CBDT Released JSON Schema for ITR-2 and ITR-3

The Central Board of Direct Taxes (CBDT) has released the JSON Schema for ITR-2 and ITR-3 on Income-tax e-filing portal.

ITR-2

ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’. Thus, individuals with income from the following sources are eligible to file Form ITR-2:

• Income from salary/pension
• Income from house property (income can be from more than one house property)
• Income from capital gains/loss on sale of investments/property (both short term and long term)
• Income from other sources (including winning from lottery, bets on race horses and other legal means of gambling)
• Foreign income
• Agricultural income of more than Rs 5,000
• Resident not ordinarily resident and a non-resident

The total income from the above sources may exceed Rs 50 lakh.

Further, if you are a Director of any company and an individual invested in unlisted equity shares of a company, you must file returns in ITR-2.

Form Schema

Date of first release of JSON Schema : 12-Apr-2023

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ITR-3

Individuals and Hindu Undivided Families who earn profit and gains from business or profession can use the ITR 3 Form.

If the individual or Hindu undivided family earns money as a partner in a partnership firm that does business, ITR-3 cannot be submitted since the individual must file ITR-2 instead.

ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:

• Income from carrying a profession
• Income from proprietary business
• Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources.

Form Schema

Date of first release of JSON Schema : 14-Apr-2023

Click Here to Download