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Step by Step Guide to File ITR 2 Online AY 2024-25 (Full Procedure)

CA PRADEEP KUMAWAT
ITR 2 Filing Online

What is the ITR 2 Form?

The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income, or any agricultural income more than Rs 5,000.

Latest Update in Form ITR 2

Eligible Taxpayers for Filing ITR 2 Online AY 2024-25

The taxpayers who are eligible for filing the ITR-2 form are the persons whose source of income is as mentioned below:

The taxpayers who do not require to file the ITR-2 form are as follows:

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    Due Date for Filing ITR 2 Online FY 2023-24

    Structure of ITR 2 Filing for AY 2024-25 Online

    Part A: General Information

    The general information is enclosed with the following details of the taxpayer to furnish with:

    Filing Status

    (a2) Do you wish to exercise the option u/s 115BAC(6) of Opting out of new tax regime ? (default is “No”)

    Note: For Opting out, option should be exercised along with the return of income filed u/s 139(1)

    B – Are you filing a return of income under the Seventh proviso to section 139(1) but otherwise not required to furnish a return of income? Yes or No

    If yes, please furnish following information [Note: To be filled only if a person is not required to furnish a return of income under section 139(1) but filing return of income due to fulfilling one or more conditions mentioned in the seventh proviso to section 139(1)]

    C – If Revised/Defective/Modified, then enter Receipt No. and Date of filing original return (DD/MM/YYYY)

    D – If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b) enter Unique Number/ Document Identification Number (DIN) and date of such Notice/Order, or if filed u/s 92CD, enter the date of Advance Pricing Agreement

    E – Residential Status in India (for individuals)

    (II) Residential Status in India (for HUF)

    F – Do you want to claim the benefit under section 115H? (Yes/No)

    G- Are you governed by Portuguese Civil Code as per section 5A?

    H- Whether you are an FII / FPI? Yes/No (If yes, please provide SEBI Regn. No)

    I- Legal Entity Identifier (LEI) details (mandatory if refund is 50 Crores or more)

    J – Whether this return is being filed by a Representative Assesse?

    K – Whether you were Director in a company at any time during the previous year? (Tick) þ o Yes o No If yes, please furnish following information

    L – Whether you have held unlisted equity shares at any time during the previous year?

    Schedule S: Details of Income from Salary

    The information regarding Details of Income from Salary is enclosed with the following details of the taxpayer to furnish with:

    Schedule HP: Details of Income from House Property

    The information regarding Details of Income from House Property is enclosed with the following details of the taxpayer to furnish with:

    Note:

    Schedule CG: Capital Gains

    The information regarding Capital gains is enclosed with the following details of the taxpayer to furnish with:

    A. Short-term Capital Gains (STCG)

    1. From the sale of land or building or both

    Note: Furnishing of PAN/ Aadhaar No. is mandatory, if the tax is deducted under section 194-IA or is quoted by buyer in the documents In case of more than one buyer, please indicate the respective percentage share and amount.

    2. From the sale of equity share or unit of an 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. For NON-RESIDENT not being an FII- from sale of shares or debentures of an Indian company (to be computed with foreign exchange adjustment under first proviso to section 48)

    4. For NON-RESIDENT- from the sale of securities (other than those at A2) by an FII as per section 115AD
    5. From the sale of assets other than at A1 or A2 or A3 or A4 above
    6. Amount deemed to be short-term capital gains
    7. Pass Through Income/ Loss in the nature of Short Term Capital Gain, (Fill up schedule PTI) (A7a + A7b + A7c)
    8. Amount of STCG included in A1 – A7 but not chargeable to tax or chargeable at special rates in India as per DTAA

    9. Total Short-term Capital Gain (A1e+ A2e+ A3a+ A3b+ A4e+ A5e+A6 + A7 – A8a)

    B. Long-term capital gain (LTCG) (Sub-items, 5, 6, 7 & 8 are not applicable for residents)

    1. From the sale of land or building or both
    2. From the sale of bonds or debentures
    3. From the sale of listed securities or zero-coupon bonds where proviso u/s 112 is applicable or from the sale of GDR referred to in section 115ACA
    4. From the 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
    5. For NON-RESIDENTS- from the sale of shares or debenture of an Indian company (to be computed with foreign exchange adjustment under first proviso to section 48)
    6. For NON-RESIDENTS- from sale of, (i) unlisted securities as per sec. 112(1)(c), (ii) bonds or GDR as referred in sec. 115AC, (iii) securities by FII as referred to in sec. 115AD (other than securities referred to in section 112A for which column B7 is to be filled up)
    7. For NON-RESIDENTS – From the 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
    8. From the sale of foreign exchange assets by NRI
    9. From the sale of assets where B1 to B8 above are not applicable
    10. The amount deemed to be long-term capital gains
    11. Pass Through Income/ Loss in the nature of Long-Term Capital Gain, (Fill up schedule PTI) (B11a1+ B11a2 + B11b)
    12. Amount of LTCG included in B1- B11 but claimed as not chargeable to tax or chargeable at special rates in India as per DTAA
      1. a. Total amount of LTCG not chargeable to tax as per DTAA
      2. b Total amount of LTCG chargeable to tax at special rates as per DTAA
    13. Total long-term capital gain chargeable under I.T. Act (B1e+B2e+B3e+B4c+B5c+B6e+B7c+B8c+B8f+B9e+B10 + B11 – B12a)

    C1. Sum of Capital Gains (9ii + 9iii + 9iv + 9v + 9vi + 9vii + 9viii of table E below)

    C2. Income from transfer of virtual digital assets (Col. 7 of Schedule VDA)

    C3. Income chargeable under the head “CAPITAL GAINS” (C1 + C2)

    D. Information about deduction claimed against Capital Gains

    E. Set-off of current year capital losses with current year capital gains (excluding amounts included in A8a & B12a which is not chargeable under DTAA)

    F. Information about accrual/receipt of capital gain

    Schedule 112A:

    From the sale of equity shares in a company or unit of an equity-oriented fund or unit of a business trust on which STT is paid under section 112A.

