LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Income Tax return filing: Who can file tax return using ITR Form-2?

The Income Tax Department has categorised taxpayers on the basis of income, source of income and many other factors to ensure easy compliance. While taxpayers falling in all these categories have to file income tax return, they need to do it through different forms. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Income Tax return filing: Who can file tax return using ITR Form-2?
As per the Central Board of Direct taxes, Forms ITR 1, ITR 2, ITR 3, and ITR 4 are applicable to individuals. Source - Pixabay.
Written By: Manas Tiwari
Updated: Fri, Jun 14, 2019
12:32 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year
PF alert! HUGE RELIEF news for EPFO members! Know important ITR filing changes by Modi Govt for your employers PF alert! HUGE RELIEF news for EPFO members! Know important ITR filing changes by Modi Govt for your employers
Time limit for reopening of income-tax assessment halved to 3 yrs, serious fraud cases retained at 10 yrs: Budget 2021 Time limit for reopening of income-tax assessment halved to 3 yrs, serious fraud cases retained at 10 yrs: Budget 2021
Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details
Crackdown on income tax evaders! Critical notification by CBDT on evasion, Benami Property, Black Money - PAN, Aadhaar not needed, just do this online now Crackdown on income tax evaders! Critical notification by CBDT on evasion, Benami Property, Black Money - PAN, Aadhaar not needed, just do this online now

The Income Tax Department has categorised taxpayers on the basis of income, source of income and many other factors to ensure easy compliance. While taxpayers falling in all these categories have to file income tax return, they need to do it through different forms. There are seven forms that need to be filled by the taxpayers depending upon the category they fall in. As per the Central Board of Direct taxes, Forms ITR 1, ITR 2, ITR 3, and ITR 4 are applicable to individuals. Meanwhile, ITR 5, ITR 6 and ITR 7 are applicable to firms and companies.

The CBDT had notified the ITR forms for the Assessment Year(AY) 2019-20 on April 4, 2019. Only ITR 1 and ITR 4 are live as of now. But, soon other forms will be made available to download as well. It is important for taxpayers to know the importance of each form. For instance, the ITR-2 Form is for individuals and HUFs not carrying any profession or business.

Heena Arora, Finance & Marketing Head of All India ITR explained that if a taxpayer does not make any income under the head 'profits and gains' from business and profession, then it’s compulsory for him to file ITR Form-2. She told Zee Business Online that an individual with income from any of the following sources during the assessment year 2019-20, is eligible to file ITR Form-2:

- You are a salaried individual or a pensioner.

- Income from foreign assets.

- Income from capital gains.

- Agricultural income exceeding Rs 5 lakh is now to be reported distinctly along with extra details such as name of the district with pin code, measurement of land & etc.

- Income from other sources such as winnings from lottery or other legal gambling, etc.

- If the residential status of the individual/HUF is either Resident Non-Ordinarily Resident (RNOR) or Non-Resident.

How to fill Form 2?

- If any schedule is not applicable to you, strike it out and write —NA— across it.

- If there is any item not applicable to you, write NA against it.

- Write 'Nil' whereever needed.

- Remember to put '-' before negative figures.

The taxpayers should know that all figures have to be rounded off to the nearest one rupee except figures for total income/loss and tax payable. The ITR-2 Form can also not be used if you are claiming double taxation relief under Section 90/90A/91.

 

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax ReturnITR
RELATED NEWS
PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year
PF alert! HUGE RELIEF news for EPFO members! Know important ITR filing changes by Modi Govt for your employers PF alert! HUGE RELIEF news for EPFO members! Know important ITR filing changes by Modi Govt for your employers
Time limit for reopening of income-tax assessment halved to 3 yrs, serious fraud cases retained at 10 yrs: Budget 2021 Time limit for reopening of income-tax assessment halved to 3 yrs, serious fraud cases retained at 10 yrs: Budget 2021
Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details
Crackdown on income tax evaders! Critical notification by CBDT on evasion, Benami Property, Black Money - PAN, Aadhaar not needed, just do this online now Crackdown on income tax evaders! Critical notification by CBDT on evasion, Benami Property, Black Money - PAN, Aadhaar not needed, just do this online now

LATEST NEWS

India fix Lord's date: Kohli and Co thrash England, to meet New Zealand in WTC final

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved