Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
Our representative will get in touch with you at the earliest.
The Income Tax Department has made it easier for taxpayers in India to file their annual returns and pay taxes. Taxpayers are categorized based on income. Different forms are applicable to individuals as per their status and income.
One such Income Tax Return (ITR) form is an ITR 2 Form. Explained ahead are the various aspects related to the form such as its meaning, eligibility, structure, and information on how to file ITR 2.
An ITR 2 Form is to be filed by individuals and Hindu Undivided Families (HUFs) who are not engaged in any business or profession.
What are the components of the ITR-2 Form?
The ITR-2 Form has 22 components:
1. Part A
2. Part B-TI
3. Part B-TTI
4. Schedule S
5. Schedule HP
6. Schedule CG
7. Schedule OS
8. Schedule CYLA
9. Schedule BFLA
10. Schedule CFL
11. Schedule VIA
12. Schedule 80G
13. Schedule SPI
14. Schedule SI
15. Schedule EI
16. Schedule IT
17. Schedule TDS1
18. Schedule TDS2
19. Schedule FSI
20. Schedule TR
21. Schedule FA
22. Schedule 5A
Modifications in ITR 2 for assessment year AY 2020-21
The form is for those individuals and HUFs who receive earnings apart from the income from ‘Profits and Gains from Business or Profession’. Hence, individuals who have income from the below-mentioned sources have to file ITR 2:
Major changes in Form ITR 2 for AY 2020-21
Eligible taxpayers for filing ITR 2 online AY 2020-21
A resident having the following are eligible:
A non-resident or RNOR can also use ITR 2
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.
Who cannot file ITR 2 for AY 2020-21?
ITR 2 Form is bifurcated into two parts; Part A contains general information and Part B comprises the computation of total income and the tax payable on the total earnings. Along with Part A and Part B, the form also includes various schedules details of income from salary, income from house property, income from capital gains, and income from other sources, among various other schedules.
Documents required to file ITR 2
A taxpayer can file ITR 2 either offline or online.
Only taxpayers aged over 80 can file the ITR offline. In order to file an offline form, the taxpayer needs to furnish a return physically in paper or through a bar-coded form. The Income Tax Department will give you an acknowledgment when you submit the return.
You can file ITR 2 online with a digital signature or by transmitting the entire information electronically. Later, you can furnish the verification through the Return Form ITR-V.
If you submit the form electronically by using a digital signature, you will receive the acknowledgment on your email ID. Also, it is possible to download the form manually, sign and post it to the Department’s Central Processing Centre (CPC) office within a period of four months of e-filing of the form. You need to keep in mind that you need not provide any
additional documents with the ITR 2 Form, which means that it is an annexure-less form.
As a diligent taxpayer, you need to calculate your tax liability and file your returns under ITR 2 if you fall into this category before the due date.
Instructions to fill out the ITR 2 Form
You can start filing ITR 2 in the following sequence:
Manner of filing the ITR 2 Form
You can fill the form:
1. Major changes introduced in ITR 2 for AY 2019-20
2. Major changes introduced in ITR 2 for AY 2018-19
Read Here for More Related Articles:
- A Consumer Education Initiative series by Kotak Life
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...Know more
Kotak Assured Savings Plan is an affordable protection plan that enables you to accumulate wealth and strengthens your finances for the future.Know more