1. Who can use Form ITR-2 for Assessment Year 2015-16 i.e. Financial year 2014-15?

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 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.

2. Who cannot use Form ITR-2 for Assessment Year 2015-16 i.e. Financial year 2014-15?

This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession.

3. Manner of filing  Form ITR-2 for Assessment Year 2015-16 i.e. Financial year 2014-15

This Return Form can be filed with the Income-tax Department in any of the following ways, –

3(i)       by furnishing the return in a paper form;

3(ii)     by furnishing the return electronically under digital signature;

3(iii) by transmitting the data in the return electronically under electronic verification code;

3(iv)    by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA and furnish the return in the manner provided at 3(ii), 3(iii) or 3(iv).

From the assessment year 2015-16 onwards 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 in the return or having total income of more than five lakh rupees is required to furnish the return in the manner provided at 3(ii) or 3(iii) or 3(iv). Also in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at 3(ii) or 3(iii) or 3(iv).

Where the Return Form is furnished in the manner mentioned at 3(iv), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru- 560100 (Karnataka). The other copy may be retained by the assessee for his record.

4. Filling out the acknowledgement

Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 3(i) the acknowledgement should be duly filled in ITR-V.

(Compiled by Taxguru Team based on inputs from Income Tax Department Website)

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0 responses to “Form ITR-2 – Who can & who cannot file & Manner of Filing for A.Y. 2015-16”

  1. SUKHDEV GUPTA says:

    TRIED TO FILE ITR-2, ENTERED AMOUNT OF PENSION, INTEREST, SHORT TERM CG AND DEDUCTIONS UNDER CHAPTER VIA,80G ETC. TAX CALCULATED ON SPECIAL RATE 15% DEPOSITED ONLINE AND NECESSARY DETAILS FILED IN RESPECTIVE COLUMNS. BUT WHEN I SAVE THE RETURN FOR UPLOADING SYSTEM WANTS SOME MORE INFORMATION LIKE BROUGHT FORWARD FROM PREVIOUS YEARS WHICH I DO’T UNDERSTAND TO FILL. CAN I GET HELP IN THIS REGARD SINCE I HAVE DEPOSITED SELF ASSESSMENT TAX ONLINE. WILL BE THANKFUL IF REPLY IS SUBMITTED THROUGH ON MY EMAIL.

    THANKS

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