ITR-1 is a widely used form by salaried individuals. However, not everyone can use it. But, when the income of a person exceeds the limit of ITR-1. That is, if the total income is more than 50 lakhs or includes multiple house properties or includes capital gains, then the income tax return has to be filed using ITR-2 only.

One can file ITR-2 in various ways. It can be filed online using the Excel or Java utility of the Income Tax Department or directly through the Income Tax e-filing portal.

Efficient way to file ITR-2 online

• Taxpayer first go to the official website https://www.incometax.gov.in/iec/foportal and log in with your PAN/Aadhaar and password.
• e-file from menuincome tax returnGo to File Income Tax Return.
• Assessment Year 2023-24 and select the mode of filing as ‘Online’ and click on ‘Proceed’ to proceed.
• Select your status as Individual and click on ‘Proceed’.
• Select ‘ITR-2’ from the dropdown of ‘ITR Form’.
• Now select the reason for which you are filing Income Tax Return and click on ‘Proceed’.
• On the new page, you will get the option to select the applicable schedule. If you have income from sale of cryptocurrency (Virtual Digital Assets) then you should select ‘Schedule VDA’.
• The details of salary income have to be given in ‘Schedule S’. If you have changed jobs in the financial year 2022-23, then it is necessary to give details of salary income received from all employers in this schedule. You must obtain Form 16 from each employer to help you file ITR.
• The details of capital gain have to be given in ‘Schedule CG’. Details of sale of equity shares and long and short term capital gains during the year should be given.
• After that preview and submit the form after checking it properly.

Note- In case of any problem, take help from the information of the user manual given on the website of the Income Tax Department.

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Income tax return is a process through which taxpayers file information about their total income earned in a financial year. Also taxpayers can claim refund for excess tax or deduction paid for that financial year through income tax return.

Who is the ITR-2 form for?

ITR-2 can be filed by any individual or Hindu Undivided Family (HUF), whether resident or non-resident, having the following sources of income:

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Salary or Pension

Income from one or more households

return on investment

– income from other sources (including bets on horse races, lotteries and other legal forms of gambling)

ITR-2 cannot be filed by an individual or Hindu Undivided Family (HUF) whose source of income is business or profession. Further, individuals who are under partnership of a firm are also not considered eligible for ITR-2 filing.

Documents required to file ITR

Salaried taxpayers will need Form-16 issued by their employer to file ITR. If he has earned interest on Fixed Deposit or Savings Bank Account and TDS has been deducted on the same, he will need TDS Certificate i.e. Form 16A issued by the bank.

They will need Form 26AS to verify TDS on salary and TDS other than salary. Form 26AS can be downloaded from the e-filing portal. Taxpayers living in rented accommodation need the rent receipt (if they have not submitted it to their employer) for HRA calculation.

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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.

The post ITR Filing Latest News: How to file ITR form 2 with salary income capital gain income for (FY) 2021 22, know details here first appeared on Rightsofemployees.com.