Income Tax Department releases offline ITR 2 form for eligible users

The income tax department released ITR 2 offline form for filing Income Tax Returns (ITR) for FY 2022-23 (assessment year 2023-24). Eligible taxpayers can access the form on the department’s website and file their ITR offline.

ITR filing involves reporting the total income earned by a taxpayer in a financial year. By filing an ITR for a specific year, the taxpayer can claim a refund for any excess tax paid or deducted during that period.

ITR 2 is designed for individuals and HUFs (Hindu Undivided Families), both resident and non-resident, with specific income types. These include salary or pension, income or loss from one or more house properties, income or loss under the head ‘Capital Gains,’ and income under the head ‘Other sources’ (including income subject to special rates).

However, individuals or HUFs with income from profit and gains from business or profession, along with income in the form of interest, bonus, salary, commission, or remuneration received from a partnership firm, cannot file ITR-2. This rule is based on the income tax regulations.

Taxpayers need certain documents to file an ITR. Here are the required documents based on different scenarios:

1. Taxpayers with salary income:

   – Form 16 issued by the employer.

   – TDS certificates (Form 16A) for any interest earned on fixed deposits or savings accounts where TDS has been deducted.

   – Form 26AS to verify TDS on salary and other than salary, which can be downloaded from the e-filing portal.

2. Taxpayers living in rented premises:

   – Rent-paid receipts for calculating House Rent Allowance (HRA), if not already submitted to the employer.

Regarding ITR forms, the Income Tax Department has notified seven forms for filing ITR: Sahaj (ITR-1), ITR-2, ITR-3, Sugam (ITR-4), ITR-5, ITR-6, and ITR-7.

Currently, the department has released offline forms for ITR-1 and ITR-4. Online ITR forms are yet to be enabled. However, the department has provided Excel utility tools for ITR-1, ITR-2, and ITR-4. These tools assist taxpayers in entering their income and other details required for ITR filing.

For any clarifications/feedback on the topic, please contact the writer at samiksha.swayambhu@clear.in