Income Tax Calendar for Last Date of ITR Filling
[A.Y. 2024-25]
ITR 2 Filing by CA @ Rs.1000/-
Who are required to ITR 2 Filing?
ITR 2 is required to be filed by person who have Income or Loss from following sources
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Who are required to file ITR 2 Filing ?
ITR 2 is required to be filed by person who have Income or Loss from following sources.
- Equity Shares
- Mutual Funds
- Crypto currency Trading
- Sale of Property – Land, Building & Flat
- Agriculture Income
What Is ITR 2 Filing ?
ITR 2 is a form used by individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. This form is for those who earn income from salary, pension, house property, capital gains, and other sources like interest. It also covers those who have income from foreign assets or have more than one house property. ITR 2 is not for those who run a business or have professional income. Filing this form correctly ensures compliance with tax laws and helps in claiming deductions and exemptions.
What if I made loss in Shares or crypto currency?
It is mandatory to fill details of share, Mutual Funds and Crypto currency sold during the year. Either you have made Profit or Loss , You need to report the details of Sale and Purchase details in ITR. Non Reporting may cause to defective Return or issue of notice by Income Tax Department.
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Can I get benefit in Tax in future for Loss in Shares or Crypto Currency in ITR 2 Filing ?
If you made Loss in shares for Short Term Trading , then you may carry Forward the loss for next 8 years and adjust with Short Term Gain from Trading Income. To carry forward the loss on Equity Shares you need to ITR 2 Filing within due dates to claim Loss Tax Benefits in future Years.However, Crypto Currency Loss is not allowed to carry Forward.
How income from Shares and Mutual funds is reported in ITR 2 Filing?
The Income from Shares and Mutual funds is Divided into Two Parts in ITR 2 Filing –
1. Long Term Capital Gain ( LTCG)
If you have hold Shares or mutual funds for more than one year, then it is called LTCG There is no Income Tax upto Rs.125000/- income of Long Term Gain from Equity Share or Equity Mutual Funds. After crossing Rs.125000/-, the Tax Rate is 12.5% on Income.
2. Short Term Capital Gain ( STCG)
If you have hold Shares or mutual funds for less than one year, then it is called STCG. The Tax Rate on income from Short Term gain is 15% .
In ITR 2 form both LTCG and STCG have separate column which needs to file accurately.
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What are Expenses allowed in Equity Share and Mutual Fund Income in ITR 2 Filing ?
There are particulars in ITR 2 Filing form claiming expenses from income as given below:
- The Cost of Purchase of shares & Mutual Fund
- The expense incurred on Sale of Shares like STT Paid & Brokerage charged.
What is Income Tax rate on crypto currency and BIT Coins in ITR 2 Filing ?
The Income Tax on crypto currency and BIT Coins in ITR 2 Filing is Taxed at Rate of 30% plus CESS 4% on profit made from transaction. However, in ITR 2 Filing form the Profit part is Taxable, but loss is not adjusted with profit.
Let’s Say If you sold Two Crypto Assets as below-
- Sold Rs.1000 and made profit ₹200/-
- Sold Rs.1500 and made loss ₹500/-
In this case your actual Loss is ₹300/- ( 500-200), but you have to pay tax on profit Rs.200/- @ 30% and loss is nether adjusted with profit nor carry forward to future years.
There is no adjustment of loss available in ITR 2 form.
Indian govt is asking higher tax on crypto currency as it does not want to promote. Sale of Plot , Flat or Building in ITR 2 If you have sold any Property like Plot, House or Flat in last year then you have to ITR 2 Filing form and report details of Sale and purchase value and income earned from the property.
The following details are shown in ITR 2 form for property Sale:
- Sale Value as per Stamp Duty
- Purchase Value & Stamp Duty Paid
- Selling Expense ( like brokerage fees paid or any other)
- Construction Expense Amount( if any) and Date of construction completion
- Date of Property Sales
- Date of Property Purchase
- Name and PAN of Buyer
- Address of Property
How much Income Tax is paid on property sale?
The Tax on property sale is calculated on Two types in ITR 2 Filing form-
Long Term Capital Gain:
If the Property is holded for more than 3 Years it is called Long Term Capital Gain, then Tax on Profit is charged at 12.5%.
Short Term Capital Gain:
If the Property is holded for less than 3 Years it is called short Term Capital Gain, then Tax on Profit is charged as per normal slab income.
What are options to avoid Tax on Sale on property ITR 2 Filing?
The Income Tax allow to avoid tax on Long Term Gain on sale of property in ITR 2 Filing form in some conditions which are as follows If you have sold any commercial Property or Residental Property ( House or Flat) and you invest the whole amount of sale proceeds in purchase of New House, then No Tax is payable on sale of Property.
If you sale any Residential Property ( House or Flat) and you invest the Profit amount of sale proceeds in purchase of New House, then No Tax is payable on sale of Property.
Agriculture Income in ITR 2:
The agriculture Income is reported in ITR form 2 . However, the agriculture income is exempt from Tax. The following details are filed in ITR 2:
- Amount of Receipts
- Expense Incurred
- Net Profit
- Details of Land in ITR 2 for Agriculture
- District of Land
- Pin Code
- Area of Land in Acres
- Source of Water
- Land Owned or Leased
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Conclusion - ITR 2 Filing
When you have a lot of different types of income, like from selling property or shares in a company, or from investing in crypto, filing your Form 2 might get complicated. Accurate reporting and familiarity with the unique tax consequences of each income category are prerequisites for a painless filing process. Particularly for stock shares, it is critical to accurately disclose losses in order to be eligible for future tax adjustments. But remember that you can’t put a loss in cryptocurrency to use later. To maximize deductions and benefits and stay in conformity with tax rules, make sure to ITR 2 Filing accurately. To simplify the filing procedure and eliminate possible complications with the Income Tax Department, you can hire an expert to manage these subtleties for just Rs.1000.
FAQ's - ITR 2 Filing
1. ITR 1 Vs ITR 2?
ITR 1 is for individuals with income from salaries, pensions, or one house property, and agricultural income up to ₹5,000. ITR 2 Filing is for individuals with income from capital gains, multiple house properties, or foreign income, and those having business income not covered under ITR 1.
2. ITR 2 Meaning?
ITR 2 Filing is a tax return form for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession but have income from sources like capital gains, multiple properties, or foreign income.
3. ITR 1 vs ITR 4?
ITR 1 is for salaried individuals and small taxpayers, while ITR 4 is for those opting for the presumptive taxation scheme under Section 44AD, 44AE, or 44AF, usually self-employed professionals and small businesses.
Index:
• Who are required to file ITR 2?
• What if I made loss in Shares or crypto currency?
• Can I get benefit in Tax in future for Loss in Shares or Crypto Currency in ITR 2?
• How income from Shares and Mutual funds is reported in ITR 2?
• What are Expenses allowed in Equity Share and Mutual Fund Income in ITR 2?
• What is Income Tax rate on crypto currency and BIT Coins in ITR 2?
• How much Income Tax is paid on property sale?
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