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How To E-File Income Tax Return ITR-2 Online AY 2018-19 FY 2017-18

Hello friends in this article you will learn how to file income tax return ITR-2 online for AY 2018-19 FY 2017-18.

ITR-2

ITR-2

Now you should decide which form to use whether ITR-1,ITR-2 or others.

First of all take a look at the sources of income:

There are five heads of income;Income from salary/pension,Income from house property,Income from other sources (like FD,RD and saving bank account interest),Income from capital gains and Income from business or profession.

Who will efile ITR-2

Now it is the most important part of efiling ITR-2.

Now according to your source of income,you should choose relevant ITR form,otherwise you can’t file your income tax return online.

It is worth mentioning here that ITR-2 efiling is considered to be the one of the most comlicated form to fill.

But in this article we have explained in a very simple and descriptive manner.

So you can file your ITR-2 quiet easily.

Requirements For Efiling ITR-2

  • An individual and HUF(hindu undivided family) can file ITR-2.
  • Resident not ordinary resident(RNOR) and NRI whichever is applicable.
  • Income from salary or pension.
  • Source of Income  from more than one house property.
  • Income from capital gains(long term or short term) or loss from property.
  • Income from Other Sources
  • Earning from winning Lottery,  Race Horses.
  • Foreign Income
  • Agricultural Income more than Rs5000.

Who is not elligible to file ITR-2

  • A person or HUF having income from business or profession.

Steps For efiling ITR-2 AY 2018-19

First of all login at the official income tax website here .

Now click on “file income tax return online” link.

Then choose Assessment year 2018-1 ITR-2 and you will find the structure of ITR-2 form for AY 2018-19.

PART-A:General Information

In this page you shold fill up all the particulars very carefully.

Like your Aadhar number,residential address,section under which you are filing like on or before due date,revise return or whichever is applicable in your case.

Also if you belong to HUF or Individual categort,choose very carefully.

Quick Tip:

After don’t forget to click “save draft” button after 2 or 5 minutes.

PartB:Computation of tax liability on total income

In this part you need not put anything else.

your total earned income from all heads will get populated here.

For proper computation you must enter income from salary/pension in the head “salary”.

Similarly put other heads income accordingly.

Just hold on! we are discussing them step by step below:

 Schedule “s”

In this schedule tax payer will fill his/her salary details.

The most important part to fill here is your basic pay(Pay band +grade pay).

Also calculate all exempted and non-exempted allowances.

Because while filling up schedule “s” you will have to provide all these figures separately.

Steps to fill schedule “s

1. Put Salary (Excluding all exempt/ non-exempt allowances, perquisites & profit in lieu of salary).

2. Allowances not exempt (refer Form 16 from employer)

3.  Value of perquisites (refer Form 16 from employer)

4.  Profits in lieu of salary (refer Form 16 from employer)

5. Deduction u/s 16 (Entertainment allowance by Government and tax on employment).

6. Income chargeable under the Head ‘Salaries’ (1+2+3+4-5).

7. Allowances exempt under section 10 (Not to be included in 6 above) 

i. Travel concession/assistance received [(sec. 10(5)].

ii. Tax paid by employer on non-monetary perquisite [(sec. 10(10CC)].

iii. Allowance to meet expenditure incurred on house rent [(sec. 10(13A)].

iv Other allowances.

All the figures under point 7 needs to be filled under section 10 where exempted allowances are allowed as exemption.

Schedule “HP”

In this schedule put income from one or more than one house property.

According to income tax laws,if you have more than one house properties,then one is considered as swlf occupied and the rest will be let-out properties.

Steps to fill Schedule “HP”:

1. Fill up address details of property one which is self occupied.

Similarly Is the property co-owned? check Yes or No.

(if “YES” please enter following details) Your percentage of share in the property.

Name of Co-owner(s) PAN of Co-owner(s).

Percentage Share in Property.

[Tick  the applicable option] – Let out or Self-occupied or Deemed let out.

Name(s) of Tenant (if let out) PAN of Tenant(s) (if available).

a.  Annual letable value or rent received or receivable.

