The Central Board of Direct Taxes (CBDT) notified the guidelines for filling the particulars in Income Tax Return Form‐2 for the Assessment Year 2021‐22 relating to the Financial Year 2020‐21.
What is ITR-2?
ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from the following sources are eligible to file Form ITR 2: Income from Salary/Pension and Agricultural Income more than Rs 5000.
Who is eligible to use this Return Form?
This Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR‐1 (Sahaj) and who is not having any income under the head “Profits or gains of business or profession”.
Who is not eligible to use this Return Form?
This Return Form should not be used by an individual whose total income for the Assessment Year 2021‐22includes Income under the head “Profits or Gains of Business or Profession”.
Manner of filing and verification of this Return Form
This Return Form can be filed with the Income‐tax Department electronically on the e‐ filing web portal of Income‐tax Department (www.incometaxindiaefiling.gov.in) [www.incometax.gov.in from 7‐June‐2021] and verified by digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or Aadhaar OTP, by sending duly signed paper Form ITR‐V – Income Tax Return Verification Form by
post to CPC at the Centralized Processing Centre, Income Tax Department, Bengaluru— 560500, Karnataka.
The Form ITR‐V – Income Tax Return Verification Form should reach within 120 days from the date of e‐filing the return.
The confirmation of the receipt of ITR‐V at Centralized Processing Centre will be sent to the assessee on e‐mail ID registered in the e‐filing account.
Obligation to file return
Every individual or HUF whose total income before allowing deductions under Chapter VI‐ A of the Income‐tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The claim of deduction(s) under Chapter VI‐A is to be mentioned in Part C of this Return Form.
If the new tax regime is not opted, then the maximum amount of Rs. 2,50,000 not chargeable to income‐ tax for Assessment Year 2021‐22, in case of an individual who is below the age of 60 years or a Hindu Undivided Family (HUF).
If the new tax regime is not opted, then the maximum amount of Rs. 3,00,000 not chargeable to income tax for Assessment Year 2021‐22, in case of an individual, being resident in India, who is of the age of 60 years or more at any time during the financial year 2020‐21 but below the age of 80 years.
If the new tax regime is not opted, then the maximum amount of Rs. 5,00,000 not chargeable to income tax for Assessment Year 2021‐22, in case of an individual, being resident in India, who is of the age of 80 years or more at any time during the financial year2020‐21.
If the new tax regime is opted, then the maximum amount of Rs. 2,50,000 not chargeable to income tax for Assessment Year 2021‐22, in case of an individual who is below the age of 60 years or a Hindu Undivided Family (HUF), In case of an individual, being resident in India, who is of the age of 60 years or more at any time during the previous year 2020‐21 and in case of an individual, being resident in India, who is of the age of 80 years or more at any time during the previous year 2020‐21.
If a person whose total income before allowing deductions under Chapter VI‐A of the Income‐ tax Act or deduction for capital gains (section 54 to 54GB), does not exceeds the maximum amount which is not chargeable to income‐tax but fulfils one or more conditions is obligated to furnish his return of income namely Deposit of amount or aggregates of amount exceeding Rs 1 crore in one or more current accounts; Incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or any other person; and Incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity.
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