Theoretical concepts are different, but what we are doing
now is a completely different set up.
We were discussing about the forms of income tax.
ITR 1 is available online and ITR 2 is available offline.
Today we are going to talk about ITR 2.
Let's understand how ITR 2 is available online.
ITR 2 is applicable to those people who do not have income
from their business and profession heads.
ITR 2 is applicable only to those people who do not have
income from their business and profession heads.
It is applicable to those people who have income from
salary heads, other sources, capital gains, house property,
etc.
It is applicable only to those people who do not have
income from their business and profession heads.
ITR 2 is applicable only to those people who do not have
income from their business and profession heads.
Let's understand it from online mode.
First, open the e-filing portal.
Go to Downloads.
Download the same utility.
I have already downloaded the common utility.
No need to download it again and again.
It is the form of ITR 2.
Let's check the utility.
Give me a minute.
I have already downloaded the utility.
Let's check the utility.
Open the form of ITR 2.
It is the same.
Pre-filled data will be available.
The basic information like my name, address, email id will
be available.
All the information will be cut waste here.
After that, different schedules of my head will be opened.
Let's see.
For example, my salary head schedule will be opened.
He will ask for details of salary.
Then my house property schedule will be opened.
My other sources schedule will be opened.
My capital gains schedule will be opened.
All types of capital gains, be it share market or non-share
market, be it short term or long term, all will be
available here.
After that, there will be provision for clubbing.
There will be losses of previous years which I have to set
off this year.
All will be available here.
Let's see.
Go to File return.
Download pre-filled data. Continue.
Let's put a pen.
I have put a pen here.
Come here.
Let me log in again.
I have put my password here.
Here it is.
I have put my pen here.
With this, I will be logged in.
It has opened my profile.
My name, pen, assessment year and date are here.
I will go to File return.
I will select my category.
Which category do I belong to?
Am I an individual or a company?
If you are an individual, then continue.
Which ITR are you filing?
ITR 2. Proceed with ITR 2.
It asks us which documents you should have.
Form 16 should be there.
House rent receipts should be there.
Form 26AS is there.
What does Form 26AS say?
Form 26AS basically tells which people have deducted my TDS.
Which people have deducted my TDS.
It shows me a detail.
Which parties have deducted my TDS in how much amount and
have deposited it together.
So that when I file my ITR, when I get tax liability,
I will deduct my TDS figure from that.
Definitely.
Let's get started.
It will ask us some questions.
These are the general questions.
Why are you filing a return?
I am filing because it is more than the exemption limit.
If I don't file, the government will hang me.
That's why I am filing.
See this.
There are 16 schedules in almost.
On the left-hand side, you will see general entries.
See this.
From the name itself, you will get correct information.
Go to registration portal and get the exact details from
our records.
Get the exact details from registration portal and check
and verify all the details.
Check and verify all the details.
That completes.
Next schedule is for income.
How much is the house of property?
The share market is 112.
Long term capital gain on sale of specified securities.
The share market is 115 AD.
This is also securities.
The income of other sources.
These are clubbing provisions.
That's why I was saying at that time because of this I was
saying the chapters of clubbing were relevant because they
were needed here.
Section 64 like income of minor child or son's wife like
Aishwarya Rai Bachchan do you remember?
Then we gave an example of Jaya Bachchan that wife's income
is clubbed here all those provisions come here.
Is there any income of special rate?
In the lectures after this there was only income of special
rate, income of lottery, you earned money by playing satta
special rate is taxable at 80%
Exempt income presentation needs point of views.
Let's see what all things are there.
Let's see from top.
These are the schedules of 80G.
All deductions are covered here.
All deductions come here.
80G, 80GG, 80D all deductions.
Ok Sir.
And finally the figure of tax will come here.
Then computation of income will come here.
Then computation of tax will come here.
How much tax have you computed?
Details of the tax payment will come here.
It's a simple thing.
First compute the tax that how much income did you get from
salary?
How much from house property?
How much from other source?
How much from capital gain?
How much income did you get from four heads?
That will become the part of your computation.
Then calculate the tax.
Then calculate the tax payment.
Have you paid any advance tax?
Have you paid any self-assessment tax?
All the advance tax that you have paid will be shown here.
Then TDS.
The day people deducted your TDS it's a simple thing.
It will be shown here.
