ITR-2 RETURN FILING
| Basic | Advance |
|---|---|
| ✔ ITR with Computation | ✔ ITR with Computation |
| ✔ Financials with CA sign | |
| ✔ Professional Consultancy |
ITR-2 Return Filing in India
ITR-2 Return Filing in India
What is ITR-2?
Income Tax Return (ITR) is a crucial document where Indian citizens report their income and tax liabilities to the tax authorities. Among the various ITR forms prescribed by the Income Tax Act of 1961, ITR-2 is specifically designated for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or professional activities.
Eligibility for ITR-2 Form
The ITR-2 form is intended for individuals and HUFs whose income originates from sources other than “Profits and Gains from Business or Profession.” You should file the ITR-2 form if your income comes from any of the following sources:
- Salary or Pension Income
- Income from House Property, including multiple properties
- Capital Gains from the sale of investments or property, including both short-term and long-term gains/losses
- Income from Other Sources, such as lottery winnings, betting on racehorses, and other legal forms of gambling
- Agricultural Income exceeding Rs 5,000
- 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 Should Not File ITR-2?
- Individuals or HUFs who have income from business or professional activities
- Those eligible to file ITR-1 (Sahaj)
Structure of the ITR-2 Form
The ITR-2 form is divided into two primary sections, each containing specific parts and schedules:
- Part A: General Information like Name, Address, Date of Birth (DOB), PAN, Aadhaar number, Contact Number, and Email Address.
- Part B:
- Part B-TI – Calculation of Total Income
- Part B-TTI – Calculation of Tax Liability
Additionally, the form incorporates various schedules that provide detailed information on different income sources and deductions.
Part B-TI – Calculation of Total Income
This section calculates your Gross Total Income, including income from salary, house property, and other sources. Deductions for tax savings are subtracted from your Gross Total Income to arrive at your Total Income.
Part B-TTI – Calculation of Tax Liability
Using your Total Income, your tax liability is calculated.
Documents Required for Filing ITR-2 Form
ITR-2 is an annexure-less form, meaning no documents need to be attached. However, ensure you have the following documents and information handy for a hassle-free filing process:
- Form 16/16A: Salary and TDS details
- Form 26AS/AIS/TIS: Tax credits, TDS, and other relevant tax-related data
- Bank Statements reflecting income from interest, dividends, or other financial transactions
- Capital Gains Details from the sale of assets like property or stocks
- Foreign Assets and Income details, if applicable
- Aadhaar Card, PAN Card, and other identification and contact information
Instructions for Completing the ITR-2 Form
Follow these instructions and guidelines to complete the ITR-2 form accurately:
- Complete the form in the following order: Part A, all schedules, Part B-TI, Part B-TTI, and then the verification section.
- Strike out any schedules that do not apply to you and mark ‘NA’ (Not Applicable).
- Use ‘NA’ for any item that does not 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 to the nearest ten rupees.
- If you are a government employee, select ‘Government’ as your employer category. For public sector employees, choose ‘PSU.’
Note that if you claim double taxation relief under sections 90/90A/91, you cannot use the ITR-2 Form.
Modes of Submission for ITR-2
There are two main methods for filing ITR-2:
Filing ITR-2 Offline
If you are 80 years or older, you can file ITR-2 offline using a physical paper return or a bar-coded form. The Income Tax Department will issue a receipt upon submission.
Filing ITR-2 Online
For online filing, submit all 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 an acknowledgment on your registered email if you submit ITR-2 electronically with a digital signature.
Why Choose Bharat Filing Point for ITR-2?
- Expert Guidance: Our experienced professionals provide expert guidance throughout the ITR-2 filing process, ensuring accuracy and compliance.
- Convenience: Our online platform allows you to file your returns from the comfort of your home or office, eliminating long queues and paperwork.
- Accuracy: Our thorough review process ensures your ITR-2 is error-free, minimizing future tax-related issues.
- Timely Filing: We understand the importance of timely filing. With Bharat Filing Point, rest assured your returns will be filed promptly to avoid penalties.
Contact Bharat Filing Point today, and our team will assist you every step of the way. Enjoy peace of mind knowing your taxes are in expert hands.
By following the above structure and guidelines, you can ensure your ITR-2 form is completed accurately and efficiently, allowing you to meet your tax compliance obligations with ease.
