Income Tax efiling: It’s Sunday, and just two days are left for the July 31 deadline for filing your returns. In case you are dreading spending your Sunday in filing tax returns, we have good news for you. It takes just about 30 minutes, if you have to file returns using the ITR-2! But first things first, let’s understand who all have to use the ITR-2 form to file their tax returns.
In case your income exceeds Rs 50 lakh, you will have to use ITR-2 this year. ITR-2 form is meant for those who have income from salary/pension; income from capital gains or loss on sale of property and investments; income from more than one house property; income from other sources such as lottery; income from foreign assets/foreign income; agricultural income of more than Rs 5000.
Also, according to the Income Tax Department’s website, the ITR-2 form is to be used by an individual or an Hindu Undivided Family that is not eligible to file Sahaj ITR-1 and those whose income chargeable to income-tax under the head ” Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. However, ITR-2 should not be used by you if your total income for the assessment year 2017-18 includes income from business or profession under any proprietorship, says the Income Tax department’s website.
The ITR-2 form has multiple tabs and to help you better understand the process of filing them, Financial Express Online has got Kuldip Kumar, Partner and Leader for Personal Tax at PwC to take you step-by-step through the extensive process on the Income Tax website. Watch the video above make sure you get everything right.
After opening the Income Tax website, click on the ITR download option available on the RHS. Make sure that you download and fill the latest updated form from the I-T department. The website gives you the option of downloading in ‘Excel Utility’ format or the ‘Java Utility’ format. It is advisable to go through the instructions list given beside the option to download each form.
As advised by Kumar, make sure that you e-verify your income tax return and also save a copy of the filed returns for future reference, in case the need arises. We hope that this video helps solve most of your queries. Happy filing!