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Income Tax Department has categorized different taxpayers as per their income, sources of income & certain other factors for ensuring proper compliance. Different taxpayers with different income file Income Tax Returns depending upon the nature of their income.
Table of Contents
ITR 2 Form is filed by Individual & HUFs having Income from the sources other than “Income from Business or Profession”. Individuals having income from the following source of income are required to file form ITR-2:
The following are the major changes applicable for assessment year 19-20 in filing ITR-2:
Also, the taxpayer has to mention a number of days they reside in India. In case of non-residents taxpayer has to specify the jurisdiction of their residence during the previous year providing Taxpayer’s Identification Number of the relevant jurisdiction.
Also, Read: Salaried? You need to file Income Tax Return!.
This form of return is not filed
online. It is uploaded through java utility. Detailed steps as follows:
For the Assessment Year 2019-20, while filing return in ITR 2 form, the taxpayer is required to provide a complete break-up of the components of the salary.
Following are the components of the salary for which information is required:
Basic components of salary including all the allowances provided to the employee such as Basic Salary, House rent allowances, Leave Travel Allowances, Gratuity, etc. Every allowance has to be mentioned and filed separately. Various allowances are provided by employers who are exempted in the hands of employees. Following is the list of allowances & their exempted parts which has to be reported separately in return filing:
Employers provide perquisites to an employee like any benefits or amenities to an employee. These benefits are either free of cost or at concessional rates. Every benefit falling under the head of perquisites has to be reported and filled separately.
Any amount received by an employee in
lieu of salary, i.e. compensation received by an employee on account of
termination of employment, the amount receives under a key man insurance policy,
etc. Profit in lieu of salary is an
amount received over & above the salary.
Following persons need not file ITR-2 for filing their income tax return:
Following components of salary are required to be filed in detail in Form ITR 2 form:
ITR 2 form seeks to furnish the details of all the salary, compensation, bonus, perquisites or allowances received by an employee along with its exemption claimed. The intention behind the detailed requirement is to cross verify the claims made for exemption under section 10 made by the employees as against the allowance received as a component of salary.
See Our Recommendation: Income Tax Refund for Salaried – A Comprehensive Guide.
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