ITR-2 Form filing

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Due dates of Income Tax filing

Category Due Date for Income Tax Return
Individuals, HUF, BOI, AOP (Taxpayers with no audit requirement) 31st July of the relevant AY
Company, Taxpayers whose accounts need to be Audited, Working partner (whose firm’s books need to be Audited) 30th September of the relevant AY
Businesses (Requiring Transfer Pricing Report) 30th November of the relevant AY

Which ITR to file?

ITR Details
ITR-1 or SAHAJ

This Return Form is for a resident individual whose total income for the assessment year includes:

  • Income from Salary/ Pension; or
  • Income from One House Property (excluding cases where loss is brought forward from previous years); or
  • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
  • Agricultural income up to Rs.5000.
ITR-2

Individuals and HUF who have their Income for the Financial Year through:

  • Salary or Pension;
  • More than one House Property;
  • Income from Capital Gains;
  • Income from foreign assets/Income;
  • Income from business or profession as a partner (not proprietor) and
  • Income from other sources including lottery, racehorses, legal gambling are eligible to file ITR-2.

Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

ITR-3 For Individuals and HUFs having income from carrying on a profession or from Proprietary business. Individual/HUF having income from business or profession as a partner of a partnership firm cannot file ITR-3. He is required to file ITR-2.
ITR-4 or SUGAM

For those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. Individuals, HUFs and Partnership Firms (other than LLP) who are running business with turnover less than Rs.2 crores and Professionals with gross receipts upto Rs. 50 lakhs.

(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).

ITR-5

ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of persons(AOPs) and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).

Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.

ITR-6 Can be used only by Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).
ITR-7 ITR-7 Form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption as one the following:
a. Charitable /Religious trust under Section 139 (4A);
b. Political party under Section 139 (4B);
c. Scientific research institutions under Section 139 (4C);
d. University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D).
ITR-V Acknowledgement
Who can use ITR-2 Form?

ITR-2 to be filed by individuals and HUFs who are not eligible to file ITR-1, because of following reasons:

  1. Income exceeding Rs. 50 Lakhs;
  2. Having more than one house property
  3. Having agricultural income which is more than Rs. 5,000;
  4. Having foreign assets / income;
  5. Having taxable capital gains;
  6. Having income from business or profession as a partner.
Who should not file ITR-2 Form?

ITR-2 form should not be filed by:

  1. Any individual who has income under the head of Business or Profession from a proprietorship.
  2. Not be filed by a company or LLP or other types of legal entity.
When should ITR-2 be filed?

ITR-2 is to be used when the assessee has income that falls into the following categories:

  1. Accrued income through the sale of assets or property (Capital Gains);
  2. Income from more than one housing property;
  3. Income from countries outside of India;
  4. Income as a partner in any firm (not proprietorship);
  5. Income from agriculture above Rs 5,000;
  6. Income from any windfall such as lotteries or horse racing;
  7. Income from Salary/Pension, Housing Property, Other sources that exceeds Rs. 50 Lakhs.
What is the due date of filing ITR-2 form?

ITR-2 must be filed by individuals and HUFs on or before 31st July of every year.

Do you have any queries?
Contact us on customer.care@mindsync.co.in

This information is in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Mind Sync does not accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any information provided herein. On any specific matter, reference should be made to the appropriate advisor.

BASIC PACKAGE
Rs.3499
  • Applicable in case of all or any below sources of income
  • Package Includes
  • Income tax return filing for persons having DIN or owing private limited company shares
  • Salary/ Pension Income
  • More than one House property
  • Income from business or profession as a partner
  • Income from other sources including lottery, racehorses, legal gambling
STANDARD PACKAGE
Rs.4499
  • Applicable in case of all or income from capital gain
  • Package Includes
  • Income tax return filing for persons having DIN or owing private limited company shares
  • Salary/ Pension Income
  • More than one House property
  • Income from business or profession as a partner
  • Income from other sources including lottery, racehorses, legal gambling
  • Income from Capital Gains
PREMIUM PACKAGE
Rs.5499
  • Applicable in case of all or income from foreign assets/income
  • Package Includes
  • Income tax return filing for persons having DIN or owing private limited company shares
  • Salary/ Pension Income
  • More than one House property
  • Income from business or profession as a partner
  • Income from other sources including lottery, racehorses, legal gambling
  • Income from Capital Gains
  • Income from foreign assets/Income

(Prices are exclusive of GST)

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