Income Tax Return Form 2 For FY 2022-23 & AY 2023-24

ITR 2 form is divided into different sections as below:

1) Part A of ITR 2: General Information containing personal data

2) Filing Status: Reason for filing such as filing before due date (Section 139(1)), delayed filing Section 139 (4), filing in response to IT department notice, revised return filing, etc. 

3) ITR 2 Form Schedule S: Details of your income received as salary

4) ITR 2 Form Schedule HP: Details of your income received from one or more house property (taxpayer also needs indicate ownership of the property)

5) ITR 2 Form Schedule CG: Detailed computation of your income from capital gains (from sale/transfer of various types of capital assets, including long-term and short-term capital gains)

6) ITR 2 Form Schedule 112A & Schedule 115AD(1)(b)(iii)-Proviso: Income from sale of equity shares in a company or unit of equity oriented fund or unit of business trust on which STT is paid u/s 112A or Schedule 115AD(1)(b)(iii)-proviso, as per applicability

7) ITR 2 Form Schedule VDS: In this section the filer needs to provide details of capital gains obtained from sale of any virtual digital assets like cryptocurrency, non-fungible tokens (NFTs) made in FY 2022-23  

8) ITR 2 Form Schedule OS: Details of computation of your earnings under the head “income from other resources” such as rental income from machinery, buildings, and lottery

9) ITR 2 Form Schedule CYLA: Statement of your income after setting off current year’s losses

10) ITR 2 Form Schedule BFLA: Details of income after setting off brought forward losses of previous years

11) ITR 2 Form Schedule CFL: Details of losses that are being carried forward to following years

12) ITR 2 Form Schedule VIA: All deductions under chapter VI-A this section further contains 2 tables. Table 1 Part B contains details of deductions including Section 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GG, etc. Whereas Table 2 Part C, CA and D contains details of other deductions like 80QQB, 80TTA and 80TTB, 80U, etc.

13) ITR 2 Form Schedule 80G: All details of donations made in a year entitled under section 80G

14) ITR 2 Form Schedule 80GGA: All details of donations for rural development or scientific research only

15) ITR 2 Form Schedule 80D: Deductions with respect to health insurance premium u/s 80D for self, dependent family members and parents including senior citizen parents are to be provided here.

15) ITR 2 Form Schedule AMT: Detailed computation of alternate minimum tax payable under section 115JC

16) ITR 2 Form Schedule AMTC: Detailed calculation of tax credit under section 115JD

17) ITR 2 Form Schedule SPI: Income of specified people (minor child, spouse, or similar) included in the total income of the assessee under section 64

18) ITR 2 Form Schedule SI: Income which is liable to be taxed at special rates

19) ITR 2 Form Schedule EI: All details of income that is exempt from tax

20) ITR 2 Form Schedule PTI: Pass through Income details from business trust or investment fund u/s 115UA and 115UB

21) ITR 2 Form Schedule FSI: Statement of income accruing or arising outside India

22) ITR 2 Form Schedule TR: Entire summary of tax relief claimed under tax paid in countries other than India

23) ITR 2 Form Schedule FA: All details of foreign assets and income from any sources obtained from a country other than India

24) ITR 2 Form Schedule 5A: Information regarding income apportionment between spouses being under the Portuguese Civil Code

25) ITR 2 Form Schedule AL: Details of movable/immovable asset and liability at the end of FY 2022-23 for taxpayers with income exceeding Rs. 50 lakh during the year. This section should include details of assets like residential/commercial property, jewellery, bullion, bank deposits, insurance policies, loans and advances, etc.  

26) ITR 2 Form Schedule Tax Deferred on ESOP: Information regarding deferment of tax payable on Employee Stock Options/sweat shares received from an eligible employer  

27) Part B-TI: Computation of Total Income from various income sources

28) Part B-TTI: Computation of tax liability on Total Income

29) TRP Details: This section will include relevant details of a Tax Return Preparer (TRP), if the filing is done with assistance of a TRP.    