Why is it being shown?
Why are we doing this?
Whatever is the figure of our tax payable
I will deduct my advance tax from it and I will deduct my
TDS from it.
It's a simple thing.
My TCS figure will come.
It will come.
Then see this.
What is CYLA?
It's a simple thing.
Current year's loss that you will take forward or last
year's broad forward loss you will show the details here.
That I have this much income this year
I want to deduct last year's loss from it.
It will come.
I have the details of broad forward loss here.
Carry forward losses.
It's a simple thing.
If there is a provision of alternate minimum tax that is
applied on you, put that also here.
It will be done with this.
Continue this further.
It's a simple thing.
All the schedules will be done with you.
See it once.
Finally, what will come after you?
Computation of the total income.
You have put all the details in your schedules.
You have put all the details of salary in salary guide,
house property in house property, other source in other
source, capital gain in capital gain.
You have put all the information in all the schedules.
Finally, you will get the computation of total income.
This will come.
Then the computation of tax will come.
Online e-payment of tax will come.
I have taught you in a lecture.
How to do e-payment of the self-assessment tax?
You have that video also.
E-payment of the self-assessment tax will come.
Do e-payment of tax.
The work is done.
Generate the file from here.
The file will be generated from here.
Verify and submit.
See this.
Confirm.
Verify and submit.
Submit.
He took out all my details, my PAN, my Aadhar card number,
my date of birth, my contact, my address
He is telling me the status of filing, whether it is filed
or not
Then why are you filing the return that you want to file?
I want to file in response to 139.1
Let's do it before due date, it will be beneficial
So, on that basis I am filing my return
Ok, let's save it.
He is asking for bank details from me
Why is he asking for my bank details?
I am telling you every time, he is asking because he has to
generate a refund
So, which bank account will I get the refund in?
It will be in this bank account.
Ok sir, let's confirm
See, he is showing the errors
If you don't put any details, then he shows the errors
As soon as the error is shown, it will not be validated
from there
Error is showing, that means he is making a mistake
He will take you there, you correct him that what was your
mistake
Ok sir, let's go back and see
Let's see the other schedule, come to schedule salary
See, he is asking gross salary from you
He is asking for your employer's details, he is asking for
your gross salary
Let's put it and see
If he is asking for gross salary from me
I will put it here, if I want to add another
See this
What is the nature of the salary? How much is my basic
salary?
Put the amount here
What are the requisites, what are the facilities, what are
the requisites
What are the cars, what is the accommodation
Whatever facilities, requisites are there, I will put their
value
Profit in lieu of salary, I will put it here
Simple Is there any problem? Here is my gross salary
See, there is nothing, these are very simple things
Just keep looking at them and keep working
There is nothing
See, this is the schedule of capital gain
If your capital gain is arising, then why is it arising?
See this, please select the type of capital assets which
are sold by you
You have sold land and building, equity shares, mutual fund
units
What all have you sold?
Select it here
Continue it once
Now see this
Whatever you have sold, its short term or long term
Its details will come here
Let's do it once
Is there any long term capital gain?
I have seen the view schedule
Let's back it once
Is there any long term capital gain?
Ok Equity share in a company
Or unit of equity
Or unit of equity is 112A
Let's see how to do it, what all to do
Long term capital gain details are here
I will put it here
If I want to take a deduction, then I will put it here
There is nothing
If there is any capital gain loss of previous years
Which has to be set off
It will come here
Do you remember the chapter on set off and carry forward of
losses?
In that, the losses of capital gain
We used to set off with the income of capital gain
See this
You have to set off here
What will happen because of this?
You will reduce the income of your capital gain
Is there any other problem?
You can see
You can see it easily
There is no problem
Details of sale of equity shares are here
What deductions are you taking?
You tell me
Back to the schedule
Whatever you will do
Confirmation sign will come here
Confirmation sign is not coming up
Because we have not filled it
Like there is 112A
Add details here
What was the share?
Which date did you buy?
Which date did you sell?
What was the fair market value of that date?
We had read the grandfathering provision
This is the same thing
See this
Income from other sources
What are the income from other sources?
There is income from race horse
Is there any other income?
