Income Tax Return: CBDT has released Form 2 and Form 3 of Income Tax Return. Notification has also been issued for these. Let us get more information regarding both these forms.
Income Tax Return: Central Board of Direct Taxes (CBDT) has issued new forms for income tax return. For this, CBDT has also issued a notification in the e-Gazette. ITR-2 form will have to be filled by those people who have received capital gains income and could not fill ITR-1 form. Apart from this, ITR-3 form will have to be filled by those who have income from business or profession.
The last date for filling both these forms has been fixed as July 31, 2024. If the taxpayer has to undergo income tax audit and has earned income from business, then the last date for filing ITR will be October 31, 2024.
ITR Form-2 will be for these people
According to the Income Tax Department website, individuals or Hindu Undivided Families (HUF) who have not filed ITR-1 form will have to file ITR-2. Individuals or HUFs who do not have income from profits and gains of business or profession. Also, they should have received any benefit and income from any partnership firm in the name of interest, salary, bonus or commission. Also, if the income of any other person like spouse, minor child etc. is added with their income, then such people will have to fill ITR-2.
Some new rules have been added
According to the new rules, details of Legal Entity Identifier (LEI) will have to be given to fill ITR-2 form. LEI is a 20 digit unique code. It can identify you in the global financial system. Besides, complete details of donations given to any political party and details of expenditure incurred on medical treatment of a disabled person will also have to be shown in the audit. After this, the individual or HUF can also verify the ITR with EVC to get the tax audit done.
These documents will be needed
According to the Income Tax Department website, employed people will need Form 16A to fill ITR-2. If he has paid TDS on the interest received on FD or savings account, then his certificate will have to be given. Apart from this, Form 26AS will also have to be given. Profit/loss statement on capital gains from rent receipts, shares or securities will also be required. Also, details of rent received from the property and related documents in case of loss will have to be submitted.
They will have to fill ITR Form-3
According to the website, if an individual or HUF has income from business or profession and is not eligible to fill ITR-1, 2 and 4 forms, then he will have to fill ITR-3 form.