Higher of the two, if let out for whole of the year.

lower of the two if let out for part of the year.

b.  The amount of rent which cannot be realized.

c. Tax paid to local authorities .

d. Total (b + c).

e. Annual value (a – d) (nil, if self -occupied etc. as per section 23(2)of the Act).

f. Annual value of the property owned (own percentage share ).

g.  30% of f.

h.  Interest payable on borrowed capital.

i. Total (g + h).

j. Income from house property 1 (f – i).

Note: Annual lettable value of self-occupied property is always zero.

Similarly put all the details of property two,three etc.

Schedule “CG”(capital gains)

Here provide short term capital gains and long term capital gains figures step wise.

For your information,short term capital gains mean any movable property if held for 3 years or less.

Simmilarly any immovable property held for 2 years or less is also short term capital gain.provided that property is sold after 31st march 2017.

In case any movable property held for more than 3 years is long term capital gains.

Similarly any immovable property if held for more than 2 years is called long term capital gains.

Schedule “OS” orher sources

In this part you should provide income details from other sources like interest etc.

Steps:

Income from other sources OTHER SOURCES 1 Income.

a.  Dividends, Gross.

b.  Interest Gross.

c.  Rental income from machinery, plants, buildings, etc.,Gross.

d. Others, Gross (excluding income from owning race horses) Mention the nature.

i. Winnings from lotteries, crossword puzzles etc.

ii. :

a. Cash credits u/s 68.

b. Unexplained investments u/s 69.

c.  Unexplained money etc. u/s 69A.

d.  Undisclosed investments etc. u/s 69B.

e.  Unexplained expenditure etc. u/s 69C.

f.  Amount borrowed or repaid on hundi u/s 69D.

Total (a + b + c + d + e + f).

iii Income of the nature referred to in section 56(2)(x) which is chargeable to tax.

a.  Aggregate value of sum of money received without consideration.

b.  In case immovable property is received without consideration, stamp duty value of property.

c. In case immovable property is received for inadequate consideration, stamp duty value of property in excess of such consideration.

d.  In case any other property is received without consideration, fair market value of property.

Also check income tax refund status online

e.  In case any property is received for inadequate consideration, fair market value of property in excess of such consideration.

Total (a+ b + c +d + e).

iv 1div.

v. Total (1di + 1dii+ 1diii + 1div).

e.  Total (1a + 1b + 1c + 1dv).

f.  Income included in ‘1e’ chargeable to tax at special rate (to be taken to schedule SI).

i.  Income by way of winnings from lotteries, crossword puzzles, races, games, gambling, betting etc. (u/s 115BB).

ii.  Dividend Income from domestic company that exceeds Rs.10 Lakh (u/s 115BBDA).

iii.  Deemed Income chargeable to tax u/s 115BBE.

iv. Income from patent chargeable u/s 115BBF.

v.  Income from transfer of carbon credits u/s 115BBG.

vi. Any other income chargeable to tax at the rate specified under Chapter XII/XII-A.

vii. Income chargeable at special rates under DTAA.

viii Income included in ‘1e’ chargeable to tax at special rate (1fi +1fii + 1fiii+1fiv+1fv+1fvi +1fvii ).

g. Gross amount chargeable to tax at normal applicable rates (1e-1fviii).

h. Deductions under section 57 (other than those relating to income under 1fi, 1fii, 1fiii, 1fiv, 1fv, 1fvi & 1fvii for non-residents):

i.Expenses / Deductions hi.

ii. Depreciation hii.

iii. Total hiii i Amounts not deductible u/s 58  j. Profits chargeable to tax u/s 59.

k Income from other sources (other than from owning race horses and amount chargeable to tax at special rate) (1g – hiii + 1i + 1j) (If negative take the figure to 3ix of schedule CYLA).

2. Income from other sources (other than from owning race horses) (1fviii + 1k) (enter 1k as nil, if negative).

3. Income from the activity of owning and maintaining race horses:

a. Receipts.

b. Deductions under section 57 in relation to (4).

c.Amounts not deductible u/s 58 3c.

