-up referred to in section 80-IAC
- Add- Tax deferred from earlier years but payable during current AY ( total of col 7 of schedule Tax deferred on ESOP
- Enter the net tax payable for the year after allowing credit of AMT of earlier years.
- Compute the aggregate of claims of tax relief.
- Net tax liability (10 - 11d): Compute net tax liability payable for the year after allowing the tax relief admissible.
- Interest and fee payable: Enter the amount of interest chargeable as per sec 234A,234B,234C and fee payable as per sec 234F.
- Aggregate liability (12 + 13e): Enter the aggregate amount of tax, interest and fee payable for the year.
- Enter the total amounts of advance tax, TDS, TCS and self-assessment tax for which credit is being claimed in this year.
- Amount payable: Compute the net amount payable after claiming credit of taxes paid.
- In case the taxes paid for the year is higher than the aggregate amount payable, compute the net amount refundable.
- 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 assets (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.
Item No.20 - Tax payments
- Part A: Enter the relevant details of payment of advance tax or self-assessment tax.
- BSR code
- Date of deposit
- Serial number of challan
- Part B: Enter the relevant details of taxes deducted at source from salary as appearing in Form 16 issued by the employer.
- TAN of employer
- Name of employer
- Enter the gross amount of salary in respect of which tax has been deducted at source.
- Enter the amount of total tax which has been deducted at source.
- Part- C: Enter the relevant details of taxes deducted at source on income other than salary as appearing in Form 16A or Form 16B or Form 16C issued by the tax deductor
- Part- D: Enter the relevant details of taxes collected at source during the year as appearing in Form 27D issued by the collector.
Verification: In the verification part, please enter the name, father‘s name and PAN of the person who is filing the return.
If the return has been prepared by a Tax Return Preparer (TRP) give further details below:
- Identification No. of TRP
- Name of TRP
- Countersignature of TRP
- If TRP is entitled for any reimbursement from the Government, amount thereof
What are the amendments in Form ITR 2?
- Schedule VDA: Income from transfer of Virtual Digital Assets
A new schedule is added to compute income from crypto currencies or other virtual digital assets
- Relief u/s 89A: Additional clause has been added related to relief to residents who have income from foreign retirement benefits accounts:
Point No. 1(e)4: Income taxable during the previous year on which relief u/s 89A was claimed in any earlier previous year
- Sec 10(12C): In other Exempt Income one new exemption added under Sec 10(12C)- Any payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme, or to his nominee.
- Schedule SI: New point added 115BBH - Income by way of transfer of Virtual Digital assets
- Section 80 CCH: Under Chapter VI A deduction new clause added- Entire amount contributed by applicants employed by the Central Government to the Agniveer Corpus Fund is eligible for tax deductions.
- ARN : In schedule 80 G Clause D additional information is required for ARN (donation Reference number.)
Download the ITR-2 form for FY 2022-23
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Frequently Asked Questions
Q- I have sold a house, how do I need to file ITR-2 ?
Under schedule capital gain, you can fill in the details of capital gain or loss on the sale of a house.
Q- Am I required to file ITR-2 instead of ITR-1, if my exempted income exceeds Rs. 5000 ?
You are required to file ITR-2 if your agriculture income exceeds Rs.5,000/- during the year but not exempted income.
Q- When should we fill ITR 2 form?
Following are required to file ITR-2:
- Individuals and HUFs whose total income for AY includes income from salary/pension, house property, income from other sources (Total income in the former cases must be more than Rs 50 lacs).
- If you are an individual or director in a company
- If you are holding unlisted shares at any time in the financial year.
- If you are a resident not ordinarily resident and Non resident.
- Income from capital gains.
- If you have foreign assets or foreign income
- Agriculture income is more than Rs.5000
Q- How can I download ITR 2?
If you are required to download ITR 2 form then