The Source of revenue Tax Division launched ITR-2 on-line application on 18 July. Now taxpayers the usage of ITR-2 shape can report source of revenue tax returns. The Source of revenue Tax Division had already launched the offline Excel Utilities of ITR-2 and ITR-3. On the other hand, on-line utilities weren’t launched on-line with pre-filled information. On-line utilities of ITR-3 have no longer been issued but.
Which taxpayer is ITR-2 shape?
First you will need to perceive who can use the ITR-2 shape. This kind is for wage taxpayers and pensioners who can’t use ITR-1.
1. Taxpayers with source of revenue greater than Rs 50 lakhs in step with annum can’t use ITR-1. Such taxpayers should use ITR-2.
2. If the capital positive aspects are greater than 1.25 lakhs beneath segment 112A of a taxpayer, then it is going to no longer use ITR-1. He’ll use ITR-2.
3. If the taxpayer is a director in an organization, he can’t use ITR-1. He has to apply ITR-2.
4. If the taxpayer has invested in stocks of an organization that isn’t indexed within the inventory change, then it is going to have to apply ITR-2.
5. If the taxpayer has source of revenue from in a foreign country, then it is going to have to apply ITR-2.
6. If there’s a checking account or asset in a foreign country, then the taxpayer should use ITR-2.
Don’t look forward to 15 September to report returns
Tax professionals say that taxpayers must no longer look forward to 15 September to report source of revenue tax returns. There’s a chance of mistake in submitting returns on the final minute. If this occurs, the awareness of the Source of revenue Tax Division might come. Usually, the final date for submitting source of revenue tax returns is 31 July. This yr the federal government has greater it to fifteen September.
Test data of Shape 16, Shape 26AS and AIS
Prior to submitting source of revenue tax returns, it is crucial to make sure the ideas fascinated with Shape 26AS and Annual Data Remark (AIS). Aside from this, it is usually essential to compare the information of Shape 16. Shape 26AS accommodates details about TDS, belongings purchases, top worth monetary statements and so on. AIS has additional info than Shape 26AS. It accommodates details about passion source of revenue, dividend, hire source of revenue, acquire of safety, source of revenue from in a foreign country and so on. from financial savings account.