This ITR is for individuals and Hindu Undivided Family having source of income from salary/pension, multiple house properties, capital gains, other sources, foreign assets/income other than business income.
Who is Eligible to File ITR-02 for AY 2021-22?
ITR 2 can be filed by the individuals or HUFs having income from the following sources:
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Assessee having total income more than Rs. 50 Lakhs.
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Taxpayers who earn agricultural income above Rs.5000/-.
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Income from winning, lottery, gambling, horse race under the head- income from other sources.
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Having both short-term or long-term capital gain /losses from the sale of property/investments/securities.
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ITR 2 can also be filed by a Non-Resident or Not Ordinary Resident.
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Income includes income from a foreign country.
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Have any assets in a foreign country.
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A director of any company and an individual holding unlisted equity shares of a company should file their returns in ITR-2.
Who cannot file ITR-02 for AY 2021-22?
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ITR 2 cannot be filed by individuals or HUFs whose income includes income or profits from business or profession in the nature of interest or salary, bonus, commission.
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It should not be filed by the taxpayers who are eligible to file ITR-1.
What documents are required to file ITR-02?
Following documents are required for successful filing of the ITR-2:
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First thing, you will need to check your Annual Information Statement.
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You will need Form-16 issued by your employer- in case of income from salary.
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Form-16A (TDS Certificate) issued by TDS Deductor.
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Form-26AS to verify TDS on salary as well as TDS other than salary. Form 26AS could be downloaded from the E-filing portal.
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In case you have received rent from any rented house property then you will require amounts of municipal taxes paid, interest on borrowed capital if any and tenant details.
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If you have any capital gain transaction then you will be required to see summary of profit or loss statement, for computation of capital gain.
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For claiming tax-saving deduction under 80C, 80D, or 80G, such as donations, rent receipts, or health insurance expenditure, relevant documents need to be checked as proof of such expenditure made.
How to file ITR-02?
The taxpayers have been divided into different groups, based on their source of income and the limits. Accordingly, each taxpayer has to file the type of return that is applicable to them.
The user can file ITR in two ways:
Pre-requisites for filing ITR-2:
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Registered user on E-filing portal with a valid username and password.
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The status of the pan should be active.
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ITR 2 has a number of sections that you need to fill before submitting the form, including Part- A general information and Part B- Total Income and a number of schedules- House property, capital gain, other sources, AMT, etc.
Steps To File ITR-02 In Online Mode:
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Login into the Income-tax portal, by filing the mandatory fields.
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Click on the File Now from the Dashboard.
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Select assessment year 2021-2022, Select mode of filing as online then proceed.
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Select the status that applies to you and then select ITR-2, if applicable to you.
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After reading the instructions, fill in all the applicable and mandatory fields.
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Review your pre-filled data and confirm at the end of each section.
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After reading the instructions, fill in all the applicable and mandatory fields, as Form ITR-2 has been divided into two parts. ITR-2 contains twenty two Schedules.
The details of these parts and Schedule are as under:
Part-A
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Schedule
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Meaning
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GEN
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General information related to Assessee
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Filing Status
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General Information
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Part-B (Schedule related to Computation)
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In ITR Form
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Meaning
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Schedule - S
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Salary Head Income
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Schedule - HP
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House Property Income
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Schedule - CG
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Capital Gain
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Schedule - OS
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Other Sources Income
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Schedule - CYLA
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Current Year Losses
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Schedule - BFLA
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Unabsorbed Brought Forward Losses
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Schedule - CFL
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Carry Forward Losses
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Schedule - VI A
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Deductions under Chapter-VI A
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Schedule - AMT
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Computation of Tax Credit
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Schedule - AMTC
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Computation of tax credit under section 115JD
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Schedule - SI
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Income which is chargeable to tax at Special Rates
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Schedule - FSI
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Details of Income from outside India
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Schedule - TR
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Tax relief claimed for taxes paid outside India
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Schedule - EI
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Exempted Income (Income not included in Total Income)
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Schedule - FA
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Foreign Assets income
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Schedule - IT
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Statement of Advance and self-Assessment Tax
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Schedule - TI
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Total Income
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Schedule - TTI
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Tax Liability on Total Income
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Schedule - 5A
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Statement of apportionment if Income between Spouses governed by Portuguese CIVIL CODE
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Schedule - AL
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Statement of your Assets and Liability at the end of the year. It is mandatory if your Total Income exceeds Rs. 50 lakhs.
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In case there is a tax liability, you will be shown a summary of your tax computation, you can either choose to pay now or pay later, whichever option is suitable.
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In case you are eligible for any refund, preview the page and proceed to submit.
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After the confirmation of each and every section, click on Proceed.
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Click on Preview Return option and then Proceed to Preview option.
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The taxpayer can choose any of the applicable verification options under the ‘taxes paid and verification tab’.
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To verify all the details entered, click on Preview and submit button.
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E-verification can be done by entering the AADHAR OTP when asked for.
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The AADHAR OTP has to be filled, otherwise, the ITR will be auto-submitted, which will have to be verified later under the ‘My Account section’ within 120 days.
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E-verify the details and click on Submit.
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You can view the uploaded ITR.
If you are using OFFLINE MODE UTILITY, then download to prefill the data and fill schedule as discussed above in the tables above for online mode. After filling in all respective information, generate a JSON file and upload it with the help of the utility.
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