Material in this Short Article.
Directions for Filing ITR 2 For AY 2017-18
1. Evaluation Year for which this Return Kind applies
This Return Type applies for assessment year 2017-18 only, i.e., it associates with earnings made in Financial Year 2016-17
2. Who can use this Return Form ITR 2?
This Return Type is to be utilized by a specific or an Hindu Undivided Household who is not eligible to submit Sahaj ITR-1 and whose earnings chargeable to income-tax under the head “Revenues or gains of service or profession” is in the nature of interest, income, perk, commission or remuneration, by whatever name called, due to, or received by him from a collaboration firm.
3. Who can not utilize this Return Type?
This Return Kind must not be used by a private whose total earnings for the evaluation year 2017-18 includes Earnings from Organization or Profession under any proprietorship.
4. Way of filing this Return Type
This Return Form can be filed with the Income-tax Department in any of the following ways,
- ( i) by providing the return digitally under digital signature;-LRB-
- ( ii) by sending the data in the return digitally under electronic confirmation code;-LRB-
- ( iii) by transferring the information in the return electronically and thereafter sending the confirmation of the return in Return Form ITR-V;-LRB-
Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Declaration (Type 26 AS). (Please describe www.incometaxindia.gov.in)
5. Filling out the acknowledgement
Where the Return Type is furnished in the way discussed at 4( iii), the acknowledgement must be duly filled out ITR-V. The assessee ought to print out two copies of Type ITR-V. One copy of ITR-V, properly signed by the assessee, has to be sent out by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100(Karnataka). The other copy may be kept by the assessee for his record.
6. Columns under Filing status
Under the heading ‘Filing Status’ in the Return Type the pertinent box needs to be examined regarding section under which the return is being filed on the basis of following.
|S.No||How the return is submitted|
|1||Before the due date as provided under section 139|
|2||After the due date under area 139( 1) however prior to the expiration of one year from the end of relevant assessment year according to area 139( 4 )|
|3||Modified Return under section 139( 5 )|
|4||Customized return under area 92 CD|
|5||In action to notice under section 139 (9) for elimination of flaws|
|6||In action to notice under section 142( 1 )|
|7||In action to discover under area 148|
|8||In action to discover under section 153 A/ 153 C|
|9||Under section 119( 2 )( b) on an application to be made individually prior to the income-tax authority ( The return shall be dealt with as valid just after the application/claim/relief under section 119( 2 )( b) has been admitted by the income-tax authority)|
If the assessee is governed by Portuguese Civil Code under section 5A of the Income-tax Act, schedule 5A is needed to be filled out. Schedules connecting to various heads of income ought to be filled out. While filling part B-TI (calculation of overall earnings) you ought to allocate the income (other than income from income) and go into only your share of earnings under different heads. The balance share of income need to be entered in the return of earnings of the spouse under respective heads
7. Commitment to file return
Every person or HUF whose overall earnings prior to permitting deductions under Chapter VI-A of the Income-tax Act, goes beyond the maximum amount which is not chargeable to earnings tax is obligated to furnish his return of earnings. The optimum amount not chargeable to income tax in case of different categories of individuals is as follows:–LRB- .
|S. No.||Classification||Amount (in Rs.)|
|( i)||In case of individuals below the age of 60 years||2,50,00 0|
|( ii)||In case of people, being resident in India, who are of the age of 60 years or more at any time during the fiscal year 2016-17||3,00,00 0|
|( iii)||in case of individuals, being resident in India, who are of the age of 80 years or more at any time during the financial year 2016-17||5,00,00 0|
Calculation of income-tax, additional charge, education cess including secondary and college cess and interest in regard of earnings chargeable to tax
- ( a) Compute income-tax payable on the total income. Unique rates of tax apply to some specified items. Include farming earnings, as recommended, for rate purposes, in the tax computation procedure.
- ( b) If earnings consists of income of the nature described in area 115 BBE, additional charge @25% on such income is chargeable. If total income exceeds Rs. 1 crore, calculate surcharge on (overall earnings minus income chargeable u/s 115 BBE) at the rate of15%.
- ( c) Include Education cess consisting of secondary and college cess as recommended on the tax payable and surcharge thereon.
- ( d) Claim relief( s) as prescribed by the law, on account of defaults or advances of wage gotten throughout the year or of double tax and compute balance tax payable.
- ( e) Add interest payable as prescribed by the law to reach overall tax, and interest payable.
- ( f) Deduct the quantity of prepaid taxes, if any, like “tax deducted at source”, “tax gathered at source”, “advance-tax” and “self-assessment-tax”. The outcome will be the tax payable (or refundable).
Verification Please complete the Verification Area, fill date and Check in the space given. Without a legitimate signature, your return will not be accepted by the Earnings- tax Department.
Download ITR 2 For AY 2017-18
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