Net income from other sources
The income which is chargeable on special rate
Put it here
Lottery winnings
You have won money from game show
Put it here
Dividends are coming here
If there are any other details
Put it here
Nature of the income
Interest, rental
From machinery
Keep adding
Normal dividends
Interest Keep adding
Options will keep opening
If you want to take deduction
From other sources
You can take
You have taken a loan
For example
I took loan and invested in share market
From there
I am receiving dividend income
To generate that income
I am paying interest
I am paying interest on that loan
This is the section of deduction
I will take
I am backing you, you can confirm it. Any carry forward of
the losses? Here are the details.
It is the income of the current year, it will come here, it
is showing zero because we have not put anything in it.
The income of the current year has come, house property
loss, set up of the current year, any other net loss from
other sources?
Chargeable at the normal applicable rate of the current
year, that set off.
That's it, the income of the current year has come after
the set off.
The losses of the current year, that set off.
This is the point, there is nothing else in it.
These are our brought forward losses.
The losses of the last few years, that set off.
Like salary, income after the set off.
If any of the current year's losses, brought forward losses.
The brought forward losses, lessen them with the current
year's income.
Present it here.
Schedule of the special income.
There is a special income.
There are different special rates.
Like this, 111A, 15% rate.
112A, long term capital, 20% rate.
112A, long term share market, 10% rate.
Winning from lotteries, crossword puzzles, races, 30% rate.
Look at this.
All these are the special rate income.
115B, B, A.
Income received by non-resident sportsmen, 20%.
All these are the same.
So whatever amount is there, keep filling it.
There is nothing else.
These are very simple provisions.
As the point comes, keep filling it.
You don't have to do anything.
You don't have to think much in this.
You just have to know these provisions.
In this case, brought forward of the losses, current year's
losses.
We are talking about these.
So you should know which income, which loss, with which
income it is set off.
You should know this.
Only if you have the knowledge of this, you will be able to
present it here.
So friends, it is equally important to have the knowledge.
And it is equally important to do the presentation.
Generally, people say that keep your presentation good.
Even if the knowledge is a little high or low, what
difference does it make?
I don't believe this.
Look friends, presentation is a good thing.
But ultimately, knowledge makes you win.
The more knowledge you have, the more you will go ahead.
The more information about businesses you have.
Look, knowledge also makes you win business.
Now there are many people who have talent, wisdom,
everything.
But they don't have the knowledge of which business is
earning.
Due to lack of knowledge, people miss a very good
opportunity.
Now you have the knowledge that if I have a particular
income, and if I set off the loss of last year with that
income, then this income will reduce.
And as soon as my income reduces, my income tax will also
reduce.
You have the knowledge of this.
What we are talking about, we are talking from the point of
view of presentation.
Income tax return is nothing but a summary of all the
transactions that you have made.
Income tax return is not a very rocket science kind of
thing.
We are talking from the point of view of presentation.
We are talking about the format that the government has
made for us.
We have not made this format from our home.
This is not a custom made format.
Government releases a format every year.
According to this format, you file your ITR.
But you will be able to file ITR only when you have
adequate knowledge of these provisions.
So friends, never underestimate knowledge.
People think that I will learn how to make ITR.
I will become a tax return preparer.
I will take a return of Rs. 250-500.
Even if I get 100-200 clients in a season, I will not be
able to fulfill my promises.
Friends, this is not how it works.
Let me tell you.
You will not be able to do anything without knowledge.
So, always keep the thrust on acquiring knowledge.
But this does not mean that you do not know how to file ITR.
If you do not have knowledge and you do not know how to
file ITR, then that is also wrong.
Look, come here.
This is your deductions schedule.
What is a schedule basically?
Schedule is basically a single point, a single window,
where you write your amount and that window closes.
These are the schedules.
Schedules means, the details that go here, the details that
go here, very long and broad details go here.
See, there are some long transactions.
I will open it and show you.
It asks about the types of donations.
There are different types of donations.
For example, there is a 100% deduction, there is a 50%
donation, there is a qualifying limit.
So, there are different things, there are long transactions.
That is why the government says that you should make it a
schedule and show it.
Okay, we will also make it a schedule and show it.
It is not a big deal.
There are ATD transactions.
Provide your confirmation.
Tell us where you have deposited the money.
See, there are ATD transactions here.
Tell us whether you are a senior citizen or not.
Is there any other senior citizen in your family?
If there is, and you pay premium for it, then the limit of
Rs.
