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July 22, 2021

How to file ITR 2 online on new Income Tax Portal

by Mahesh Mara in Income Tax

How to file ITR 2 online on new Income Tax Portal

An income tax return (ITR) is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses and other deductions as well as details about tax refund or tax liability. The process of filing income tax return (ITR) can become quite complex if you do not understand the implications of what you are filling in the form. Taxpayers face many issues while filing ITR such as:

  • Which ITR to file as the income tax department issues several ITR forms and which form one should use depends on your sources of income.
  • Under the heads of income, there are several incomes which are tax-free and incomes from which deductions and exemptions are allowed. In such situations, computing taxable income accurately becomes challenging.
  • Computing deductions
  • Filling correct tax deducted at source (TDS) in ITR
  • Not able to get HRA tax relief in case one has forgotten to submit any of the required documents
  • Not submitting tax proofs to the employer on time
  • Forgetting/not knowing your password
  • Not paying advance taxes on time

The Central Board of Direct Taxes (CBDT) has notified and released various ITR forms for different purposes. If you file your return using the wrong form, then it will be considered defective. If the defect is not rectified, the return will be regarded as invalid, and the department will treat it as if the person did not file his return. Hence it is extremely important to know which ITR is applicable for which kind of assessee and for what income.

ITR 2 Form is filed by the taxpayers and the individuals being a Resident having Total Income more than Rs. 50 lakhs, having Income from Salaries, Income from more than one House Property, Other Sources (Interest etc.), Earning capital gain on sale of assets.

Who are liable to fill ITR 2?

ITR-2 Form is for individuals and HUFs not carrying any profession or business. Thus, persons having income from following sources are eligible to file Form ITR 2:

  • Income from Salary/Pension
  • Income from House Property
  • Income from Capital Gains/loss on sale of investments/property
  • Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Foreign Assets/Foreign Income
  • Agricultural Income more than Rs 5000
  • Resident not ordinarily resident and a Non-resident
  • A Director of any company and an individual who is invested in unlisted equity shares of a company will be required to file their returns in ITR-2.

h. Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

Steps to file ITR 2 using Online portal:

Below are the steps to file ITR 2 online:

Step 1: Go to www.incometax.gov.in and click on Login. Now, Login using User ID and Password

Step 2: Now Click on “File Now” Button

Now select the Year of filing i.e. Assessment Year 2021-22 and Click on continue button

Step 3: In the next step select mode of filing as “online” and click on “Proceed” button

Now, click on “Start New Filing” button

Step 4: In the next step select the status applicable to you to proceed further i.e. Individual/ HUF/ Others and Click on continue button

Now select “ITR 2” from the drop down and click on “Proceed with ITR 2”

Now click on “Let get Started”

In the next page you will be asked the below question to proceed further

Are you filing the income tax return for any of the following reasons?

  • Taxable income is more than basic exemption limit

Filing return of income due to fulfilling any one or more below mentioned conditions as per Seventh Proviso to section 139(1):

  • Deposited amount or aggregate of amounts exceeding ₹ 1 crore in one or more current accounts during the previous year;
  • Incurred expenditure of an amount or aggregate of amount exceeding ₹ 2 lakhs for travel to a foreign country for yourself or for any other person;
  • Incurred expenditure of amount or aggregate of amount exceeding ₹ 1 lakh on consumption of electricity during the previous year

And click on continue button

Step 5: Filing of questionaries:

In the next step select the Schedule Income earned during the year by selecting the check box against the particular income. The Schedules included are as follows:

  • Schedule Salary
  • Schedule House Property
  • Schedule Capital Gains
  • Schedule 112A
  • Schedule 115AD(1)(iii) provision
  • Schedule Other Sources
  • Schedule Specified Person’s Income
  • Schedule Special Income
  • Schedule Exempt Income
  • Schedule Pass Through Income
  • Schedule Foreign Source Income
  • Schedule Tax Relief under section 90, 90A or 91

Once the respective income is selected click on “Continue” button. In the next page click on “continue button”

In the next page you will be asked general question which will help you to determine which schedules you need to file. The questions are as follows:

1. Are you opting for new tax regime u/s 115BAC? select yes or no and click on “continue” button.

In the next page you will be asked salary exemptions related question which will help you to determine which schedules you need to file. In case answer to any of the above question is yes than provide the amount of exemption to be claimed. The questions are as follows:

  • Are you eligible to claim exemption in respect of expenditure incurred on cost of travel on tour or transfer, maintenance of uniform, etc.
  • Are you eligible to claim exemption in respect of Special Compensatory Allowance, Children Education Allowance, Hostel Allowance, etc.
  • Are you eligible to claim exemption in respect of House Rent Allowance?
  • Are you eligible to claim exemption in respect of Leave Travel Allowance?
  • Please provide the amount to be claimed as exemption?
  • Are you eligible to claim any other exemption from salary income?

Once the above questionaries are answered click on “continue” button.

