Major changes introduced in ITR 2 for AY 2018-19

ITR 2

Why there are different forms?

Our Income Tax Dept. has categorized the taxpayers on the basis of their income, their source of income and also there are many other factors to ensure smooth running process. Therefore, taxpayers having different types of income have to fill different ITR forms.

For example, the Form known as ITR-2 is for an individual/persons who do not earn from an independent profession or business.

Which of the taxpayers/individual is eligible to file ITR 2?

As stated by our government of India, ITR Form 2 is for theindividuals receiving income other than the income from profits/gains from thebusiness or any profession. Main points to note if you are filing ITR-2 have to go:

Your income should be from Salary/Pension, Income from House Property (can be from more than one), income from Capital Gains/loss on sale of investments or any property of their own, Income from Other Sources (including wins from alottery, betting and legal sources of gambling), foreign assets.

Major changes introduced in ITR 2 for AY 2018-19

  • ITR-2 is now applicable for the RNORs and the non-residents.
  • ITR-2 has now been playing a major role because now it is for individuals and Hindu undivided family having income other than income under their business or their profession
  • The field of “Profits and Gains from Business or Profession” which was earlier featuring under Part B – TI has now been removed.
  • Income from a firm part of the statement have been removed. This means that anyone earning income from their partnership firm, has to file ITR-3 now.
  • In ITR-2, under the Schedule on TDS, there is an additional field for furnishing details of TDS made on rent. And mentioning the PAN of the tenants is important.

Where you can file your ITR form?

You can file your ITR 2 form either offline to the income tax department office or online at their official website.

For further information and help related to ITR 2 form feel free to get in touch with Trutax.in

For any inquiry call us +91 98 91 200793 or email us care@trutax.in

 

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