New Income tax form for Assessment year 2015 -2016 are released by Income Tax Department. It is important that correct income tax form should be selected for filing income tax return. Selecting correct income tax form will ensure that you return are processed timely and you get income tax refund on time.
Who can use ITR 2 for filing income tax return for Previous Year 2014-2015 ( AY 2015-2016) ?
ITR 2 is used by an individual or a Hindu Undivided Family whose total income comprises following income:
- Income from Salary / Pension
- Income from House Property
- Income from Capital Gains
- Income from Other Sources
- Income from Winning of Lottery
- Income from Race Horses
Moreover, if the income of spouse, minor child, etc. is to be clubbed with the income of the assessee, then ITR 2 can be used if such income falls in any of the above categories.
Who cannot use ITR 2 for Previous Year 2014-2015 ( AY 2015-2016) ?
ITR 2 is not used by
- An Individual/ HUFs if his total income includes any income taxable under the head “Profit or Gain from Business or Profession. In other words, business or professional income does not form the part of ITR-2.
- A Partnership Firm having exempt income by way of shares (& not earning any income by way of interest, salary, etc.).
- No documents are required to be affixed with any ITR Forms.
- ITR Forms can be filed either manually or electronically, with or without digital signature, with the Income Tax Department.
- For Assessment year 2015-2016, every person (not being a co.) to e-file (Electronic Income tax Return) the income tax return if its total income exceeds Rs. 5,00,000. While filing the return care should be taken to ensure that you select correct Income tax forms.
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