Income Tax Return (ITR) Filing: File your returns using the newly available ITR-2 form on the Income Tax website. Find out who can use this form for filing their returns.
The Income Tax Department has introduced the online ITR-2 form, which comes with pre-filled data for ease of filing. It can be accessed on the portal. Additionally, the offline form for ITR-2 was released on May 17, 2023, allowing taxpayers to file their Income Tax Returns (ITR) for the financial year 2022-23 (AY 2023-24).
When using the offline Excel utility, taxpayers need to download the form, fill in the necessary details, and then upload it on the website for electronic filing. On the other hand, the online ITR form simplifies the process as taxpayers only need to verify the pre-filled information with their documents. It is important to cross-verify this data with Form 26AS and the Annual Information Statement (AIS).
Deadline for ITR Filing: July 31
The deadline for filing Income Tax Returns (ITR) for the financial year 2022-23 (AY 2023-24) is approaching. The Central Board of Direct Taxes (CBDT) set the deadline as July 31, 2023, for salaried taxpayers and those whose accounts do not require auditing.
Who can file ITR-2 form?
- The ITR-2 form is meant for individuals who need to report various types of income, including salary, income from other sources, income from multiple house properties, and capital gains.
- Both resident taxpayers (ordinary and non-ordinary) and Non-Resident Indians (NRIs) can use ITR-2. If the taxable income exceeds Rs. 50 lakhs, even if the conditions for filing ITR-1 are met, ITR-2 should be used instead.
- Individuals who hold unlisted shares or serve as directors of a company should file ITR-2, even if they meet the requirements for filing ITR-1.
- If an individual possesses foreign assets, ITR-2 must be filed instead of ITR-1.
