Professional ITR-2 Return Filing Services l Expert Tax Solutions

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Market Price :

₹ 3000

TaxQue Price :

₹1599All Inclusive

You Save :service

₹1401 (47) %

ITR-2 Return Filing Online

Income tax return filing for persons having DIN or owing private limited company shares.

ITR-2 Filing

ITR-2 Filing is an important form income tax return form used by Indian citizens as well as NRIs to file returns with the Income Tax Department of India. Taxpayers who are not eligible to file ITR 1 can file ITR 1 for filing income tax return. ITR-2 can be filed by individuals and Hindu undivided families who have salary, pension, more than one asset, income from capital gains, income from foreign assets, income from business or a profession for the financial year as a partner And they have their income through income. Other sources that include lotteries, horse racing, legal gambling.

Also, a person who is not eligible to use ITR 1 as the income exceeds Rs 50 lakh can file ITR 2 form.

ITR-2 Is Divided Into:

Part A: General Information

Schedule S: Statement of Income from Salary
Schedule HP: Statement of Income from House Property
Schedule CG: Computation of Income under Capital Gains
Schedule 112A – By sale of equity shares of a company or a unit of an equity-oriented fund/business trust on which STT is paid
Schedule 115AD (I)b(b) (iii) Proviso – For non-residents – By sale of equity shares of a company or a unit of an
equity-oriented fund/business trust on which STT is paid
Schedule OS: Computation of income under Income from other sources
Schedule CYLA: Statement of Income after Adjustment for Current Year’s Loss
Schedule BFLA: Statement of Income after adjustment for unabsorbed losses brought forward from previous years
Schedule CFL: Loss details to be carried forward in future years
Schedule VIA: Details of Deductions under Chapter VIA (From Total Income)
Schedule 80G: Details of donations eligible for deduction under section 80C
Schedule 80GGA: Details of donations for scientific research or rural development
Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC
Schedule AMTC: Computation of Tax Credit under Section 115JD
Schedule SPI: Details of income arising from spouse/minor child/son’s wife or any other person or association of persons to be included in the income of the assessee in Schedule-HP, CG and OS
Schedule SI: Statement of Income which is Chargeable to Tax at Special Rates
Schedule EI: Statement of Exempted Income
Schedule PTI: Section 115UA, 115UB. Go through income statement from business trust or investment fund as per
Schedule FSI: Statement of income earned or arising outside India.
Schedule TR: Details of Taxes Paid Outside India
Schedule FA: Description of foreign assets and income from any source outside India
Schedule 5A: Particulars of the division of income between husband and wife governed by the Portuguese Civil Code
Schedule AL: Assets and Liabilities at the end of the year (applicable if total income exceeds Rs 50 lakh)
Schedule DI: Schedule of tax-saving investments or deposits or payments for claiming deduction or exemption for the period extended from 1 April 2020 to 30 June 2021
PART B-TI: COMPUTATION OF TOTAL INCOME
Part B-TTI: Computation of Tax Liability on Total Income
Tax Payment- Details of Payment of Advance Tax and Self Assessment Tax
Details to be filled if the return is prepared by the tax return preparer

Who is eligible to file ITR-2 for AY 2023-24?

Individuals or Hindu Undivided Families (HUFs) who can file ITR-2:

- Ineligibility for ITR-1 (Sahaj): Individuals or HUFs who are not eligible to file ITR-1.

- Absence of Business or Professional Income: Individuals or HUFs who do not have income from profits and gains of business or profession. This includes income from:

· Interest

· Salary

· Bonus

· Commission or remuneration, received from a partnership firm.

- Clubbing of Income: Individuals or HUFs who have the income of another person, such as a spouse or minor child, to be clubbed with their income. This applies if the income to be clubbed falls into any of the above categories.

Who is not eligible to file ITR-2 for AY 2023-24?

ITR-2 cannot be filed by any individual or Hindu Undivided Family (HUF) if:

Their total income for the year includes income from profits and gains from business or profession.

- They have income in the nature of:

· Interest

· Salary

· Bonus

· Commission or remuneration, received from a partnership firm.

What are the changes in ITR-2 as compared to previous years?

For the Assessment Year 2023-24, there are several changes applicable in ITR-2:

1. New Field Addition: A new field has been inserted - "Whether you are an FII/FPI?" If the taxpayer selects "Yes," they need to provide their SEBI Registration Number.

2. Schedule 115AD: If the taxpayer indicates that they are an FII/FPI, Schedule 115AD would be enabled. This schedule likely contains details relevant to the tax treatment under Section 115AD of the Income Tax Act.

3. Schedule VDA (Virtual Digital Asset): A new schedule, Schedule VDA, has been added. Income reported in Schedule VDA auto-populates in Schedule CG (Capital Gains). This suggests that any income related to virtual digital assets will be separately accounted for and reflected in the capital gains schedule.

These changes reflect updates in the tax reporting requirements, particularly addressing foreign institutional investors, virtual digital assets, and the associated tax implications.