Note: The above steps are taken exactly while filing ITR-2 AY 2018-19.

Schedule CYLA(current year loss adjustments)

In this schedule you can set off your losses incurred in various heads of income.

Details of Income after Set off of current year losses:

CURRENT YEAR LOSS ADJUSTMENTS.

i. Loss to be set off (3b of Schedule HP) (1k of Schedule-OS).

ii.  Salaries (6 of Schedule S).

iii. House property (3b of Schedule HP).

iv. Short-term capital gain taxable @ 15% (7ii of item E of schedule CG).

v.  Short-term capital gain taxable @ 30% (7iii of item E of schedule CG).

vi Short-term capital gain taxable at applicable rates (7iv of item E of schedule CG).

vii.  Long term capital gain taxable @ 10% (7v of item E of schedule CG).

viii. Long term capital gain taxable @ 20% (7vi of item E of schedule CG).

ix. Other sources (excluding profit from owning race horses and amount chargeable to special rate of tax) (1k of schedule OS).

x. Profit from owning and maintaining race horses (3e of schedule OS).

xi. Total loss set off (ii + iii + iv + v + vi + vii + viii + ix + x) xii Loss remaining after set-off (i – xi).

Schedule BFLA(Details of Income after Set off of Brought Forward Losses of earlier years)

Here you can bring previous years losses and set off them accordingly.

Steps to fill BFLA:

i. Salaries (4ii of schedule CYLA).

ii. House property (4iii of schedule CYLA) (B/f house property loss).

iii. Short-term capital gain taxable @ 15% (4ivof schedule CYLA) (B/f short-term capital loss).

iv. Short-term capital gain taxable @ 30% (4vof schedule CYLA) (B/f short-term capital loss).

v. Short-term capital gain taxable at applicable rates (4vi of schedule CYLA) (B/f short-term capital loss).

vi Long-term capital gain taxable @ 10% (4viiof schedule CYLA) (B/f short-term or long-term capital loss).

vii.Long term capital gain taxable @ 20% (4viii of schedule CYLA) (B/f short-term or long-term capital loss).

viii. Other sources (excluding profit from owning race horses and winnings from lottery, game etc.) (4ixof schedule CYLA).

ix.Profit from owning and maintaining race horses (4xof schedule CYLA) (B/f loss from horse races).

x.Total of brought forward loss set off (ii2 + iii2 + iv2 + v2+vi2+vii2+ix2).

xi. Current year’s income remaining after set off.

SCHEDULE CFL(carry forward losses)

The losses which could not set-off in a current AY,Can be carried forward for next AY (8 years) are called CFL.

Steps to fill Schedule CFL:

Details of Losses to be carried forward to future years.

CARRY FORWARD OF LOSS Assessment.

Year Date of Filing (DD/MM/YYYY).

House property loss.

Short-term capital loss.

Long-term Capital loss.

Loss from owning and maintaining race horses .

i. 2010-11.

ii 2011-12.

iii.2012-13.

iv.2013-14.

v. 2014-15.

vi. 2015-16.

vii. 2016-17.

viii. 2017-18.

ix. Total of earlier year losses.

x. Adjustment of above losses in Schedule BFLA (2ii of schedule BFLA) (2ix of schedule BFLA).

xi. 2018-19 (Current year losses) (2xii of schedule CYLA) ((2viii+3viii+4viii) of item E of schedule CG) ((5viii+6viii)of item E of schedule CG) (3e of schedule OS, if –ve).

xii.Total loss carried forward to future years.

Fill the above figures very carefully.

Schedule viA

Deductions under Chapter VI-A TOTAL DEDUCTIONS.

1. Part B- Deduction in respect of certain payments:

a. 80C.

b. 80CCC

c. 80CCD(1)

d 80CCD(1B) e. 80CCD(2)

f 80CCG

g 80D

h 80DD

i 80DDB

j 80E

k 80EE

l 80G

m 80GG

n 80GGA

o. 80G.

p.80QQB

q 80RRB

r. 80TTA

s. 80U

t .Total deductions under Chapter VI-A (Total of a to s).

Schedule 80G

Details of donations entitled for deduction under section 80G.

