ITR-2A Form

A comprehensive guide to understanding the ITR-2A Form

What is the ITR-2A Form?

ITR-2A is a newly-introduced income tax return form meant for individuals and HUFs who have salary income and own more than one house property and do not have income from capital gains.

Who is eligible to file using the ITR-2A Form?

Assesses who are eligible to file using the ITR-2A Form are:

• This form is applicable for those who have salary income and own more than one house property and DO NOT have any capital gains.
• Those who have long-term capital gains from transactions on which Securities Transaction Tax is paid (which are exempt) from tax can still use this form.
• NRIs can file ITR-2A, if applicable, however residents who have a foreign asset or foreign income CANNOT file this form.

Have income from capital gains or income from business and profession?

You may have to file ITR-2 or ITR-4.

Who cannot file on ITR-2A?

This income tax return ITR -2A CANNOT be filed by those who have:

• Income from Capital Gains
• Income from Business or Profession
• Any claim of relief/deduction under section 90, 90A or 91
• Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
• Any resident having income from any source outside India.

What is the structure of the ITR-2A Form?

ITR-2A is divided into two parts and several schedules:

• Part-A: General information requiring identificatory and other data
• Part-B-TI: Computation of total income
• Part B-TTI: Computation of tax liability on total income
• Tax Payments: Statement of payment of advance-tax and tax on self-assessment, TDS on Salaries and TDS on non-Salary income
• Schedule-S: Computation of income under the head Salaries
• Schedule-HP: Computation of income under the head Income from House Property
• Schedule-OS: Computation of income under the head Income from other sources.
• Schedule-CYLA: Statement of income after set off of current year’s losses
• Schedule-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
• Schedule- CFL: Statement of losses to be carried forward to future years.
• Schedule-VIA: Statement of deductions (from total income) under Chapter VIA.
• Schedule 80G: Statement of donations entitled for deduction under section 80G
• Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assessee in Schedules-HP, CG and OS.
• Schedule-SI: Statement of income which is chargeable to tax at special rates
• Schedule-EI: Statement of Income not included in total income (exempt incomes)
• Schedule-5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code.

How to file ITR-2A Form?

ITR-2A can be filed both on paper and online.

It is compulsory to e-file income tax return when:

• your total gross income exceeds Rs.5 lakhs
• you are seeking a refund
• you have foreign assets and income (including financial interest in an entity)
• you are seeking DTAA relief