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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