ITR filing: Online ITR2 form for FY2022-23 (AY 2023-24) available

The offline Excel utility unlike the online version needs the taxpayer to download the form, complete it, and then upload it to the website for electronic filing

The income tax department has now empowered the online forms for ITR-2 post releasing ITR-1, and ITR-4 on May 20, 2023. “Income Tax Return Form of ITR-2 is enabled to file through Online mode with prefilled data at the portal,” according to the income tax website.

On May 17, 2023, the income tax department made available the offline ITR- 2 forms for filing an income tax return (ITR) for FY 2022-23 (AY 2023-24). Unlike online, the Excel utility (offline) needs the taxpayer to download the form, finish it up with the important details, and afterwards upload it to the site for electronic filing.

Online ITR filing: Overview

In February of this year, the ITR forms were announced by the Central Board of Direct Taxes (CBDT). The personal expense form for FY 2022-23 (AY 2023-24) is currently being submitted. Unless the government extends the deadline, the deadline for filing an ITR for salaried taxpayers whose accounts do not need to be audited is July 31, 2023.

ITR form because they should simply compare the details there and the documentation they already have. Moreover, this information should be checked against Form 26AS and the Annual Information Statement (AIS). This is done to ensure that the taxpayers' details match with the income tax department.

Online ITR filing: Eligibility

ITR-2 can be recorded by people or HUFs who:

Are not qualified to document ITR-1 (Sahaj).

Do not have to pay from benefits and gains of business or profession and furthermore don't have pay from benefits and gains of business or profession in the idea of:

    • interest,

    • salary, 

    • bonus, 

    • commission or remuneration, however, it is referred to, that he receives from a partnership firm.

    • Have the income of another individual, such as a spouse or minor child, if the income to be combined falls into any of the above categories.

Online ITR filing: Precautions

You must ensure that you have done the following in order to avoid problems when filing your return and receiving your refund:

• PAN and Aadhaar Linked.

• Pre-approved your bank account where you need to take your refund.

• Prior to filing, select the appropriate ITR; Otherwise filed returns will be considered defective, and you will be required to file a revised ITR on the appropriate form.

• File the return within the allotted timeframe.

• Confirm your return, you can select e-Verification (suggested choice- e-Verify Currently) is the simplest method for checking your ITR.