ITR-2 is an Income Tax Return Form. Any individual or HUF, who does not earn any income from business or profession can file ITR-2 form, for filing their annual income tax returns. For more information about this Form click here
Here you can have a look at ITR-2 Form
ITR- 2 consists of various schedules and they are as follows: -
Schedule S: salary income details
Schedule HP: house property income details
Schedule CG: calculation capital gains income
Schedule OS: calculation of income from other sources.
Schedule CYLA: details of income after settling off current year's losses
Schedule BFLA: details of income after settling off the unabsorbed loss brought forwarded from the earlier years.
Schedule CFL: details of losses need to carry forward to coming years.
Schedule VIA: details of deductions from total taxable income under Chapter VIA.
Schedule 80G: details of donations eligible for deduction under section 80G.
Schedule SPI: details of income earned by spouse / minor child/son's wife or any other family member which will be included in the taxpayer’s total income in Schedules-HP, CG, and OS.
Schedule SI: details of income liable to taxed at special rates
Codes that prescribe special rates of tax that need to be filled in Schedule SI
|
Nature of Income |
Section |
Rate of Tax |
Section Code |
|
Tax on accumulated balance of recognized PF |
111 |
To be calculated according to the rule 9(1) of Part A of the fourth Schedule |
1 |
|
Short Term Capital Gains |
111A |
15 |
1A |
|
Long-term capital gains including indexing |
112 |
20 |
21 |
|
Long-term capital gains excluding indexing |
112 |
10 |
22 |
|
Income dividends and interest from units purchase in foreign currency |
115A (1)(a) |
20 |
5A1a |
|
Income from technical services or royalty, where agreement entered between 31.3.1961 to 31.3.1976 in case of royalty and between 29.2.1964 and 31.3.1976, and agreement is approved by the Central Government. |
Paragraph EII of Part I of the first schedule of the Finance Act |
50 |
FA |
|
Income from technical services or royalty |
115A (1)(b) if agreement is entered on or before 31.5.1997 |
20 |
5A1b1 |
|
Income from technical services or royalty |
115A (1)(b) if agreement is entered on or after 31.5.1997 but before 1.6.2005 |
20 |
5A1b2 |
|
Income from technical services or royalty |
115A (1)(b)if agreement is on or after 1.6.2005 |
10 |
5A1b3 |
|
Income received in respect of units brought in foreign currency by an off-shore fund |
115AB (1)(a) |
10 |
5AB1a |
|
Earnings by way of long-term capital gains arising from the transfer of units purchase in foreign currency by an off-shore fund |
115AB (1)(b) |
10 |
5AB1b |
|
Earnings from bonds or GDR purchases in foreign currency or capital gains arising from their transfer in case of a non-resident |
115AC (1) |
10 |
5AC |
|
Earnings from GDR purchased in foreign currency or capital gains arising from their transfer in case of a resident |
115ACA (1) |
10 |
5ACA |
|
Profits and gains from life insurance business |
115B |
12.5 |
5B |
|
Winnings from lotteries races including horse races crosswords puzzles card games and gamblings or betting of any form or nature |
115BB |
30 |
5BB |
|
Tax levied on non-residents sports associations or sportsmen |
115BBA |
10 |
5BBA |
|
Tax levied on income from units of an open-ended equity-oriented fund of the Unit Trust of India or of Mutual Funds |
115BBB |
10 |
5BBB |
|
Unspecified donations |
115BBC |
30 |
5BBC |
|
Income from long-term capital gains |
115E (a) |
20 |
5Ea |
|
Income from investment |
115E (b) |
10 |
5Eb |
|
Double Taxation Agreement |
DTAA |
Schedule EI: details of exempted Income
Schedule IT: details of advance tax and tax on self-assessment payments.
Schedule TDS1: Details of TDS deducted from salary.
Schedule TDS2: details of tax deducted at source on income other than salary.
Schedule FSI: details of income earned from abroad
Schedule TR: details of taxes paid in abroad
Schedule FA: details of Foreign Assets.
Schedule 5A: details of apportionment of income between spouses governed by Portuguese Civil Code.
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