In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-2 for AY 2020-21/FY 2019-20 which is generally applicable to Individuals and HUFs not having income from profits and gains of business or profession.

ITR-2 with other ITRs alongwith manner of furnishing Return of Income for Assessment Year (AY) 2020-21 / Financial year (FY) 2019-20 is been notified by CBDT vide Notification No. 31/2020 dated 29.05.2020.

1. Who is eligible to use Form ITR-2 for A.Y. 2020-21?

This form is for Individuals and Hindu Undivided Family (HUF) not having income from profits and gains of business or profession.

2. Who is not eligible to use Form ITR-2 for A.Y. 2020-21?

This ITR Form should not be used by an Individual or HUF whose Total Income for A.Y. 2020-21 includes income under the head “Profits and Gains of Business or Profession”

3. Annexure-less ITR Form

No document (including TDS certificate) should be attached to this ITR Form.

4. Manner of filing Form ITR-2 for A.Y. 2020-21

This ITR Form can be filed with the Income-tax Department electronically on the e-filing web portal of Income-tax Department (www.incometaxindiaefiling.gov.in) and verified in any one of the following manner –

(i) digitally signing the verification part, or

(ii) authenticating by way of electronic verification code (EVC), or

(iii) by sending duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address –

Post Bag No. 1, Electronic City Office, Bengaluru- 560500, Karnataka”.

The Form ITR-V should reach within 120 days from the date of e-filing the return of income.

5. Obligation to file return of income for A.Y. 2020-21

Every Individual or HUF whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to tax is obligated to furnish his return of income. The claim of deduction(s) under Chapter VI-A is to be mentioned in Part C of this ITR Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act. The maximum amount which is not chargeable to income tax for Assessment Year 2020- 21, in case of different categories of individuals and HUF, is as under:-

Sl. No. Category Amount (in ₹)
(i) In case of an individual who is below the age of 60 years or a Hindu Undivided Family (HUF) 2,50,000
(ii) In case of an individual, being resident in India, who is of the age of 60 years or more at any time during the previous year 2019-20 but below the age of 80 years 3,00,000
(iii) in case of an individual, being resident in India, who is of the age of 80 years or more at any time during the previous year 2019-20 5,00,000

Also Read:-

S. No. Particulars
1 A.Y. 2020-21 ITR Forms: Eligibility Criteria & Changes
2 All about filing of ITR-1 (Sahaj) for AY 2020-21
3 All about filing of ITR-2 for AY 2020-21
4 All about filing of ITR-3 for A.Y. 2020-21
5 All about filing of ITR-4 (Sugam) for A.Y. 2020-21
6 All about filing of ITR-5 for A.Y. 2020-21
7 All about filing of ITR-6 for A.Y. 2020-21
8 All about filing of ITR-7 for A.Y. 2020-21

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15 Comments

  1. Mahendra Gamare says:

    Dear Sir
    Online filing utility for ITR-2 is available now. One of the representative CA in India is working on my case but not heard anything from him yet.
    Kindly update

    1. cabubna@gmail.com says:

      The online filing software/utility provided by the Income Tax Dept. on the e-filing website is not yet available for ITR-2 pertaining to A.Y. 2020-21.

    2. cabubna@gmail.com says:

      The online filing software/utility provided by the Income Tax Dept. on the e-filing website is currently available for ITR-1, ITR-2 and ITR-4 pertaining to A.Y. 2020-21. It is not yet available for ITR-3 pertaining to A.Y. 2020-21.

  2. Shivang says:

    Dear Sir,
    I am a salaried person but I also have capital gains from listed stocks and equity mutual funds. Also, I have income from capital gains on debt mutual funds.
    Q.1 For Equity MFs and stocks , Do I need to show capital gain details per share and per MF scheme in Sch. 112? If yes, do I need to show each and every transaction for all the scrips? If no, where can I show these details in schedule CG?
    Q.2 For debt MFs, where do I show STCG and LTCG? As STCG in debt funds is taxed at applicable tax rate do i need to show in “Income from other sources”? Where do I show LTCG in debt funds? There is no such option in sch. CG.

  3. venkat says:

    I filled sheet tool-112A regarding LTCG. But I do not know how to fill the column ISIN because when I tried to search I get number of ISIN for the same share. when validating this sheet the absence of ISIN is notified as error.

  4. RK NAIR says:

    I am a NRI student.

    I have no employer, no income except a small amount by way of interest from bank deposit.
    I have to get a refund on tax deducted only.
    How to fill the ITR 2 which is asking for details of employer etc.
    Pl help by providing guidance

  5. venkat says:

    I havd LTCG on shares for AY 20-21 like this
    icicidirect ==55
    iifl========5145
    total 5170

    should I enter share by share or consolidated amount and how to enter and which sheet?
    How can I

    1. cabubna@gmail.com says:

      Your question seems to be incomplete. However, we suggest you take the help of a CA or some other professional at the time of filing your IT Return.

  6. Kiran says:

    Sir,
    I’ve income from Dividend, Interest and share trading activity includes STCG, LTCG and Intraday also. Which form should I use? I heard Intraday is considered as business, but I’ve other income from interest also, please help

    1. cabubna@gmail.com says:

      Till now the Income Tax Dept. has only come up with IT Return filing Utilities for ITR-1 and ITR-4. Request you to kindly wait for a few more days for other ITR Utilities.

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