Shruti Agrawal

Shruti AgrawalINTRODUCTION: For the financial year 2014-15 i.e. assessment year 2015-16, income tax department has issued a new Form ITR 2A. The reason for this form is that ITR 1 is very basic form in which very limited details are required to be furnished and only a limited salaried taxpayer are allowed to furnish this form. Due to its limitation Taxpayers has to File ITR 2 which is very complicated. To remove this complexity department introduced a new form ITR2A i.e. in between ITR 1 and ITR 2.

WHO CAN FURNISH ITR FORM 2A: ITR Form 2A can be furnished by an individual or HUF whose total income includes

  1. Income from Salary or
  2. Income From House Property or
  3. Income From Other Sources

WHO CAN NOT FURNISH ITR FORM 2A: ITR 2A cannot be furnished by an individual or HUF whose total includes

  1. Income from Capital Gains or
  2. Income from Business or Profession or
  3. Any Claim of Relief under section 90, 90A or 91 or
  4. Any resident having any asset located outside India or signing authority located outside India
  5. Any resident having income from sources outside India.

DIFFERENCE BETWEEN ITR 1 AND ITR 2A

  1. If there is income from only one house property, ITR 1 can be filed. ITR 2A can be filed if there is income from more than one house property.
  2. ITR 1 cannot be used if there is income from winnings from lotteries or race horses whereas ITR 2A can be filed.
  3. ITR 1 cannot be used if there is agricultural income of more than RS. 5000 whereas ITR 2A can be used if there is agricultural income of more than Rs. 5000.

DIFFERENCE BETWEEN ITR 2 AND ITR 2A

The only difference between ITR 2 and ITR 2A is that if an assessee have income from capital gains then s/he can furnish only ITR 2. S/he cannot filed ITR 2A.

(Author can be reached at  shrutiagrawalindia@gmail.com)

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One response to “All you want to know about ITR 2A”

  1. Malhar Deshpande says:

    I have income from pension, FD interest and dividend (that is exempt income) no other income from any other head. I get about 75000 as dividend. Now I can use itr1 as well as itr2A. Which will be more correct

  2. Mithra says:

    My exempted income is from UGC scholarship is 2 lacs. Which form should i use??

    • SHRUTI AGRAWAL says:

      Dear Mithra,

      If you don’t have any other income then no need to file ITR . But if you want to file then simply declare this exempt income in ITR 1

      Thanks

  3. Sakthivel G says:

    I am a salaried individual. During FY 14-15, I left the employment and started consulting services for about 3 months (Apr-Jun14).As the business was not as expected, i again got into the employment. During the business, Total income was Rs.35K for which TDS has been remitted and the Expenses were Rs.75K.

    I do not want to carry forward the losses as I continue to be in Employment.

    Let me know which ITR form to be used as I need to get the tax refund from Salary Income.

  4. Amit says:

    Dear Madam,

    Last year I won TV in a scratch card contest. When I checked my 26AS it seems that They already deposited TDS on that.

    My two queries:

    1 Do I need to deposit any amount regarding the tax?
    2 Actual product MRP is 25K while amount mentioned in 26AS is approx 32K. Why so much difference.

    BTW I am using ITR 2 because 194B section.

    Please reply asap

    Thanks
    Amit

    • SHRUTI AGRAWAL says:

      Dear Amit,

      May be the difference in amount is due to tax . I can’t clear comments on this topic.
      You simly show this in other income column in ITR 2.
      For further you can mail me at shrutiagrawalindia@gmail,com

      Thanks

  5. shruti agrawal says:

    Hello Vijay,

    Your Salary Account comes under the ambit of Foreign Assets and You should File ITR 2.
    For more discussions you can mail me on shrutiagrawalindia@gmail.com.

    Thanks

  6. shruti agrawal says:

    Thanks to all who comments on my article and apprecating me a lot.

    Thanks a lot.

  7. shruti agrawal says:

    Hi Sandeep,

    You can not set off long term capital loss with short term capital gain.

    Thanks

  8. shruti agrawal says:

    Dear George,

    If you have capital loss you can not file ITR 2A, then you have to file ITR-2

  9. shruti agrawal says:

    Hi Rahul Nagraj,

    If you have two house property, then you have to file ITR 2A.

  10. shruti agrawal says:

    Dear Gangappa,

    You can still file ITR 1.

  11. Sandeep says:

    Hi,

    I have got Long Term Capital Losses, can I use them to offset STCG for AY 2015-16?

    Thanks

  12. Mayur says:

    George Says:
    07/05/2015 At 1:10 PM
    Thanks for the clarification.

    Can I please ask …
    I have got capital loss … meaning, I lost about Rs.2.5 lakhs on shares. Can I put this in ITR-2A and then use it to set of any gains in the next year?

    Thanks

    Hi George,
    You can carry forward your share loss which can be set off only against either LTCG/STCG.

    for any clarification, you may write on mayurpopat2002@gmail.com

    Mayur

  13. George says:

    Thanks for the clarification.

    Can I please ask …
    I have got capital loss … meaning, I lost about Rs.2.5 lakhs on shares. Can I put this in ITR-2A and then use it to set of any gains in the next year?

    Thanks

  14. Pranav Viajy says:

    To the point and clear. Thank you.

  15. Bhalchandra says:

    It is difficult to explain in very simple terms, which you have achieved. I appreciate your efforts for the better understanding of filling up of these forms. Please keep up good work. God bless you.
    Bhalchandra

  16. Rahulnagaraj says:

    Hi All,

    One doubt with regards to which form top be used for return.
    I have two houses one in in which I am living (self occupied) and one that is let out but have a home loan tagged to it and claiming deduction under section 24. So income from house from houes property in overall a loss (Interest amount greater than rent).
    Doubt is can I use ITR 1 or have to use ITR 2A. I read blogs like “ITR 1 cannot be used if there a loss under head House Property whereas ITR 2A can be used in cases where there is a loss under head House Property”.

    Thanks

  17. T.Kiran kumar says:

    Good presentation of simple facts…

  18. ANIL PANCHAL says:

    Dear Madam

    Thanks for detailed information
    Now my all doubts are cleared.

  19. shashi ranjan says:

    Nice, knowledge ka bhandar hai aap madam

  20. Nitin Ladha says:

    Best

  21. Gangappa says:

    My income is includes Salary and one house property (loss). In my salary exemption under section 10 is more than Rs.5000/-. Still Can I use ITR 1 or ITR 2?

  22. vijay khanna says:

    I am employee in Ministry of External Affairs and posted abroad. Indian Govt deduct tax on my income and give me beneif to 80C deduction (GPF) by treating me as ‘Resident’. However i maintain NRE and FCNR in India by virtue of my being abroad. I do maintain salary account in the country where i and my colleagues are posted. So, the question is whether my salary account comes under the ambit of ‘foreign assests’ or not and should i fill ITR-2 or ITR-2A?

  23. sunny says:

    nice and clear explanation

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