ITR Filing Latest News: Taxpayers can file Income Tax Return till July 31, 2022. However, it is very important for the taxpayers to take care of many things while filing the income tax return. Otherwise the income tax return may also get rejected.
It is most important that the taxpayer fills the correct ITR form for filing Income Tax Return. It depends on the residential status of the taxpayer, income received from different sources in a financial year. Most of the salaried taxpayers are required to file Income Tax Return through ITR Form No-1. But many taxpayers have to file Income Tax Return by filling ITR-2.
Who can use ITR-2 Form
Taxpayers who do not receive income from any business or profession can file returns through ITR-2 form. Let us have a look at how many ways taxpayers earning income will have to file income tax return through ITR-2 form.
1. Salary Income
2. House Property Income (if there is more than one house property)
3. Capital Gains
4. Income from other sources like lottery, casino, horse racing is included.
5. Income from foreign assets
6. TDS has been deducted for cash payment.
7. Income Tax Deferred on Employee Stock Option Plan
8. Agricultural Income is more than Rs.5,000
9. If the taxpayer has invested in an unlisted company or is a director
How to File Return
Taxpayers have to fill ITR-2 form online. All the information is pre-filled in ITR Form-2. In which personal information, salary income details, capital gains, dividend income, interest income are included.
