The last date for filing income tax return for the financial year 2022-23 has been announced on 31 July 2023. After issuing ITR-1, ITR-4 on May 20, 2023, the Income Tax Department has now enabled the online form for ITR-2. Let us know which taxpayers can file returns using this form.
Income Tax Return Form of ITR-2 is available for filing through online mode with prefilled data on the portal as per the Income Tax website. The Income Tax Department has released the ITR-2 offline form on 17 May 2023 for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24).
Unlike online, offline i.e. in case of Excel utility, taxpayers have to download the form, fill in the required information and then upload it to the website for electronic filing. In case of online ITR form, all taxpayers have to do is to verify the prefilled information with their documents. In addition, this data has to be verified from Form 26AS as well as Annual Information Statement (AIS).
ITR filing deadline July 31
The Central Board of Direct Taxes (CBDT) had announced the ITR form in February this year. Income tax return for the financial year 2022-23 (AY 2023-24) is now being submitted. For salaried taxpayers and whose accounts are not required to be audited, the deadline for filing ITR is 31 July 2023.
Who is eligible to file ITR-2 form? (Who is eligible to file ITR-2)
- The ITR-2 form is used to report salary income, income from other sources, house property income (more than one) and capital gains.
- ITR-2 can be used by both tax residents (both ordinary and normal) and NRIs. If the taxable income is more than Rs.50 lakhs, then ITR 2 needs to be filed instead of ITR 1, even if the condition of filing ITR 1 is satisfied.
- Holders of unlisted shares or directors of a company are required to file ITR 2 even if all the conditions for filing ITR 1 are satisfied.
- If a person has any foreign assets, then also ITR 2 has to be filed instead of ITR 1.