Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 GSTR-3B deadline expired: File now to avoid input tax credit loss, GST registration cancellation
 ITR Filing: Income tax department shortens time limit for condonation of delay What it means for taxpayers
 CBDT launches campaign to intimate taxpayers on undeclared foreign assets in ITR
 ITR AY2024-25: CBDT launches campaign for taxpayers to report income from foreign sources
  CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024
 CBDT weighs overhaul of designations for income tax officials to secure better clarity
 Direct tax-GDP ratio at millennial high in FY24
 CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024
 Tax filing: How to choose the right ITR form
 Income Tax Return: How to maximise your tax refunds while filing ITR?
 Last date for filing income tax return (ITR)

Income tax return form-2 in Java format released for e-filing for FY2017-18
May, 15th 2018

The Central Board of Direct Taxes (CBDT) has now released the income tax return (ITR) form 2 in java utility to be used by individuals for FY 2017-18. Till now only the paper version of this form in pdf was available which could not be used for e-filing of ITR.

E-filing is compulsory for all filers using ITR-2. It is the second most widely used return form by individuals after ITR-1.

Who can fill ITR form 2?
ITR-2 can be filed by individuals and Hindu Undivided families (HUFs) having income from any sources except income from profits and gains of business or profession. Income from sources that can be declared in this return include income from more than one house property, capital gains, salary etc. Unlike ITR-1, ITR 2 can be used by non-resident individuals (NRI) and not ordinarily resident individuals also.

Abhishek Soni, CEO, tax2win.in, a tax-filing firm says, "The major change done in this form includes the deletion of Schedule-IF (Details of Partnership Firm) and Schedule-BP (Details of Income of Partner from Firm) which means now partners of the firm would not be able to file ITR 2. They have to opt for ITR 3. Further, the other change which is noteworthy is that now non-resident individuals (NRIs), having income from salary have to furnish ITR 2 instead of ITR 1. Further, similar to ITR -Further, similar to ITR -1, even in ITR-2, under the Schedule on TDS, there is also an additional field for furnishing details of TDS as per Form 26QC for TDS made on Rent and providing PAN details of the Tenant."

The CBDT, in a press release issued in April, had stated that there is no change in the manner of filing of ITR. All the ITR forms are to be filed electronically. However, those who are required to file ITR-1 or ITR-4, can file it in paper form only if they satisfy the below mentioned conditions:
a) The individual is of age of 80 years or more at any time during the previous year; or,
b) The individual or HUF's income does not exceed Rs 5 lakh and who has not claimed a refund while filing ITR.

The tax department had earlier released the offline electronic utilities (Excel and Java) for ITR Form-1 and Form-4. ITR-1 can be used by individuals with income up to Rs 50 lakh from salary, one house property only and other income such as interest earned from fixed deposits, recurring deposits etc.

ITR 4 is meant for professionals and self-employed individuals who have opted for presumptive income scheme under section 44AD, Section ADA and section 44AE. The deadline to file ITR is July 31, 2018.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting