Here's what is ITR2 all about, ITR-2 is an Income Tax Return form in India used by individuals and Hindu Undivided Families (HUFs) who have income from various sources but do not have income from business or profession.

One who can file ITR 2 are the individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is suitable for those with income from salary, pension, multiple properties, capital gains, or foreign assets.

What is the due date for filing ITR-2?

The due date for filing ITR-2 typically falls on July 31st of the assessment year. However, it can be extended by the government if needed.

Can I file ITR-2 online?

Yes, you can file ITR-2 online on the official Income Tax Department website or through authorized e-filing portals.

Do I need to attach any documents with ITR-2?

No, ITR-2 is an annexure-less form, and you do not need to attach any documents when filing it.

What is the penalty for late filing of ITR-2?

If you file ITR-2 after the due date but before December 31st of the assessment year, you may be liable for a late filing fee of up to Rs 10,000.

Here is the brief process on how to file ITR 2 in India, gather documents like Form 16 and capital gains statements. Log in to the Income Tax Department’s e-filing portal, fill in personal and income details, and report capital gains. Calculate your tax liability, pay any dues, and submit the form online. Finally, e-verify your return using Aadhaar OTP, net banking, or by sending a signed ITR-V form to the CPC.

How do I calculate my tax liability using ITR-2?

ITR-2 automatically calculates your tax liability based on the income and deductions you provide in the form.

Can I file ITR for last 2 years now?

Yes, you can file a belated return for the last 2 years, but penalties may apply. This solves the query of can I file ITR for last 2 years now arising among the people.

What is the difference between ITR-1 and ITR 2?

ITR-1 is for individuals with income from salary, house property, and other sources, while ITR 2 is for those with additional income from capital gains, foreign assets, or foreign income.

Can I use ITR-2 if I have business income?

No, individuals with business or profession income should use the appropriate ITR form, such as ITR-3 or ITR-4.

How can IndiaFilings assist me with filing my ITR-2?

IndiaFilings offers expert guidance and services to help you accurately complete and file your ITR-2, ensuring that you meet your tax compliance obligations with ease.

Do I need to visit an IndiaFilings office to get assistance with ITR-2 filing?

No, IndiaFilings provides online services, allowing you to get assistance with ITR-2 filing from the comfort of your home or office.

What are the benefits of using IndiaFilings' ITR-2 Filing Services?

IndiaFilings' services offer convenience, accuracy, and timely filing of your ITR-2. Our experts handle the complexities, allowing you to focus on other priorities.

Can IndiaFilings assist with complex ITR-2 cases involving multiple income sources?

Yes, IndiaFilings' team of experts is equipped to handle complex ITR-2 cases that involve various income sources, ensuring accurate and compliant filings.

Is it mandatory to e-verify my ITR-2 after filing online?

While e-verification is not mandatory, it is recommended for faster processing and to avoid sending a physical copy of the ITR-V to the income tax department.

What should I do if I receive a notice for non-filing of ITR-2?

You should respond promptly and either file your ITR-2 or provide the necessary information to the tax authorities.

What types of deductions are available in ITR-2?

ITR-2 allows deductions under various sections, including 80C, 80D, 80G, and others, for investments, insurance, and charitable contributions.

Do I need to mention exempt income in ITR-2?

Yes, you should report all exempt income in the appropriate sections of ITR-2.

Can I revise my ITR-2 after filing it?

Yes, you can revise your ITR-2 within a specified time frame if you discover any errors or omissions.

Itr 2 Form In Maharashtra

The taxpayers are categorized based on the income, source of income, and many other factors to ensure that the compliances are easy. ITR 2 return filing in Maharashtra us for the individuals and the Hindu Undivided Families that are not carrying any profession or business. Persons earning income from the following sources are eligible to file ITR 2 return filing in Maharashtra.

Income from Salary or Pension
Income from House property (income can be from more than one house property)
Income from capital gains or loss on sale of the investments or property (Both short term and long term)
Income from other sources (including winning lottery, bets on horses, and other legal means of gambling)
Foreign Assets or Foreign Income
Agricultural income of more than Rs.5000
A resident who is not an ordinary resident and a Non-resident.
A Director of a company and an individual who has invested in unlisted equity shares of a company is also required to file their ITR 2 return filing in Maharashtra.

Who cannot file ITR 2 in Maharashtra?

Any Individual or Hindu Undivided Family that has income from business or profession
An individual who is eligible to fill out the ITR 1 Form.

How to File ITR 2 Form in Maharashtra?

ITR 2 return filing in Maharashtra is done both online and offline as well. Offline ITR 2 Form filing in Maharashtra can be done by individuals who are of the age of 80 years or more.

Offline ITR 2 return filing in Maharashtra can be done by:

Furnishing a return in a physical paper form

Furnishing a bar-coded return.

An acknowledgment is issued by the Income Tax Department at the time of submitting the physical paper return.

Online ITR 2 Filing in Maharashtra can be done by:

Furnishing a return electronically using the Digital Signature Certificate.

Transmitting the data electronically and then submitting the verification of the return in the Form ITR V.

When ITR 2 Form is signed electronically using the Digital Signature Certificate then an acknowledgment is sent to your registered email id.

As ITR 2 Return Filing in Maharashtra is annexure less, there is no need to add any documents or attachments. But it is always better to keep the documents handy so that they can be produced as and when needed.

To file ITR 2 return filing in Maharashtra talk to our tax experts today.

Itr 2 Form In Maharashtra FAQ's

ITR 2 Form in Maharashtra is filed by all the individuals and HUFs who cannot file the ITR 1 Form because of the following reasons:

Income exceeds Rs. 50 lakh
Has foreign assets or income
Has an agricultural income of more than Rs. 5000
Has taxable capital gains
Ha income from business or profession as a partner
Has more than one house property.

ASenior citizens above 80 years of age can file offline ITR 2 forms in Maharashtra.

ITR 2 Form in Maharashtra can be furnished electronically using the digital signature and also by transmitting the data electronically and then by submitting the verification of these returns in Form ITR V.

ITR 2 form in Maharashtra cannot be filed by an individual or HUF that has income from business or profession or individuals who are eligible to file Form ITR 1.

Itr 2 Form In Maharashtra

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