Who can use this ITR-2 Return Form for Assessment 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 201 4-15 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 2014-15 includes Income from Business or Profession.

Annexure-less Return Form

No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

Manner of filing ITR-2 Return Form for Assessment Year 2014-15?

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

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

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

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

(iv)    by furnishing a Bar-coded return.

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 either 5(ii) or 5(iii).

From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 5(ii) or 5(iii). 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 either (ii) or  (iii).

Where the Return Form is furnished in the manner mentioned at (iii), 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, Bengal uru–5601 00 (Karnataka). The other copy may be retained by the assessee for his record.

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 5(i) or at 5(iv), the acknowledgement should be duly filled in ITR-V.

Obligation to file return

Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:-

Sl.No. Category Amount (in Rs.)
In case of individuals below the age of 60 years 2,00,000
In case of individuals, resident in India, who are of the age of 60 years or more but less than eighty years at any time during the financial year 2013-14 2,50,000
In case of individuals, resident in India, who are of the age of 80 years or more at any time during the financial year 2013-14. 5,00,000

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Tags : ITR (552) itr 2 (46)

0 responses to “Who are required to file ITR-2 for AY 2014-15 and mode of filing?”

  1. ram singh says:

    uesfull topic

  2. sandeep nirvan says:

    if there is income from Salary/Pension and Income from bank FD interest then ITR 1 will be filled.

    Sandeep Nirvan
    from Xpertvoice Financials

  3. HARDIK JOSHI says:

    Which itr v should i file for my wife for the income she has from tuitions she conducts at home.??????


    very useful information

  5. VENKAT says:

    Today IT dept has added excel utility for ITR 2. If one is familiar with excel utility from last year this will be welcome.

  6. Vinayak Hari Gadre says:

    This year only Java utility is available for filing Ereturn and I find it extreamly difficult. I am not able to file it in spite of trying for 10 days. Can anybody guide in detail as how to do it?

  7. Sekaran says:

    Though the article has been written precisely, any overworking Indian brain will have doubts galore. The need of the hour is CBDT should make life simpler by reducing rules to bare bones over a period of one year and make even a pan beeda wallah or even “Manishankar Iyer Canteen chai wallahs” do his ITRs comfortably without any hesitation or fear on line. Then the number of officials at the AAYAKAR Bhavans through out India could be also reduced and the huge ITO buildings which can be let out to fill Govt’s coffers. Thus as a corollary CORRUPTION AT HIGH LEVELS also could drastically curtailed.

  8. S. Ramkumar says:

    One important point is that, even though the Individual is having salary income only but has income not chargeable to tax, exceeding five thousand rupees he cannot file the Return of Income in ITR-1.
    The applicable form is ITR-2.
    Since Income not chargeable to tax means any exempt income. It is amendment to Proviso to Rule 12(1)(a).
    It is being complicated since for most of the salary cased conveyance allowance of Rs.9600 p.a. will be exempted and almost 90% of the Salaried Person should come under ITR-2.

  9. jm wasdev says:

    filing itr-2 is cumbersome for a person who has incomr from salary/pension & bank interest BUT has exempt income from PPF interest more than 5000/-

  10. H D Upadhyay says:

    Hi, I would like to know which ITR form should be use in case of Salaried person + long term capital gains (which is exempted) from tax.

  11. Madhu says:

    ITR-2 is available or not for filing the return. I could not find in excel, although it appears to be available in JAVA type format. Whether excel will be available or assessee have to file in java. Please comment

  12. rakesh kumar jain says:

    I guess now ITRV has to be sent by Speed Post & not by Ordinary Post? Kindly

  13. s sudarshana says:

    Nicely written. Only thing and that too important can be added is the ITR-V is to be signed in the manner (not black ink) explained in the incometaxindiaefiling.gov.in and CAN BE SENT BY SPEED POST also.
    One can file without any help from others ‘online’ by registering in the site (given above)for which pan and date of birth is required.

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