ITR-2 Return Filing
What is ITR-2?
In India, taxpayers are categorized based on their income sources, and specific Income Tax Return (ITR) forms are assigned accordingly. ITR-2 is designed for individuals and Hindu Undivided Families (HUFs) who do not generate income from professional or business activities.
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ITR 2 Form Filing
Eligibility for ITR-2 Form
The ITR-2 form is for individuals and HUFs with income from sources other than ‘Profits and Gains from Business or Profession.’ You should file the ITR-2 form if your income includes:
- Income from Salary or Pension
- Income from house property (including multiple properties)
- Income from Capital Gains (both long-term and short-term)
- Income from Other Sources (e.g., winnings from lotteries, racehorses, 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 Shouldn’t File ITR-2?
- Individuals or HUFs with income from business or professional activities
- Individuals eligible to file the ITR-1 form (Sahaj)
Structure of the ITR-2 Form
The ITR-2 form comprises two main sections with specific segments and schedules:
- Part A:
- Part B:
- Part B-TI – Computation of Total Income:
- Part B-TTI – Computation of Tax Liability:
- General information (name, address, date of birth, PAN, Aadhaar, contact details)
- Computation of total income and corresponding tax liability
- Gross total income is computed, including earnings from salary, house property, and other sources. Deductions for tax savings are subtracted to arrive at the total income.
- Tax liability is calculated based on the total income.
Documents Needed for Filing ITR-2 Form
While the ITR-2 form is an annexure-less form, ensure you have the following documents:
- Form 16/16A: Details of salary and tax deductions (TDS)
- Form 26AS/AIS/TIS: Information on tax credits, TDS, and other tax-related data
- Bank Statements: Reflecting income from interest, dividends, or other transactions
- Capital Gains Details: Transaction documents for sold assets like property or stocks
- Foreign Assets and Income Details: Documents for foreign assets or income
- Aadhaar Card, PAN Card, and other identification documents
Instructions for Completing the ITR-2 Form
- Complete the form in the order: Part A, all schedules, Part B-TI, Part B-TTI, then verification
- Strike out and mark 'NA' for non-applicable schedules and items
- Round off figures to the nearest rupee (except for total income/loss and tax payable, which should be rounded to the nearest ten rupees)
- Select 'Government' as the employer category if you are a government employee; choose 'PSU' if working for a public sector company of the Central/State Government.
- Do not use ITR-2 if claiming double taxation relief under sections 90/90A/91
Modes of Submission for ITR-2
There are two main methods for filing ITR-2: offline and online.
Filing ITR-2 Offline:
- Available for individuals 80 years of age or older
- Submit a physical paper return or use a bar-coded form
- Receive an acknowledgment from the Income Tax Department upon submission
Filing ITR-2 Online:
- Transmit information electronically, either with or without a digital signature
- Verify the return through Return Form ITR-V if filed without a digital signature
- Receive an acknowledgment on your registered email if filed with a digital signature
Why Choose Munibgiri for ITR-2?
- Expert Guidance:
- Convenience:
- Accuracy:
- Timely Filing:
- Our experienced professionals provide expert guidance throughout the ITR-2 filing process, ensuring accuracy and compliance.
- Our online platform allows you to file your returns from the comfort of your home or office, eliminating long queues and paperwork.
- A thorough review process ensures your ITR-2 is error-free, minimizing the risk of tax-related issues.
- We ensure your returns are filed promptly to avoid penalties.
Contact Munibgiri today, and our team will assist you every step of the way. Enjoy peace of mind knowing that your taxes are in expert hands.