Income Tax Department launches ITR-2 Form for AY2018-19
Having notified the ITR Form-1 (Sahaj) for FY 2017-18/ AY 2018-19 recently, the Income Tax Department has now notified the ITR Form-2 along with ITR-3, ITR-4 Sugam, ITR-5, ITR-6 and ITR-7 forms for AY 2018-19. Also, Exel Utility for ITR-1 Sahaj and ITR-4 Sugam and instructions for using ITR-1 Sahaj, ITR-2, ITR-3 and ITR-4 Sugam have been provided.
It may be noted that while the ITR Form-1 (Sahaj) is meant for individuals who are a resident other than not ordinarily resident and have total income up to Rs 50 lakh from salary, 1 house property and other sources (like interest etc.), the ITR Form-2 is for individuals and HUFs (Hindu Undivided Families) having income under any head other than business or profession. Similarly, individuals and HUFs having income under the head business or profession are required to file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
Instructions for filling out Form ITR-2
1. Assessment Year for which this Return Form is applicable
As per the CBDT, this new ITR Form-2 is applicable for assessment year (AY) 2018-19 only, i.e., it relates to income earned in financial year (FY) 2017-18.
2. Who can use this Form?
This form is meant for individuals or HUFs who are not eligible to file Sahaj (ITR-1) and who are not having any income under the head ‘Profits or gains of business or profession’.
3. Who cannot use this Form?
This Return Form should not be used by an individual whose total income for the assessment year 2018-19 includes income under the head “Profits or Gains of Business or Profession”.
4. Manner of filing Form ITR-2
This Return Form can be filed with the Income Tax Department in any of the following ways:
(a) by furnishing the return electronically under digital signature;
(b) by transmitting the data in the return electronically under electronic verification code;
(c) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V.
Tax-payers should also match the taxes deducted/ collected/ paid by or on behalf of them with their Tax Credit Statement (Form 26AS).
The income tax return for AY2018-19 has to be filed by July 31, 2018.