DETAILS OF DONATIONS:

A. Donations entitled for 100% deduction without qualifying limit.

Name and address of donee.

PAN of Donee.

Amount of donation

Eligible Amount of donation.

B. Donations entitled for 50% deduction without qualifying limit:

Name and address of donee.

PAN of Donee.

Amount of donation.

Eligible Amount of donation.

C.Donations entitled for 100% deduction subject to qualifying limit:

Name and address of donee

PAN of Donee.

Amount of donation.

Eligible Amount of donation.

D. Donations entitled for 50% deduction subject to qualifying limit.

Name and address of donee.

PAN of Donee.

Amount of donation.

Eligible Amount of donation.

E. Total donation.

Schedule SPI

Income of specified persons (spouse, minor child etc.) includable in income of the assessee.

(income of the minor child, in excess of Rs. 1,500 per child, to be included).

Name of person.

PAN of person (optional)

Relationship

Nature of Income

Amount (Rs) .

Schedule SI

Income chargeable to tax at special rates.

1 .111A (STCG on shares units on which STT paid) special rate 15%(3iii of schedule BFLA).

2. 115AD (STCG for FIIs on securities where STT not paid) special rate 30%.(3iv of schedule BFLA) .

3. 112 proviso (LTCG on listed securities/ units without indexation) special rate 10%(part of 3vi of schedule BFLA).

4. 112(1)(c)(iii) (LTCG for non-resident on unlisted securities) special rate 10% (part of 3vi of schedule BFLA) .

5.115AC (LTCG for non-resident on bonds/GDR) special rate10 (part of 3vi of schedule BFLA).+

6. 115ACA (LTCG for an employee of specified companay on GDR)  10% rate (part of 3vi of schedule BFLA)

7. 115AD (LTCG for FIIs on securities) 10% rate (part of 3vi of schedule BFLA)

8 115E (LTCG for non-resident indian on specified asset) special rate10% (part of 3vi of schedule BFLA)

9 112 (LTCG on others) special rate 20% (3vii of schedule BFLA)

10 115BB (Winnings from lotteries, puzzles, races, games etc.) special rate 30% (1fi of schedule OS)

Also check how to file ITR-1 ONLINE AY 2018-19

11 115BBDA (Dividend income from domestic company exceeding Rs.10 lakh) special rate10%(1fii of schedule OS)

12 115BBE (Income under section 68, 69, 69A, 69B, 69C or 69D) special rate 60% (1fiii of schedule OS)

13 115BBF (Tax on income from patent) special rate10% (1fiv of schedule OS)

14 115BBG (Tax on income from transfer of carbon credits) special rate10% (1fv of schedule OS).

15 115AC (Income of a non-resident from bonds or GDR purchased in foreign currency)special rate10% (part of 1fvi of schedule OS)

16 Chargeable under DTAA rate (part of 1fvii of schedule OS + A7b and B9b of schedule CG).

Schedule EI

Details of Exempt Income (Income not to be included in Total Income):

EXEMPT INCOME:

1 Interest income

2 Dividend income from domestic company (amount not exceeding Rs. 10 lakh)

3 Long-term capital gains from transactions on which Securities Transaction Tax is paid

4 i Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)

ii Expenditure incurred on agriculture .

iii Unabsorbed agricultural loss of previous eight assessment years.

iv Net Agricultural income for the year (i – ii – iii) (enter nil if loss) .

5 Others, including exempt income of minor child .

6 Total (1+2+3+4+5).

Similarly you can easily fill other schedules like schedule PTI,FSI,TR,FA,5A and AL.

Finally you should provide bank details and information regarding agriculture income if it is applicable to you.

Preview and Submit

Finally click on preview and submit button.

And verify your income tax return.

Conclusion: finally we can say that fot filing ITR-2,you should fill only those schedules which are applicable to you.

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Kuldeep Singh
 

is a professional blogger,teacher and income tax expert

amit gupta - June 10, 2018

I have to do an entry for each transaction OR I have to calculate complete capital gain(long and short) for the whole year and do only one entry in ITR.

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