In the next page you will be asked deductions related question which will help you to determine which schedules you need to file. In case answer to any of the above question is yes than provide the amount of deduction to be claimed. The questions are as follows:

  • Are you eligible to claim deduction in respect of payments made towards life insurance premium and / or Public Provident Fund and / or 5 Years Tax Saver Fixed Deposit, etc?
  • Are you eligible to claim deduction u/s 80CCD(2) Contribution to pension scheme of Central Government by employer?
  • Are you eligible to claim deduction in respect of payments made towards medical insurance premium and / or preventive health check-up and / or medical expenditure for specified individuals?
  • Are you eligible to claim deduction in respect of payment made towards interest on loan taken for higher education for self and relative?
  • Are you eligible to claim deduction under section 80GG?
  • Are you eligible to claim any deduction for donation paid for Scientific Research or Rural Development under section 80GGA?
  • Are you eligible to claim any other deduction?

Once the above questionaries are answered click on “continue” button. Once the questionnaires are filled you will be redirected to the schedule summary which will provide the schedules as per answers provided in questionnaire. The schedules include:

  • Part A: General Information
  • Schedule Salary
  • Schedule House Property
  • Schedule Capital Gains
  • Schedule 112A
  • Schedule Income from Other sources
  • Schedule CYLA
  • Schedule BFLA
  • Schedule Special Income
  • Schedule 80D
  • Schedule VIA
  • Schedule Exempt Income
  • Part B- TI
  • Tax paid
  • Part B- TTI

Step 6: Filing of ITR Form:

  • Part A: General Information

In this schedule you have to fill your basic details as follows:

  1. Personal information like Name, date of birth, Aadhaar number etc
  2. Contact details like address, mobile no, mail id of self
  3. Filing status i.e. are you filing return on or before due date
  4. Residential status in India
  5. Conditions for Residential Status
  6. Whether you were director in a company at any time during the previous year?
  7. Details of Unlisted Equity Shares
  8. Bank details

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule Salary

In this schedule you have to fill your Salary details which includes the following:

  1. Gross salary

Now click on “add employer” button and provide the address of employer and the amount of salary received from the employer

  • Allowance to the extent exempt u/s 10
  • Deduction under section 16: Provide the profession tax amount if any under this column

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule House Property

Now click on “add house property” button and provide the address of house

  • In case of let out property fill the amount of rent received from the Tenant along with Name and PAN of the Tenant and Property tax paid on such let out property
  • In case of self occupied property you have to fill only details of interest from house property.

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule Capital Gains

In next schedule Select the type of capital assets sold by you and provide the details with respect to such assets:

  1. Land or building or both
  2. Equity share or unit of equity oriented Mutual Fund (MF) or unit of a business trust on which STT is paid under section 111A or 115AD(1)(ii) proviso (for FII)
  3. Equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
  4. Bonds or debenture (other than capital indexed bonds issued by Government
  5. From sale of, (i)Listed securities (other than a unit) or zero coupon bonds where proviso under section 112(1) is applicable (ii) GDR of an Indian company referred in sec. 115ACA
  6. From sale of assets other than all the above listed items
  7. Amount deemed to be Short Term/ Long Term Capital Gains
  8. Pass through income/ Loss in the nature of Short Term/ Long Term Capital Gains
  9. Amount of Short Term/ Long Term Capital Gains included in the above items but not chargeable to tax in India as per DTAA

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule 112A

In this schedule you have to fill details which includes From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A. Download the CSV template where you have to fill the following details

  • Share/Unit acquired
  • ISIN Code
  • Name of the Share/Unit
  • No. of Shares/Units
  • Sale-price per Share/Unit
  • Full Value of consideration(Total Sale Value)
  • Cost of acquisition without indexation
  • Cost of acquisition
  • If the long term capital asset was acquired before 01.02.2018 Fair Market Value per share/unit as on 31st January 2018
  • Total Fair Market Value of capital asset as per section 55(2)
  • Expenditure wholly and exclusively in connection with transfer

Once details are filled save the CSV file and click on upload CSV to upload the file saved. Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule Income from Other sources

In this schedule you have to provide details of income other than rent, salary and capital gains which includes the following:

  • Interest income from savings, securities or fixed deposit
  • Dividend
  • Pension other than employer pension
  • Income from the activity of owning and maintaining race horses

Now click on “Add details” button and provide the address of house

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule CYLA

In this schedule details of income after set off of current year losses is shown Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule BFLA

In this schedule details of Income after Set off Brought Forward losses of earlier years shows the details of the losses incurred during the previous year

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule Special Income

In this schedule details Income chargeable to tax at special rates will get reflected

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule 80D

In this schedule you have to provide details of Mediclaim premium paid during the year which includes Mediclaim premium paid towards self, spouse, children and parents.

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule VIA

In this schedule you have to provide details with respect to investment made which includes the following:

  • Insurance premium paid
  • Stamp duty paid
  • Tution fees paid etc

Once the details are filled click on “Confirm” button and fill the next schedule

  • Schedule Exempt income

In this schedule you have to provide details of exempt income (income not to be included in total income or not chargeable to tax)

Once the details are filled click on “Confirm” button and fill the next schedule

  • Part B- TI

In this schedule you will see the Computation of Total Income

Once the details are verified click on “Confirm” button and fill the next schedule

  • Tax paid

This schedule provides details of taxes paid by you in the last financial year.

Once the details are verified click on “Confirm” button and fill the next schedule

Once the above details are filled and verified click on “Preview” button. It will redirect you to submission page. Where you can submit the return using EVC or Aadhaar OTP or send the signed ITRV copy at CPC Banglore.

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