Salary and Capital gain income | Share trading income ITR | ITR-2 Filing

When filing ITR-2 (Income Tax Return Form 2) for income tax filing in India, there are several important elements and details that need to be disclosed. Here's a breakdown of the key information required for different sources of income:

Salary:

Income from salary: Mention the total salary income received during the financial year, including all allowances, perquisites, and bonuses.

Deductions: Declare any deductions you are eligible for under Section 16, such as standard deduction, professional tax, etc.

Allowances exempt under Section 10: Report any allowances that are exempt from tax, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), etc.

Form 16: Attach Form 16 received from your employer.

Interest Income:

Interest from savings accounts: Provide details of interest earned from savings accounts held with banks or post offices.

Interest from fixed deposits, recurring deposits, or any other deposits: Disclose interest income earned from various fixed-income instruments.

TDS (Tax Deducted at Source): Mention the TDS deducted on interest income, if any, and provide the relevant details.

Capital Gains from Share Trading:

Short-term capital gains (STCG): Specify the gains made from the sale of shares, mutual funds, or other investments held for less than one year.

Long-term capital gains (LTCG): Declare the gains made from the sale of shares, mutual funds, or other investments held for more than one year.

Securities Transaction Tax (STT): Provide details of STT paid on the purchase or sale of securities.

Cost of acquisition: Report the purchase price of shares or units of mutual funds.

Sale consideration: Mention the selling price of shares or units of mutual funds.

TDS: If any TDS was deducted on capital gains, provide the relevant details.

Additionally, while filing ITR-2, it's essential to disclose information related to other sources of income, deductions, and investments, such as house property income, rental income, income from other sources (like interest from bonds, dividends, etc.), deductions under Chapter VI-A (80C, 80D, etc.), foreign assets or income (if applicable), etc.

It's important to note that the above information is a general overview, and you should refer to the official guidelines, consult a tax professional, or visit the Income Tax Department's website for detailed instructions and the most up-to-date requirements when filing your income tax return in India.

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