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What is ITR-2?

Filing of return in income tax has categorized on the basis of many factors i.e. income, source of income, etc.

Like, ITR-2 Form is mainly for individuals and HUFs not having any income from profit and gains of business or profession.

Eligibility criteria for filing ITR 2 for AY 2021-22

ITR-2 can be filed by individuals or HUFs who:

(a) Are not eligible to file ITR-1 (Sahaj)

(b) Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of:

  • interest
  • salary
  • bonus
  • commission or remuneration, by whatever name called, due to, or received by him from a partnership firm

(c) Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories.

ITR-2 cannot be filed by any individual or HUF,

whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of:

  • interest
  • salary
  • bonus
  • commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

Changes in ITR-2 as compared to previous years

In ITR-2 of AY 2021-22,

  • Assessee can choose to opt for the new tax regime under section 115BAC. Please note that option for selecting new tax regime u/s 115BAC will be available only till the due date of filing of return u/s 139(1)

List of documents required to file ITR-2 for AY 2021-22

(i) In case of salary income, Form 16 issued by employer.

(ii) If the interest earned on fixed deposits or saving bank account and TDS has been deducted on the same, TDS certificates i.e., Form 16A issued by Deductors.

(iii) Form 26AS to verify TDS on salary as well as TDS other than salary. Form 26AS could be downloaded from the e-Filing portal.

(iv) in case of rented premises,  rent paid receipts for calculation of HRA (if not submitted the same to employer).

(v) If any capital gains transactions in shares, summary or profit/loss statement of capital gain transactions of shares or securities during a year, if any, for computation of capital gain.

(vi) Bank passbook, Fixed Deposit Receipts (FDRs) to calculate the amount of interest income.

(vii) If rent received from rented house property, tenant / local tax payment/interest on borrowed capital details (if any) to calculate income from house property.

(viii) In case claim of any loss incurred during the current year, the relevant documents exhibiting the loss.

(ix) In case claim of previous year’s loss, copy of ITR-V pertaining to the previous year, disclosing the said loss.

(x) Documents also required for claiming tax-saving deductions u/s 80C, 80D, 80G, 80GG such as life and health insurance receipts, donation receipts, rent receipts, receipts for tuition fees, etc., if the same were not considered in Form 16.

Downloads

 ITR-2 Notified Form AY 2021-22

Instructions to file ITR 2 for AY 2021-22


TaxGyata Team

TaxGyata Team

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