ITR-2 Filing for AY 24-25

Introduction

• Discussion on ITR-2 filing for AY 24-25
• Includes salary, stock market, mutual funds, crypto, and other incomes
• Choice between new and old tax regimes
• Affordable ITR filing services and courses available (link in description)

Tax Regime Selection

• No additional forms required for switching regimes
• Need to calculate total income, capital gains, and best regime
• Tax calculator available (link in description)

Filing Process

1. Login to e-filing section
2. Navigate to 'File Income Tax Return'
   • Choose AY 24-25
   • Proceed with online mode
3. Status: Individual
   • Select ITR-2
   • Click 'Let's Get Started'
4. Purpose for ITR filing
   • Choose 'Other options'
   • Click 'Continue'

Income Details

• Income Schedule: Do not uncheck any boxes
• Salary Income: Check the appropriate box if applicable
• House Property Income: Check if applicable
• Capital Gains: Check for mutual funds, stock markets, etc.
• Crypto Income: Check Schedule VDA if applicable
• Additional Deduction: Enable under Chapter 6A if opting for old regime

Salary Details

• Insert Gross Salary from Form 16
  • Basic Salary and allowances as applicable
• Allowances: Not available in the new tax regime
• Standard Deductions: ₹50000 available

Capital Gains

1. Statements from brokers for mutual funds and stocks
2. Short Term Capital Gains (STCG):
   • Under Section 111A
   • Insert full value of consideration, cost of acquisition, and expenses
3. Long Term Capital Gains (LTCG):
   • Under Section 112A
   • Insert details or upload CSV if numerous entries
   • Consider period of acquisition (before or after Jan 31, 2018)

Quarterly Distribution

• Capitalize gains in quarterly distributions as required (short term and long term)

Crypto Income

• Schedule VDA:
  • Insert acquisition date, transfer date, cost, and sell value
  • Note: Crypto losses are not entered here

Other Income Sources

• Interest Income: from savings, FD, etc.
• Dividend Income and other miscellaneous income
• Winning from lotteries and similar sources selectable

Validations

1. Review each schedule: Ensure no errors
2. Chapter 6A: Enable for old tax regime
3. Computation of Total Income: Review and confirm
4. Tax Paid: Insert all TDS details and source of income
5. Validation: Finally verify and submit return using Aadhaar OTP

Switching Tax Regimes

• Return to General Information
• Change tax regime selection to Yes for old regime
• Benefits & Drawbacks:
  • Detailed deductions available
  • 7 lakh rebate not available (only 5 lakh)

Recommendations

• Seek professional advice from a tax expert for complex filings

Conclusion

• Comment box for doubts
• Links for services and learning resources (link in description)
• Thank you!