Understand ITR2


Form ITR 2 is an income tax return form used for individuals or HUF not having income from business or professions. As per the Rule 12 of Income Tax Rules 1962 (Amended), ITR 2 is prepared to file income from salary/pension, income from house properties, income from capital gain and income other sources together. This is equipped to include the income from lottery and income from race horse.


Manner of filing the return

  1. return in a paper form.
  2. return electronically under digital signature.
  3. return electronically under electronic verification code.
  4. return electronically and thereafter submitting the verification of the return in return Form ITR-V
  5. return with the help of ERI (hamaratax is doing that service)

Obligation


For the AY 2016-17 any assessee (other than an individual of the age of 80 years or more at any time during the previous year) having a refund claim or having total income of more than five lakh rupees is required to furnish the return in the manner provided at 5(ii) or 5(iii) or 5(iv). Any claim for relief under section 90, 90A or 91, or to whom Schedule FSI and Schedule TR apply, has to furnish the return in the manner provided at 5(ii) or 5(iii) or 5(iv).


ITR 2 and Hamaratax

After registration and personal data entry, select salary, rental income, income from sale of assets and then other income. In addition to these sections other tax information are also to be filled. Setoff or carryforward of losses will be managed by the site. In hamaratax selection of ITR is an automated process. All the unnecessary schedules are avoided in respect of the choice of entry. While calculating the Capital Gain, the calculation of indexed value of the purchase is automated in hamaratax while it is to be entered manually in the ITR form given by department.