The income tax (I-T) department has enabled the online form for ITR-2 with pre-filled data for the assessment year 2023-24. This comes days after the department allowed individuals to use ITR-1 and 4 online forms. The software/utilities for preparing other ITRs/forms will be enabled shortly and information regarding the same will be made available to taxpayers on the e-filing portal.

The deadline for filing income tax return (ITR) for financial year 2022-23 is July 31, 2023.

Who can use ITR 2?

ITR 2 is available for individuals and HUFs (Hindu Undivided Families), whether resident or non-resident, in respect of following incomes:

Salary or pension

Income or loss from one or more house properties

Income or loss under the head ‘Capital Gains’

Income under the head ‘Other sources’ (including income chargeable at special rates).

ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by a taxpayer from a partnership firm, according to income tax rule.

What are the other ITR forms?

The Income Tax Department has notified seven forms for filing ITR. These include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, and Form ITR-7.

Last month, the department notified ITR-1 and ITR- 4 online forms and excel utility of ITR-3 form. Excel utilities are tools that taxpayers can use to enter their income and other details required for filing their ITRs.

ITR-1 (SAHAJ) can be used by an individual whose total income includes income from salary/pension, income from one house property (excluding cases where loss is brought forward from previous years); or income from other sources (interest etc.), and agricultural income up to Rs 5,000.

ITR-4, also known as Sugam, is available for Individuals, HUFs, and firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act. LLP or limited liability partnership is a partnership in which some or all partners have limited liabilities.

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