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 New Delhi

The individuals and the Hindu Undivided Families who have their income through salary or pensions, house property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources that including lottery racehorses, legal gambling can also file their ITR 2 in New delhi. An individual who is not eligible to file ITR 1 because the income is exceeding Rs 50 lakh can file ITR 2 in New delhi.

ITR 2 Filing in New delhi is divided into:

Part A: General Information
Schedule S: Details of income from salaries
Schedule HP: Details of income from House Property
Schedule CG: Computation of income under Capital gains
Schedule OS: Computation of income under Income from other sources
Schedule CYLA: Statement of income after set off of current year’s losses
Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
Schedule CFL: Statement of losses to be carried forward to future years
Schedule VIA: Statement of deductions (from total income) under Chapter VIA
Schedule 80G: Statement of donations entitled for deduction under section 80G
Schedule 80GGA: Statement of donations for scientific research or rural development
Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC
Schedule AMTC: Computation of tax credit under section 115JD
Schedule SPI: Statement of income arising to spouse/ minor child/ son's wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, CG, and OS
Schedule SI: Statement of income which is chargeable to tax at special rates
Schedule EI: Details of Exempt Income
Schedule PTI: Pass-through income details from business trust or investment fund as per Section 115UA, 115UB
Schedule FSI: Statement of income accruing or arising outside India.
Schedule TR: Details of Taxes paid outside India
Schedule FA: Details of Foreign Assets and income from any source outside India
Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
Schedule AL: Asset and liability at the year-end (applicable in case the total income exceeds Rs 50 lakhs)
Schedule DI: Schedule of tax-saving investments or deposits or payments to claim deduction or exemption in the extended period from 1 April 2020 until 30 June 2020
Part B-TI: Computation of Total Income
Part B-TTI: Computation of tax liability on total income
Details to be filled in if the return has been prepared by a Tax Return Preparer.

The ITR 2 Form in New delhi can be used by both Indian citizens as well as NRIs to file their tax returns with the IT department. The taxpayers who cannot file ITR 1 can file ITR 2 returns in New delhi.

Itr 2 Form In New Delhi FAQ's

ITR 2 Form in New delhi is to be filed by individuals and HUFs on or before the 31st July of every year.

ITR 2 forms in New delhi can be furnished both offline or online. In online mode, the client can either upload the XML or can directly log into the income tax portal.

ITR 2 form in New delhi can be used by the assessee when he falls into the following category:

Capital gains
Income from more than one housing property
Income from countries outside India
Income as a partner in any firm
Agricultural income above Rs. 5000.
Income from any lotteries or horse racing
Lastly, Income from Salary pension, housing property, and other sources that are exceeding Rs.50 lakh.

Yes, a non – resident Indian file ITR 2 form in New delhi.

Itr 2 Form In New Delhi

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Itr 2 Form In New Delhi

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