25,000 that you had, that limit of Rs.
25,000 will increase.
So, see from where we are linking all these things.
Ultimately, the chapter of deduction that we read, that is
being used here.
So, knowledge is never wasted, friends.
If you don't understand something at this point,
See, you have classes.
Open that chapter and read it again.
Read it in fast forward mode this time.
Okay? See, the schedule of deductions has been opened.
Deduction with respect to certain incomes.
And see, all this has been opened.
All the deductions, balance pending, all that has come here.
Okay? This is Alternate Minimum Tax Calculation.
Total income as per item no. 12.
Then someone is making adjustments from us.
And then it will take confirmation.
Our total income will come out.
From wherever you have come while making the schedules, the
figures of all those schedules, those figures will come
straight from there.
Copy-paste.
You don't have to do anything.
Everything is being auto-calculated.
See this.
Details of salaries will come.
Details of house property will come.
Details of capital gains will come.
Details of other sources will come.
Can you see details of PGBB anywhere?
Why can't you see?
Because sir, this is ITR 2.
This is not applicable on those people who have income from
any business or profession.
That's it.
This income has come.
Gross total income.
Reduce the deductions from this.
Total income will come to you.
Total income will come.
Then he will show the calculation of tax.
Computation of the tax.
Tax payable has come this much.
Is the rebate of 87A applicable?
Tell me.
Till the rebate of 87A, how much was applicable on the
total income?
Tell me.
I have kept my mobile phone in my hand.
Now paytm of Rs. 2000 from my hand.
Tell me.
I will open my mobile phone.
I have opened paytm.
Paytm has been opened, sir.
Tell me.
Till what amount of income,
I get my rebate?
And till what amount?
Tell me.
Answer is, if your total income is upto Rs.
then the provisions of rebate are applied on you.
And how much rebate do you get?
Actual tax or Rs. 12500, whichever is less.
That provision will be applied here.
Tax payable has come.
Surcharge has come.
Health and education.
Gross tax liability has come.
That's it.
Compare it with AMT.
Pay whichever is higher.
Some tax relief has come.
Now see, tax is paid.
Now this is the schedule of tax is paid.
In this, you have deposited some advance tax.
See that.
If any person has deducted your TDS, the detail of that
will come here.
And self-assessment tax, which you have deposited by
yourself, or want to get it done, put it here.
Your amount payable will come.
Either refund will come, or payable will come.
One of the two will come.
This is the point.
See this.
If you want to add any other schedule, you can do it.
So this was the point, friends, of filing ITR 2 online.
These are very simple things.
There is nothing much.
You should basically have all the information that from
where I have earned how much money, in which heads I have
earned, leaving aside business and profession heads.
You have the details.
No one can defeat you.
You have the knowledge.
And you win in the big market.
You just need a little knowledge.
This ITR, a little bit, like this, brought forward losses,
current year losses, set off, you need this type of
knowledge.
You have the knowledge.
You have the details.
The client will give it to you.
End of the story.
It's not a big deal.
You are a superstar.
Okay, friends?
With this, let's wind up the concept of ITR 2.
Thank you very much, friends.
You have supported me a lot.
You support me a lot.
You have supported me a lot in theory lectures as well.
Theory lecture, from where, from the beginning to the end,
you have ended all the topics.
You didn't leave a single topic in between.
And I am doing the same with ITR 2.
Look, you get a lot of videos on YouTube.
5 minutes, 8 minutes, learn how to become an ITR in 5
minutes, 7 minutes.
Look, friends, by now, you must have known,
I have also known, that the 5-7 minute work doesn't work
with me.
Either I don't open a concept.
I am a mechanic, sir.
Either I don't open a project of a car.
And once the project of a car is opened, then I check each
and every project with confidence, to see what is there in
it.
The ITR that I am teaching you,
I am teaching it in the same way as we used to discuss our
concepts in normal classes.
So my objective has always been this, from the beginning,
and will always be, to make things like this, even if it
takes a little time, but the person, even today, that thing
will fit in his mind.
Okay, friends?
Hope so.
You must have understood the concept, friends.
Even then, if you didn't understand anything, call me,
WhatsApp me, email me.
You will understand, friends.
Otherwise, watch the video again, the points will be clear.
Thank you very much, friends.
We saw this from the online mode.
In the next video, we will cover another topic.