ITR filing: Online ITR2 form for FY2022-23 (AY 2023-24) available on income tax department’s e-filing portal
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Income tax return filing: Online ITR 1, 4 forms for FY 2022-23 (AY 2023-24) available on e-filing websiteThe income tax department has now enabled the online forms for ITR-2 after releasing ITR- 1, ITR-4 on May 20, 2023As per the income tax website, “Income Tax Return Form of ITR-2 is enabled to file through Online mode with prefilled data at the portal”.
The income tax department has released the ITR- 2 offline form for filing income tax return (ITR) for FY 2022-23 (AY 2023-24) on May 17, 2023. Unlike in online, the Excel utility (offline) requires the taxpayer to download the form, fill it out with the necessary information, and then upload it to the website for electronic filing.
ITR form because all they need to do is compare the information there with the documentation they already have. Additionally, this data needs to be verified against Form 26AS as well as the Annual Information Statement (AIS). This is done to make sure the information the income tax department has matches what the taxpayers have.
The Central Board of Direct Taxes (CBDT) announced ITR forms in February of this year. The income tax return for FY 2022–23 (AY 2023–24) is now being submitted. For taxpayers who are salaried and whose accounts do not need to be audited, the deadline for filing an ITR is July 31, 2023 (unless the government extends the deadline).
Who is eligible to file ITR-2 for AY 2021-22?
ITR-2 can be filed by individuals or HUFs who:Are not eligible to file ITR-1 (Sahaj)
Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of:
• interest
• salary
• bonus
• commission or remuneration, by whatever name called, due to, or received by him from a partnership firm
• Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories.
Who is not eligible to file ITR-2 for AY 2021-22?
ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of:1. interest
2. salary
3. bonus
4. commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
What precautions should I take to avoid issues while filing my ITR?
To avoid issues in filing your return and getting your refund, you must ensure you have done the following:
• Linked Aadhaar and PAN.
• Pre-validated your bank account where you want to receive your refund.
• Choose the correct ITR before filing it; else filed return will be treated as defective and you will need to file a revised ITR using the correct form.
• File the return within the specified timelines.
• Verify your return - you can opt for e-Verification (recommended option – e-Verify Now) is the easiest way to verify your ITR.
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This story originally appeared on: India Times - Author:Faqs of Insurances
