ITR 2 Form Filing: An Income Tax Return (ITR) is a crucial document where people tell the government about their income and the taxes they owe. In India, the Income Tax Act of 1961 explains all the different ITR forms and how to fill them out. ITR2 is specifically for individuals and Hindu Undivided Families who don’t make money from running a business or being self-employed. It’s important for people who earn money from jobs, renting out property, selling investments, or other sources besides running a business.
Accounts Profession offers a smooth and easy way to file your Income Tax Returns using the ITR2 form in India. Our experts will help you through the entire process so you can fulfill your tax duties without stress. With Accounts Profession ITR-2 Filing Services, you can handle your taxes effortlessly and focus on other important things. Start today and let us take care of your tax return needs!
What is ITR 2?
ITR 2 is a form used in India for filing Income Tax Returns. It’s specifically designed for individuals and Hindu Undivided Families (HUFs) who don’t earn money from running a business or being self-employed.
Eligibility for ITR 2 Form Filing
You need to file ITR 2 if your income comes from sources like:
- Salary or Pension
- Renting out property
- Selling investments or property (capital gains)
- Other sources like lottery winnings or gambling
- Agricultural activities earning more than Rs 5,000
- Foreign income or assets
- Being a Resident Not Ordinarily Resident (RNOR) or Non-Resident
- Holding a director position in listed or unlisted companies.
Who Shouldn’t File ITR 2?
You don’t need to file ITR 2 if you earn money from business or professional activities. In that case, you should use ITR-1 form (Sahaj).
Structure of the ITR 2 Form
The ITR 2 form has two main parts:
- Part A: This includes general information like your name, address, PAN, Aadhar card, etc.
- Part B: This calculates your total income and tax liability.
Documents Needed for Filing ITR 2 Form
Before filling out ITR 2, make sure you have these documents:
- Form 16/16A (for salary and tax deductions)
- Form 26AS/AIS/TIS (for tax credits and TDS)
- Bank statements
- Details of capital gains
- Details of foreign assets and income (if applicable)
- Aadhaar card, PAN card, and other identification documents.
Instructions for Completing the ITR 2 Form
When filling out ITR 2, remember these tips:
- Fill the form in the specified order
- Strike out and mark ‘NA’ for any sections that don’t apply to you
- Round off figures correctly
- Select the right employer category
- Don’t use ITR 2 for claiming double taxation relief.
Modes of Submission for ITR 2
You can file ITR 2 offline or online:
- Offline Filing ITR 2: Offline filing is for people aged 80 or older. Submit a physical paper return or use a bar-coded form.
- Online Filing ITR 2: For online filing, you can submit electronically with or without a digital signature. After filing online, verify the return through Return Form ITR-V. You’ll receive acknowledgment via email if you submit electronically with a digital signature.
Why Accounts Profession for ITR-2 Filing?
Expert Assistance:
Our skilled professionals provide expert guidance throughout the ITR-2 filing process, ensuring accuracy and compliance with tax regulations.
Convenient Online Platform:
With our user-friendly online platform, you can file your returns conveniently from anywhere, avoiding the hassle of long queues and paperwork.
Accuracy Assurance:
We conduct a thorough review of your ITR-2 to ensure it’s error-free, reducing the risk of future tax-related issues.
Timely Filing:
We prioritize timely filing to avoid penalties, ensuring your returns are submitted promptly.
Contact Accounts Profession today, and let our team assist you every step of the way, providing peace of mind that your taxes are in expert hands.
Go to the Accounts Profession Homepage for the Latest Information.
Frequently Asked Questions (FAQ’s)
What is ITR 2?
ITR-2 is for individuals and HUFs in India who earn income from various sources but not from business or self-employment.
Who Should File ITR-2?
Those with income from salary, house property, capital gains, other sources, foreign assets, or foreign income should file ITR-2.
Due Date for Filing ITR-2
Usually July 31st, but can be extended by the government if needed.
Filing ITR-2 Online
Yes, through the official Income Tax Department website or authorized e-filing portals.
Penalty for Late Filing
Late filing may incur a fee of up to Rs 10,000.
Revision of ITR-2
Possible within a specific timeframe.
Calculating Tax Liability with ITR-2
Automatically calculated based on income and deductions.
Importance of Form 26AS
Crucial for cross-verifying tax-related details.
Difference Between ITR-1 and ITR 2
ITR-1 for basic income, ITR-2 for additional sources like capital gains and foreign income.
About the Author
Vijaykumar S. Pal(Content Writer)
As a Accountant, I’m deeply immersed in the intricacies of income tax, GST, and maintaining financial records. Numbers are my forte, and I excel in deciphering complex financial statements and tax regulations. However, there’s another side of me that revels in the realm of words rather than figures. Writing has always ignited a passion within me. Whether it’s simplifying intricate financial concepts for broader comprehension or weaving captivating narratives, I find joy in crafting articles and blog posts that demystify the intimidating world of finance for everyday individuals.Categories