1. The ITR-2 is filed by the individuals having a salary of more than Rs 50 lakhs, HUFs not having income from profit or gains of business or profession, and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income, or any agricultural income more than Rs 5,000.
2. In view of the outbreak of Covid-19, the Government vides Income Tax notification dated 24 June 2020, has extended the deadline for filing return of income for A.Y. 2020-21 from the original due date of 31st July 2020 to 30th November 2020.
3. However, the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh are advised to file their ITR 2 in time as there will be no extension of date for the payment of self-assessment tax for them. In the case where the self tax assessment liability exceeds Rs 1 Lakhs, the whole of the self-assessment tax shall be payable by the due date (31st July 2020) specified in the Income-tax Act, 1961 and delayed payment would attract interest under section 234A of the IT Act.
4. In this article, an attempt has been made to explain Step by Step procedure to the online filing of ITR 2 with the help of screenshots.
Read more on: https://taxguru.in/income-tax/step-step-procedure-online-filing-itr-2-ay-2020-21.html
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