Income Tax Return (ITR) – B.Com

Income tax Department has categorized taxpayers on the basis of income, source of income and many other factors to ensure easy compliance. Taxpayers having incomes from different categories, thus, have to download and fill different Income Tax Return forms. For instance, the ITR-2 Form is for individuals and HUFs not carrying any profession or business.

ITR-2 is divided into below mentioned sections which has been explained in the video :

• Part A: General Information

• Schedule S: Details of income from salaries
• Schedule HP: Details of income from House Property
• Schedule CG: Computation of income under Capital gains
• Schedule OS: Computation of income under 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 80GGA: Statement of donations for scientific research or rural development
• Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC
• Schedule AMTC: Computation of tax credit under section 115JD
• 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 the assessee in Schedules-HP, CG and OS
• Schedule SI: Statement of income which is chargeable to tax at special rates
• Schedule EI: Details of Exempt Income
• Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
• Schedule FSI: Statement of income accruing or arising outside India.
• Schedule TR: Details of taxes paid outside India
• Schedule FA: Details of Foreign Assets and income from any source outside India
• Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
• Schedule AL: Asset and liability at the year-end (applicable in case the total income exceeds Rs 50 lakhs)
• Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020

• Part B-TI: Computation of Total Income

• Part B-TTI: Computation of tax liability on total income
• Details to be filled if the return has been prepared by a Tax Return Preparer