ITR Form 2 Released: Income tax return form-2 in Java format released for e-filing for FY 2017-18
ITR-2 can be filed by individuals and Hindu Undivided families having income from any sources except income from profits and gains of business or profession..
The Central Board of Direct Taxes (CBDT) has now released the income tax return (ITR) form 2 in java utility which is to be used by individuals for FY 2017-18. Till now only the paper version of this form in PDF was available which cannot be used for e-filing.
E-filing is compulsory for all filers using ITR-2. It is the second most widely used return form by individuals after the ITR-1 form.
Who can fill ITR form 2?
ITR-2 can be filed by individuals and Hindu Undivided families (HUFs) having income from any sources except income from profits and gains of business or profession. Income from sources that can be declared in this return include income from more than one house property, capital gains, salary etc. Unlike ITR-1, ITR 2 can be used by non-resident individuals (NRI) and not ordinarily resident individuals also.
Abhishek Soni, CEO, tax2win.in, a tax-filing firm says, "The major change done in this form includes the deletion of Schedule-IF (Details of Partnership Firm) and Schedule-BP (Details of Income of Partner from Firm) which means now partners of the firm would not be able to file ITR 2. They have to opt for ITR 3. Further, the other change which is noteworthy is that now non-resident individuals (NRIs), having income from salary have to furnish ITR 2 instead of ITR 1. Further, the other change which is noteworthy is that now non-resident individuals (NRIs), having income from salary have to furnish ITR 2 instead of ITR 1. Further, similar to ITR -1, even in ITR-2, under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on Rent and providing PAN details of the Tenant."
The CBDT, in a press release issued in April, had stated that there is no change in the manner of filing of ITR. All the ITR forms are to be filed electronically. However, those who are required to file ITR-1 or ITR-4, can file it in paper form only if they satisfy the below mentioned conditions:
- The individual is of age of 80 years or more at any time during the previous year; or,
- The individual or HUF's income does not exceed Rs 5 lakh and who has not claimed a refund while filing ITR.
The tax department had earlier released the offline electronic utilities (Excel and Java) for ITR Form-1 and Form-4. ITR-1 can be used by individuals with income up to Rs 50 lakh from salary, one house property only and other income such as interest earned from fixed deposits, recurring deposits etc.
ITR 4 is meant for professionals and self-employed individuals who have opted for presumptive income scheme under section 44AD, Section ADA and section 44AE. The deadline to file ITR is July 31, 2018.
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