Thursday, 11 July 2013

Income Tax | Returns Filing - Step 2 [b] : Filling-up Form ITR-2, for Individual / HUF with Additional Income [other than TDS1 & TDS2]

09:33

ITR-2 is for Individual / HUF with additional source of Income, other than the standard deductibles under TDS1 [Salary] & TDS2 [Renumerated].
  • Who CAN use this Return Form?
    • This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes:-
      • (a) Income from Salary / Pension; or
      • (b) Income from House Property; or
      • (c) Income from Capital Gains; or
      • (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
  • Who CANNOT use this Return Form?
    • This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession.
This is much more complicated than the ITR-1, it is advisable to be left to the professionals or to be filed under professional guidance. For complete help click here, and for professional help, click here.

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