30) Item No 20 – Tax payments

   IT 2 Form – Item no 20 - Part A – All details of payments made under advanced tax or self-assessment tax

   IT 2 Form – Item no 20 - Part B – TDS on salary details 

   IT 2 Form – Item no 20 - Part C – TDS (tax deducted at source) details on income other than salary

   IT 2 Form – Item no 20 - Part D – TCS (tax collected at source) details during FY 2022-23 as mentioned in form 27D

31) ITR 2 Form-  Verification – Enter details for verification as per given specifications (return of income verified by individual taxpayer or by Karta of HUF)

Salary or pension-receiving individuals can file ITR-2 if they are not eligible to use ITR-1 because of other income sources like capital gains, foreign assets, or multiple house properties. Salary details generally include basic pay, allowances, perquisites, pension income, and tax deducted at source (TDS) reflected in Form 16.

ITR-2 can be used to record revenue from one or more rental properties. This includes rental income from the properties which are rented and also presumed rental income from properties which are not self-occupied. Taxpayers can also claim qualified deductions such as municipal taxes and interest paid on a home loan, subject to appropriate restrictions under the Income Tax Act, 1961.

ITR 2 is also applicable to taxpayers who have received short-term or long-term capital gains from the transfer of equity shares, mutual funds, land, buildings or other capital assets. The form includes specific schedules that can be used to record capital gains, capital losses, and claiming eligible exemptions under the relevant provisions of the Income Tax Act.

Individuals who hold foreign assets or earn income from sources outside India are required to disclose such information while filing ITR-2. These could include foreign bank accounts, investments abroad, foreign shares, or income earned outside India. It is essential to report correctly, as failure to declare foreign assets may trigger disciplinary actions under the applicable legislation.

The following documents are generally required before starting the filing process:

• PAN Card
• Aadhaar Card
• Details of the previous year's income tax return, if applicable.

These documents help verify your identity and enable seamless access to pre-filled information available on the e-filing portal

Keep all income-related documents handy, including:

• Form 16 from your employer.
• Interest certifi
• ates from banks or financial institutions.
• Records of rental revenue and municipal taxes that have been paid for let-out property.

These records guarantee that all the income sources are stated accurately in the income tax return.

Taxpayers reporting capital gains should keep the following documents ready:

• Statements of mutual fund accounts.
• Share transaction statements and broker reports.
• Documents for real estate purchase and sale.

These documents are used for the calculation of gains and losses, and also allow the taxpayers to claim suitable exemptions under the applicable provisions of the Income Tax Act.

Before filing ITR-2, taxpayers should also review the following tax records:

• Form 26AS
• Annual Information Statement (AIS)
• Taxpayer Information Summary (TIS)

Keeping these records handy can assist the taxpayer in checking the income, taxes already deducted and any high-value transactions reported to the Income Tax Department that should be mentioned in the ITR

1) Only individuals above 80 years or more can file ITR 2

2) ITR 2 can be filed by furnishing a return on a physical paper form at your nearest IT office

3) ITR 2 can be filed by furnishing a bar-coded return at your nearest IT office

The income tax department will issue an acknowledgement slip after completion of the submission process.

ITR 2 download can be carried in case of individuals and HUFs not having income profits and gains of business or profession. Proceed with ITR 2 download and follow these steps:

1) Furnish the return online / electronically with your digital signature

2) Transmit your data electronically

3) Submit verification for ITR-V

After the completion of ITR Form 2 download and its electronic submission, the acknowledgement will be sent to your registered email address. It is also available for download on the official website of income tax.

Sign the acknowledgement of ITR 2 and send it to the office of CPC in Bangalore within 120 days of filing ITR 2 form online. Do not attach any documents.

The Income Tax Department offers a pre-filled form. This form features various pre-fetched such as personal information, salary details, other earning records, etc. available from multiple sources such as Form 16, Form 26AS, etc. Taxpayers should evaluate this information carefully and implement the appropriate adjustments.

Income reported in Form 16, Form 26AS, AIS, and bank statements should match the information disclosed in the return. Any mismatch may lead to notices or delays in processing the return.

If you are a taxpayer who reports capital gains, overseas assets or numerous residential properties, you must carefully check the data provided in the relevant schedules of the return. Wrong reporting can lead to miscalculation or even more inquiries from tax authorities.

Taxpayers should thoroughly check ITR-2 before completing the return to ensure that there are no mistakes or omissions in the information given. Once details are validated, the return could be verified by Aadhaar OTP, net banking or any other authorised mode of verification. Keep in mind that the income tax return is said to be filed successfully only once the verification process is completed. The return must be verified within the specified time period or the filing may be invalid.