The Earnings Tax Division has launched the brand new ITR Kinds relevant for AY 2016-17. Other than the conventional ITR Kinds i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 4S, ITR 5, ITR 6 that are used for submitting ITR’s, the government final 12 months additionally launched ITR 2A which is relevant from AY 2015-16 onwards
- Really helpful Learn: Which ITR Kind is relevant for my Earnings?
The brand new ITR Kind 2A could be downloaded from right here:-
- Obtain ITR 2A Kind in PDF for Guide Submitting in 2016
- Obtain ITR 2A Java Utility in 2016
- Obtain ITR 2A Excel Utility in 2016
Want for Introduction of ITR 2A
ITR 1 is a really primary type during which solely restricted particulars are required to be furnished whereas ITR 2A is a really detailed and complex type. Though ITR 1 (often known as Sahaj) is an easy to submit type however solely a restricted class of salaried taxpayers are allowed to make use of this type.
- Really helpful Learn: All about ITR 1 Kind and its eligibility
On account of the limitation on the eligibility of ITR 1, many salaried taxpayers needed to fill ITR 2 which is a really sophisticated type. To take away this complexity, ITR 2A was been launched by the Earnings Tax Dept. which is a type in between ITR 1 and ITR 2.
- Really helpful Learn: All about ITR 2 Kind and its eligibility
A serious portion of the individuals furnishing ITR 2 can now furnish ITR 2A which is a a lot easier type as in comparison with ITR 2. This transfer of introduction of ITR 2A is consistent with the government’s goal of simplifying the earnings tax return varieties for the taxpayers. This new Kind ITR 2A is relevant from AY 2015-16 onwards.
Who can use ITR Kind 2A
ITR 2A can be utilized by an Particular person or HUF whose whole earnings for the evaluation 12 months 2016-17 consists of:-
- Earnings from Wage/ Pension, or
- Earnings from Home Property, or
- Earnings from Different Sources (incl. Earnings from Profitable from Lotteries and Race Horses)
Who can’t use ITR 2A
ITR 2A can’t be utilized by an Particular person or HUF whose whole earnings for the evaluation 12 months 2016-17 consists of:-
- Earnings from Capital Positive factors, or
- Earnings from Enterprise or Career, or
- Any declare of aid/deduction below Part 90, 90A or 91, or
- Any resident having any asset (together with monetary curiosity in any entity) positioned outdoors India or signing authority positioned outdoors India, or
- Any Resident having Earnings from any supply outdoors India
Distinction between ITR 1 and ITR 2A
Each ITR 1 and ITR 2A can be utilized the place the earnings of the Particular person or HUF consists of earnings solely from Wage or Home Property or Different Sources.
Nonetheless, the next are a few of the variations between the eligibility to make use of ITR 1 and the eligibility to make use of ITR 2A
- ITR 1 can be utilized in circumstances the place the earnings is barely from 1 Home Property whereas in case of ITR 2A there is no such thing as a such restriction on the no. of homes from which the earnings from home property has been earned.
- ITR 1 can’t be utilized in case of Earnings from Profitable from Lotteries or Race Horses whereas ITR 2A can be utilized to reveal such earnings from Profitable from Lotteries or Race Horses.
- ITR 1 can’t be used if the Agricultural Earnings is greater than Rs. 5000 whereas ITR 2A can be utilized if the Agricultural Earnings is greater than Rs. 5000
- ITR 1 can’t be used if there a loss below head Home Property whereas ITR 2A can be utilized in circumstances the place there’s a loss below head Home Property.
Subsequently ITR 2A is a extra complete type as in comparison with ITR 1. The extra complete the ITR Kind, the extra sophisticated it’s.
Distinction between ITR 2 and ITR 2A
ITR 2 is a a lot wider type as in comparison with ITR 2A. Anybody who can use ITR 2A can even use ITR 2. The one distinction between ITR 2 and ITR 2A is that ITR 2A can’t be utilized in case of Incomes arising from Capital Positive factors whereas ITR 2 can be utilized in case of Earnings from Capital Positive factors.
Different Related Particulars concerning ITR 2A
- No Doc like Kind 16, Kind 16A, Kind 16B, Kind 26AS and so forth is required to be hooked up with the ITR 2A. All Earnings Tax Return Kinds are annexure much less return varieties.
- It’s necessary for the taxpayer to say his Checking account particulars regardless of whether or not any earnings tax refund is because of him or not.
- The Earnings Tax Slabs for AY 2016-17 and AY 2017-18 have been talked about right here – Earnings Tax Slab Charges
- From AY 2015-16, the taxpayers usually are not essentially required to ship copy of ITR-V to Earnings Tax CPC Workplace. They’ll merely authenticate the Earnings Tax Return with their Aadhar Card No. and the requirement to ship the arduous copy won’t apply if ITR is authenticated by the Aadhar Card No.