Documents Required For ITR-1 vs ITR-2 vs ITR-3 vs ITR-4 vs ITR-5 vs ITR-6 & ITR-7 Return Filing
| FEATURES | ITR-1 | ITR-2 | ITR-3 | ITR-4 | ITR-5 | ITR-6 | ITR-7 |
|---|---|---|---|---|---|---|---|
| DOCUMENTS | Form 16, Bank Statement, Details of Other Income, Home Loan Repayment Schedule, Rental Receipts, Donation Receipts, Insurance Payments, Mutual Fund Investments, Medical Bills, School / College Bills, Salary Slips | Form 16, Bank Statement, Details of Other Income, Home Loan Repayment Schedule, Rental Receipts, Donation Receipts, Insurance Payments, Mutual Fund Investments, Medical Bills, School / College Bills, Salary Slips | Form 16 / Salary Slips (in case of income from salary), Rental Agreement, if any, Proof of Rental Income if any, Proof of Investments to claim Tax Exemption, Form 26AS, Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, Day to day Administration expenses and General expenses details, Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Outstanding receivables and payables, Bank Statement, Break-up of Bank Statement, Loan Details from bank, Proof of Foreign Income (if applicable), Details of Foreign Assets (if applicable). | Bank Statement, PAN Card, Aadhar Card, Aadhaar card of the authorized signatory | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flowk, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Statement from Bank, Incorporation Certificate, Certificate of incorporation provided by the Foreign Government. |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for ITR-2 Return Filing in India
The documents required for ITR-2 return filing in India include:
- PAN Card: Permanent Account Number (PAN) is required for filing an income tax return.
- Form 16/16A: These documents contain information about your salary and tax deductions (TDS).
- Form 26AS/AIS/TIS: These forms contain details about taxes paid or deducted, and they can be downloaded from the e-filing website.
- Bank Statement: Bank statements are required to provide details of income, such as interest earned on savings accounts, fixed deposits, and recurring deposits.
- Investment Proofs: Documents related to investments made during the financial year, such as proof of investments in mutual funds, shares, and bonds, should be kept handy.
- House Property Details: If the taxpayer owns a house property, details such as rental income, property tax paid, and interest paid on home loans should be provided.
- Other Income Details: Details of any other income, such as income from freelancing or part-time work, should be provided.
- Deductions and Exemptions: Details of deductions and exemptions claimed, such as those under sections 80C, 80D, and 80TTA, should be provided.
- TDS Certificates: TDS certificates, such as Form 16A and Form 16B, should be kept handy if the taxpayer has received income from sources other than salary.
- Aadhaar Card: Although not mandatory for filing ITR-1, it is advisable to link the Aadhaar card with the PAN card to avoid any issues during the filing process.
These documents are required to file ITR-2 return in India. It is important to ensure that all documents are accurate and up-to-date to avoid any legal complications during the filing process.
Customer Reviews
At bharatfilingpoint , we invest heavily in the administrations conveyed by us and assurance your fulfillment with our administrations & backing. We continually improve & endeavor to convey the best bookkeeping, monetary or secretarial administrations through the web.
“They are the epitome of excellence in the industry.”
Location: India.
Location: India.
ITR-2 Return Filing FAQ’s
What is ITR-2?
Who ought to document ITR-2?
What is the due date for recording ITR-2?
Might I at any point document ITR-2 on the web?
Do I have to append any archives with ITR-2?
What is the punishment for late documenting of ITR-2?
Might I at any point overhaul my ITR-2 in the wake of documenting it?
How would I compute my expense responsibility utilizing ITR-2?
What is Structure 26AS, and for what reason is it significant for ITR-2 documenting?
What is the contrast between ITR-1 and ITR-2?
ITR-2 Return Filing in State
ITR-2 Return In Assam
ITR-2 Return In Jammu And Kashmir
ITR-2 Return In Andhra Pradesh
ITR-2 Return In Assam
ITR-2 Return In Jammu And Kashmir
ITR-2 Return In Delhi
ITR-2 Return In Telangana
ITR-2 Return In West Bengal
ITR-2 Return In Kerala
ITR-2 Return In Goa
ITR-2 Return In Bihar
ITR-2 Return In Puducherry
ITR-2 Return In Himachal Pradesh
ITR-2 Return In Arunachal Pradesh
ITR-2 Return In Manipur
ITR-2 Return In Meghalaya
ITR-2 Return In Mizoram
ITR-2 Return In Nagaland
ITR-2 Return In Sikkim
ITR-2 Return In Tripura
ITR-2 Return In Lakshadweep
