The Income Tax Return (ITR) filing deadline for financial year 2019-20 (assessment 2020-21) ends on November 30, 2020.
The Income Tax Return (ITR) filing deadline for financial year 2019-20 (assessment 2020-21) ends on November 30, 2020. Income tax department has notified 7 forms for filing ITR this year.
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Among these, ITR-2 is available for individuals and HUFs (Hindu Undivided Families), whether resident or non-resident, in respect of following incomes:
1. Salary or pension.
2. Income or loss from one or more house properties.
3. Income or loss under the head ‘Capital Gains’
4. Income under the head ‘Other sources’ (including income chargeable at special rates).
If income of another person (spouse, minor child, etc.) is to be clubbed with the income of taxpayer, return in ITR-2 can be filed only when such income falls in any of the above categories.
Return in ITR 2 cannot be filed by an individual or HUF if he/it has income chargeable to tax under the head 'Profit or gains from business or profession' or he wants to claim deduction under Section 10AA or Part-C of Chapter VI-A.
Here are major changes introduced in ITR 2 for AY2020-21, according to ClearTax: