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    Wednesday, September 27, 2023

      ITR Filing for FY 2022-23 : Everything Which You Need to Know | Details Inside

      Income tax department has recently launch the online version of the ITR-2 forms, following the earlier release of ITR-1 and ITR-4 on 20th May, 2023. As per the income tax website, taxpayers can now file their Income Tax Returns using the ITR-2 form through the online portal, which includes pre-fille data for convenience.

      So, on 17th May, 2023, the income tax department made available the offline version of the ITR-2 form for filing income tax returns (ITR) for the financial year 2022-23 (assessment year 2023-24).  

      How to Download ITR Form 2?

      Follow These Steps

      • Log on to Income tax website or click HERE
      • Under the Download tab, click “Offline Utilities
      • Click on “Income Tax Return Preparation Utilities
      • Select your Assessment Year
      • Click on “Excel Utility” to fill in the details under the ITR 2 column and download the file.
      • Open the downloaded file and fill in the details.

      Who is Eligible to Use the ITR-2 Form For ITR Filing FY 2022-23?

      This form is for individuals and Hindu Undivided Family (HUF) who do not have income from profits and gains from business or profession.

      This ITR Form should not be use by an Individual or HUF whose Total Income for A.Y. 2020-21 includes income under the head “Profits and Gains of Business or Profession“.

      ALSO READ  How to E-File Your Income Tax Returns Online | Details Inside

      Who is Not Eligible to Use the ITR-2 Form For ITR Filing FY 2022-23?

      Individuals or HUFs earning income through a business or a profession and those who are eligible to file ITR Form 1 cannot file their returns with ITR 2. 

      A return in ITR 2 cannot be file by an individual or HUF if he/it has income chargeable to tax under the head ‘Profit or gains from business or profession‘ or if he wants to claim deduction under Section 10AA or Part-C of Chapter VI-A.

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