    115AD(1)(b)(iii) proviso

    For NON-RESIDENTS – 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.

    Schedule VDA: Income from transfer of virtual digital assets

    Schedule OS:

    Schedule CYLA:

    Details of Income after Set off of Current Year Losses

    Schedule BFLA:

    Details under this heading are enclosed with the following details of the taxpayer to furnish with:

    Schedule CFL:

    Details under this heading are enclosed with the following details of the taxpayer to furnish with:

    Schedule VI-A: Deductions under Chapter VI-A

    Details under this title are enclosed with the following details of the taxpayer to furnish with:

    1. Part B- Deduction in respect of certain payments
    2. Part C, CA and D- Deduction in respect of certain incomes/other deduction

    Schedule 80G: Details of donations entitled for deduction under section 80G

    Schedule 80GGA: Details of donations for scientific research or rural development

    Schedule 80GGC: Details of contributions made to political parties.

    Schedule 80DD: Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability.

    Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC

    Schedule AMTC: Computation of tax credit under section 115JD

    Schedule SI: Income chargeable to tax at special rates

    1 111- Accumulated balance of recognised provident for prior years
    2 111A or section 115AD(1)(b)(ii)- Proviso (STCG on shares units on which STT paid)
    3 115AD (STCG for FIIs on securities where STT not paid)
    4 112 proviso (LTCG on listed securities/ units without indexation)
    5 112(1)(c)(iii) (LTCG for non-resident on unlisted securities)
    6 115AC (LTCG for non-resident on bonds/GDR)
    7 115ACA (LTCG for an employee of specified company on GDR)
    8 115AD (LTCG for FIIs on securities)
    9 115E (LTCG for non-resident Indian on specified asset)
    10 112 (LTCG on others)
    11 112A or section 115AD(1)(b)(iii)-Proviso (LTCG on sale of shares or units on which STT is paid) 10 (part of 3vi of schedule BFLA)
    12 STCG Chargeable at special rates in India as per DTAA
    13 LTCG Chargeable at special rates in India as per DTAA
    14 115BB (Winnings from lotteries, puzzles, races, games etc.)
    15 115BBE (Income under section 68, 69, 69A, 69B, 69C or 69D)
    16 115BBF (Tax on income from patent)
    17 115BBG (Tax on income from transfer of carbon credits)
    18 Any other income chargeable at special rate (Drop down to be provided in efiling utility)
    19 Other source of income chargeable at special rates in India as per DTAA
    20 Pass Through Income in the nature of Short Term Capital Gain chargeable @ 15%
    21 Pass Through Income in the nature of Short Term Capital Gain chargeable @ 30%
    22 Pass Through Income in the nature of Long Term Capital Gain chargeable @ 10% u/s 112A
    23 Pass Through Income in the nature of Long Term Capital Gain chargeable @ 10%- under sections other than u/s 112A
    24 Pass Through Income in the nature of Long Term Capital Gain chargeable @ 20%
    25 Pass through income in the nature of income from other source chargeable at special rates (Drop down to be provided in e-filing utility)

    Schedule SPI:

    Income of specified persons (spouse, minor child, etc.) includable in the income of the assessee as per section 64

    Schedule EI: Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)

    Schedule PTI: Pass-Through Income details from the business trust or investment fund as per section 115UA, 115UB

    Schedule FSI: Details of Income from outside India and tax relief

    Schedule TR: Summary of tax relief claimed for taxes paid outside India

    Schedule FA: Details of Foreign Assets and Income from any source outside India

    Note: Please refer to instructions for filling out this schedule. In case of an individual, not being an Indian citizen, who is in India on a business, employment or student visa, an asset acquired during any previous year in which he was non-resident is not mandatory to be reported in this schedule if no income is derived from that asset during the current previous year.

    Schedule 5A: Information regarding apportionment of income between spouses governed by Portuguese Civil Code

    Schedule AL:Assets and Liabilities at the end of the year (applicable in a case where the total income exceeds Rs.50 lakh)

    Schedule Tax-deferred on ESOP: Information related to Tax deferred – relatable to income on perquisites referred in section 17(2)(vi) received from
    employer, being an eligible start-up referred to in section 80-IAC

    Part B-TI: Computation of Total Income

    The information regarding total income is enclosed with the following details of the taxpayer to furnish with:

    Part B-TTI: Computation of tax liability on total income

    The information regarding the Computation of tax liability on total income is enclosed with the following details of the taxpayer to furnish with:

    20 Tax Payments

    Verification: There will be verification at the end of all the General, Part B TI and Part B TTI ensuring that the details given are factually correct and self-attested by the taxpayer.

    If the return has been prepared by a Tax Return Preparer (TRP) give further details below:

    If TRP is entitled for any reimbursement from the Government, amount thereof 21

    A Details of payments of Advance Tax and Self-Assessment Tax
    B Details of Tax Deducted at Source from Salary [As per Form 16 issued by Employer(s)]

    Income Tax Return 2 Form Filing Mode

    An ITR-2 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or client can directly login to income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS. Super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR. Offline here means to furnish the return form in paper format.

    Online:

    Offline:

    ITR 2 Online User Manual Guide

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