The Income Tax Department has announced the last date for filing ITR for citizens earning Rs 3 lakh or more annually. Till June 26, 2023, more than 1 crore taxpayers have filed ITR. In such a situation, you can also file ITR by yourself. Taxpayers may have to face many problems along with penalty for not filing ITR before the due date. Let us understand here the method of ITR filing.
ITR-1 is a widely used form by salaried individuals. However, not everyone can use it. But, when the income of a person exceeds the limit of ITR-1. That is, if the total income is more than 50 lakhs or includes multiple house properties or includes capital gains, then the income tax return has to be filed using ITR-2 only.
One can file ITR-2 in various ways. It can be filed online using the Excel or Java utility of the Income Tax Department or directly through the Income Tax e-filing portal.
Efficient way to file ITR-2 online
- Taxpayer first go to the official website https://www.incometax.gov.in/iec/foportal and log in with your PAN/Aadhaar and password.
- e-file from menuincome tax returnGo to File Income Tax Return.
- Assessment Year 2023-24 and select the mode of filing as ‘Online’ and click on ‘Proceed’ to proceed.
- Select your status as Individual and click on ‘Proceed’.
- Select ‘ITR-2’ from the dropdown of ‘ITR Form’.
- Now select the reason for which you are filing Income Tax Return and click on ‘Proceed’.
- On the new page, you will get the option to select the applicable schedule. If you have income from sale of cryptocurrency (Virtual Digital Assets) then you should select ‘Schedule VDA’.
- The details of salary income have to be given in ‘Schedule S’. If you have changed jobs in the financial year 2022-23, then it is necessary to give details of salary income received from all employers in this schedule. You must obtain Form 16 from each employer to help you file ITR.
- The details of capital gain have to be given in ‘Schedule CG’. Details of sale of equity shares and long and short term capital gains during the year should be given.
- After that preview and submit the form after checking it properly.
Note- In case of any problem, take help from the information of the user manual given on the website of the Income Tax Department.
