Income tax department has issued the updated schema for ITR – 2 (INCOME TAX RETURN 2) for Assessment year 2014-15 i.e. Income Tax Return for financial year 2013-14 (For period 1stApril 2013 – 31st March 2014). It can be used by both Indian citizens and Non-Resident of India to file their Income Tax Return with the Income Tax Department of India. Download ITR-2 in EXCEL, PDF OR Schema (JAVA) format for e-filing.
The last date to filling the return with the Income tax department of India is 31st July every year. This is subject to be change only if a directive to this effect is issued by the Income tax department or by the ministry of finance of India. The Financial year ends on 31st march every year so the Assessee has a period of four months to prepare their Income Tax Returns. You can file Income tax Return till 31st March 2015 without penalty but return filed after due date i.e. 31st July 2014 can’t be revised & you can’t carry forward the loss for the year for set-off to next year income.
Eligibility for the ITR – 2 Forms
The use of the ITR -2 Form is applicable for both Hindu Undivided Families and Individuals whose total income include in the assessment year 2014-15:-
- Earning income through a Salary or Pension
- Income from House Property
- Income from Capital Gains (Short term or Long term)
- Income from other sources (Including Income through Lottery or bets on horse race and any other legal gambling)
- If Assessee have foreign assets
- Exempt income more than Rs. 5000
- The Income Tax Return if the spouse or minor child has income from same source then clubbed income together and the return will be filed together.
Non–Eligibility for the ITR – 2 Form
- Any Individual or Hindu undivided family whose total income or part of income is earned form Business and profession
- Individual how are eligible to fill the ITR – 1 SAHAJ form
- An individual who is designated as a partner in a partnership firm is not eligible to fill the ITR -2 forms
- Partner receiving remuneration as a partner in a partnership firm or partner is LLP.
Special Concession for salaried personnel
Salaried person who earned an income of rupees of Five lakhs or less are exempted from filling Tax returns as per by Income Tax department of India. This rule is applicable only for those who have earn less than ten thousand saving bank interest. Those who earn ten thousand or more are required to fill their Tax returns.
E – Filing compulsory
The Central Board of Direct Taxes (CDBT) has made compulsory for individual and Hindu Undivided Families earning total income in excess of Rupees Five Lakh to file their tax returns only through the E – filing process. Electronic filing of their Tax return is the only way by which this category can file their Income Tax returns. And last date of filling is 31st July.