Come July, citizens are required to file their Income Tax Return (ITR) for the income earned in the last financial year. The due date of the ITR depends on what form the tax payer fills based on his residential status and his income. The ITR-2 has to be filed on or before July 31, 2023.
What is the ITR-2 form filled for?
The ITR-2 form is for an individual or people belonging to the Hindu Undivided Family (HUF) who receive income that is other than income from profits and gains from business or profession.
ITR-2 form: Who has to file?
People who receive income from the below-mentioned sources that can be more than Rs 50 lakh.
- Salary/pension
- Property that can be more than one
- Capital gains on property
- Loss on sale of property
- Lottery or legal gambling
- Foreign income
- Agricultural income of more than Rs 5,000
- Residents who want to claim benefits under double taxation avoidance agreement
- Resident earning global income and has assets located outside India
- Director of a company
- Investments made in unlisted equity shares
ITR-2 form: Who does not have to file?
- People who receive income from business or profession.
- People who have to file ITR-1.
ITR-2 form: New section included in the AY 2023-24 form
The ITR-2 form has a new section where people can report the income received crypto or other Virtual Digital Assets (VDA).
You can file the ITR-2 online form by logging on https://eportal.incometax.gov.in/iec/foservices/#/pre-login/register.
The ITR-2 form can be downloaded from https://www.incometax.gov.in/iec/foportal/sites/default/files/2023-04/ITR2_Notified%20Form%20AY%202023-24.pdf#
See also: ITR filing for FY2022-23
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