Last updated: June 27th, 2024 5:31 PM

Guidelines for Filing ITR-2 for AY 2024-2025

On January 31, 2024, the Central Board of Direct Taxes (CBDT) issued the Guidelines for filing ITR-2 to help taxpayers file the particulars in Income-tax Return Form-2 for the Assessment Year 2024-2025 relating to the Financial Year 2023-2024. It also includes ITR-3 and ITR-5. Form ITR-2 is required to be filed by an individual and HUF who does not derive any income from a business or profession. The current article briefs the Guidelines for filing ITR-2 for AY 2024-2025. File your ITR-2 returns before the due date with IndiaFilings!! [shortcode_21]

Eligibility Criteria to File ITR-2

The ITR-2 return filing form is to be filed by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (SAHAJ) and who does not have any income under the head “Profits or gains of business or professions. Thus, persons having income from the following sources are eligible to file Form for ITR 2:

• • Income from House Property(Income Can be from more than one house property)
  • Income from Salary and Pension
  • Income from Capital Gains or loss on the sale of property (Both Short Term and Long Term)
  • Income from Other Sources (including Winning from Lottery, bets on racehorses, and other legal means of gambling)
  • Income  from Foreign Assets
  • Agricultural Income of more than Rs.5000

• A Director of a company and an individual who is invested in unlisted equity shares of a company will be required to file the ITR-2.

Non-Applicability of ITR-2Form

As mentioned above, an individual whose total income for the Assessment Year 2024-2025 includes Income under the head “Profits or Gains of Business or Profession” is not required to file ITR-2

Assessment Year for which this Return Form is applicable

The ITR-2 is applicable for the assessment year 2024-2025 only. That is, it relates to income earned during the Financial Year 2023-2024.

Procedure for filing and verification of ITR-2

The applicant can file the ITR-2 form electronically on the e-filing web portal of the Income-tax Department and verify in any one of the following manners:

• Digitally signing the verification part
• Authenticating by way of an electronic verification code (EVC)
• Aadhaar OTP
• By forwarding duly signed paper Form ITR-V (Acknowledgment) by post to CPC at the following address
  • Centralized Processing Centre
  • Income Tax Department
  • Bengaluru— 560500
  • Karnataka

Here's the table describes how to file the ITR-2 as per the CBDT notification dated January 31, 2024:

Sl. No.	Person	Condition	Manner of furnishing return of income
1	Individual or Hindu Undivided Family	(a) Accounts are required to be audited under section 44AB of the Act	(A) Electronically under digital signature; or (B) Transmitting the data electronically in the return under electronic verification code
		(b) Age 80 or more and filing ITR-1 (SAHAJ) or ITR-4 (SUGAM)	(A) Electronically under digital signature; or (B) Transmitting the data electronically in the return under electronic verification code; or (C) Transmitting the data electronically and thereafter submitting the verification of the return in Form ITR-V; or (D) Paper form
		(c) In any other case	(A) Electronically under digital signature; or (B) Transmitting the data electronically in the return under electronic verification code; or (C) Transmitting the data electronically and thereafter submitting the verification of the return in Form ITR-V

The applicant is required to furnish the following details in the income tax return form-2 (ITR-2):

• General Information about the taxpayer
• Details of income from salary
• Details of income from House Properties
• Computation of income under Capital gains
• Computation of income under Income from other sources
• Statement of income after set off of current year’s losses
• Statement of income after set off of unabsorbed loss brought forward from earlier years
• Statement of losses to be carried forward to future years
• Statement of deductions (from total income) under Chapter VIA
• Statement of donations entitled for deduction under section 80G
• Statement of donations for scientific research or rural development
• Computation of Alternate Minimum Tax payable under section 115JC
• Computation of tax credit under section 115JD
• Statement of income arising to a spouse, minor child, son’s wife or any other person or association of persons to be included in the income of the taxpayer
• Statement of income, which is chargeable to tax at special rates
• Details of Exempt Income
• Pass-through income details from business trust or investment fund as per Section 115UA, 115UB
• Statement of income accruing or arising outside India.
• Details of Taxes paid outside India
• Details of Foreign Assets and income from any source outside India
• Statement of apportionment of income between spouses governed by the Portuguese Civil Code
• Asset and liability at the year-end (applicable in case the total income exceeds Rs 50 lakhs)
• Schedule of tax-saving investments or deposits or payments to claim deduction or exemption.
• Computation of Total Income
• Computation of tax liability on total income

Filing out the ITR V- Income Tax Return Verification Form

After filing the ITR form – 2, the taxpayer needs to print out the Form ITRV- Income Tax Return, if you want to claim the loss previous year and send it to the Processing Centre, Income Tax Department, Bengaluru- 560500 (Karnataka) by ordinary post or speed post.

Obligation to File Return

Every taxpayer or HUF whose total income before allowing deductions under the Chapter VIA of the Income-tax Act exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income in form ITR-2. The maximum amount which is not chargeable to income tax for Assessment Year 2024-2025 for different categories of individuals/HUF is as follows:

Sl.No	Category	Amount
1	An individual who is below the age of 60 years or a Hindu Undivided Family (HUF)	Rs.2,50,000
2	An individual, being resident in India who is of the age of 60 years or more at any time during the previous year 2019-2020 but below the age of 80 years	Rs.3,00,000
3	An individual, being resident in India, who is of the age of 80 years or more at any time during the previous year 2018-2019	Rs.5,00,000

We have given CBDT notification, dated 31st January 2024, below for your reference,   Also, check the ITR-2 form for AY 2024-25 for your reference,   IndiaFilings helps you to file your ITR-2 by July 31, 2024, with expert assistance!! [shortcode_21]