Expert Assistance for ITR 2 Form Filing

ITR, or Income Tax Return, is a crucial document in which taxpayers report their Income and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and their procedures. Among these forms, ITR2 is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities. Understanding what is ITR 2 is crucial for individuals having income from sources such as salary, house property, capital gains, or other sources apart from business or profession.

IndiaFilings offers a seamless and efficient solution for filing Income Tax Returns using the ITR2 form in India. Our team of experts guides you through the entire process, ensuring that you meet your tax compliance obligations effortlessly. With IndiaFilings' ITR-2 Filing Services, you can easily navigate the complexities of tax submission, allowing you to focus on what matters most while we handle your tax return needs. Get started today!

What is ITR 2?

In India, taxpayers are categorized based on Income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. Among these forms, ITR-2 is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities.

Eligibility for ITR 2 Form

The ITR2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose Income is derived from sources other than 'Profits and Gains from Business or Profession.' If your Income originates from any of the following avenues, you are required to file the ITR2 form:

  • Income from Salary or Pension.
  • Income derived from house property, which may involve multiple properties.
  • Income from Capital Gains or losses incurred from the sale of investments or property, including both long-term and short-term gains/losses.
  • Income from Other Sources encompasses winnings from lotteries, bets on racehorses, and other legally recognized forms of gambling.
  • Receipts exceeding Rs 5,000 from agricultural activities.
  • Foreign Income or ownership of Foreign Assets.
  • Status as a Resident Not Ordinarily Resident (RNOR) or a Non-Resident.
  • Holding the position of a Director in both listed and unlisted companies.

Who Shouldn't File ITR 2?

  • Individuals or Hindu Undivided Families (HUFs) with Income stemming from business or professional activities.
  • Individuals are eligible to complete the ITR-1 form (Sahaj).

Structure of the ITR2 Form

The ITR2 comprises two primary sections, each containing specific segments and schedules:

  • Part A: This section encompasses general information, including your Name, Address, Date of Birth (DOB), PAN, Aadhar card, Contact Number, and Email Address.
  • Part B: This section calculates your total Income and the corresponding tax liability on your earnings.

Additionally, the form incorporates various schedules that provide detailed information on different income sources and deductions.

Part B-TI – Computation of Total Income:

In this section, your Gross Total Income is computed, considering earnings from salary, house property, and other sources. Total deductions for tax savings are then subtracted from your Gross Total Income to arrive at your Total Income.

Part B-TTI – Computation of Tax Liability:

Using your Total Income as the basis, your tax liability is calculated.

Documents Needed for Filing ITR 2 Form

ITR 2 Form is an annexure-less form, so you don't need to attach any documents during submission. But, Before you begin the ITR-2 filing process, make sure you have the following documents and information on hand for hassle free filing:

  • Form 16/16A: These documents contain information about your salary and tax deductions (TDS).
  • Form 26AS/AIS/TIS: This statement provides crucial details regarding tax credits, TDS (Tax Deducted at Source), and other relevant tax-related data.
  • Bank Statements: Collect bank statements that reflect Income from interest, dividends, or other financial transactions.
  • Capital Gains Details: Gather the necessary transaction documents if you have sold assets like property or stocks.
  • Details of Foreign Assets and Income (if applicable): Collect the relevant documents if you have foreign assets or earned Income abroad.
  • Aadhaar Card, PAN Card, and Other Identification and Contact Information: Ensure you have these identification documents readily available for reference during the filing process.

Instructions for Completing the ITR-2 Form

When filling out the ITR 2 Form, it's important to follow these instructions and guidelines:

  • Complete the form in the following order: Part A, all schedules, Part B-TI, Part B-TTI, and then the verification section.
  • If any schedules do not apply to you, strike them out and mark 'NA' (Not Applicable).
  • Use 'NA' against any item that doesn't pertain to your financial situation.
  • Round off all figures to the nearest rupee, except for total income/loss and tax payable, which should be rounded off to the nearest ten rupees.
  • Select 'Government' as your employer category if you are a government employee. If you work for a public sector company of the Central/State Government, choose 'PSU.'
  • If you claim double taxation relief under section 90/90A/91, the ITR-2 Form cannot be used.

Modes of Submission for ITR2:

There are two main methods for filing ITR2: offline and online.

Filing ITR2 Offline:

If you are 80 years of age or older, you have the option to file ITR-2 offline. In this case, submit a physical paper return or use a bar-coded form. You will receive an acknowledgment from the Income Tax Department upon submission.

Filing ITR2 Online:

For online filing of ITR-2, you can transmit all the necessary information electronically, either with or without a digital signature.

After completing the online filing, verify the return through Return Form ITR-V.

You will receive the acknowledgment on your registered email if you submit ITR-2 electronically with a digital signature.

Why Choose IndiaFilings for ITR-2?

  • Expert Guidance: Our experienced professionals will provide expert guidance throughout the ITR-2 filing process, ensuring accuracy and compliance.
  • Convenience: We offer a convenient online platform that allows you to file your returns from the comfort of your home or office. Say goodbye to long queues and paperwork!
  • Accuracy: Our thorough review process guarantees that your ITR-2 is error-free, minimizing the risk of tax-related issues in the future.
  • Timely Filing: We understand the importance of filing your taxes on time. With IndiaFilings, you can rest assured that your returns will be filed promptly to avoid penalties.

Contact IndiaFilings today, and our team will assist you every step of the way. Enjoy peace of mind knowing that your taxes are in expert hands.

ITR-2 Return Filing FAQ's

What is ITR 2?

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.

Who should file ITR-2?

Individuals and HUFs with income from salary, house property, capital gains, other sources, foreign assets, or foreign income should file ITR-2.

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.

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.

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.

What is Form 26AS, and why is it important for ITR-2 filing?

Form 26AS is a statement that provides information on tax credits, TDS, and other tax-related data. It is essential for cross-verifying the details you enter in ITR-2.

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.

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