The Central Board of Direct Taxes has released the form 2 of Income Tax Return in java utility to be used by the individuals for the fiscal year 2017-2018.
As of now, only the paper version of this form in pdf was available for individuals which could not be used for e-filing of income tax returns.
E-filing is mandatory for all the filers using ITR-2. This is the second most widely used return form by individual tax filers after ITR-1.
The ITR-2 form can be filled in by individuals apart from Hindu Undivided Families (HUFs) who are having income from any sources except income from profits and gains of business or profession. Income from salary, income from more than one house property, income from capital gains, and so on can be declared in this form.
An important feature of ITR 2, is this form can be used by non-resident individuals (NRI) and not ordinarily resident individuals also for submitting income tax returns.
CBDT, in a press release during the month of April, had stated that there is no change in the manner of filing of ITR. All the ITR forms have to be filed electronically. Those who have to file ITR-1 or ITR-4 can file it in paper form only if they fulfill the below-mentioned conditions:
• The individual is of the age of 80 years or more at any time during the previous year
• The individual or HUF's income does not exceed Rs 5,00,000 and who has not claimed a refund while filing ITR.