ITR- 2 Return
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Filing your Income Tax Return (ITR) can feel daunting, especially if you’re navigating the intricacies of Form ITR 2. This form applies to individuals and Hindu Undivided Families (HUFs) with income exceeding Rs. 5 lakh but not derived from business or profession.
At ReturnFile.in, we understand the importance of timely and accurate ITR filing. Whether you’re a salaried individual, a retiree receiving pension income, or someone with income from house property, capital gains, or other sources, we can simplify the ITR 2 filing process for you.
What is ITR 2?
In India, the Income Tax department assigns specific ITR forms to taxpayers based on their income sources. ITR 2 caters to individuals and Hindu Undivided Families (HUFs) whose income doesn’t stem from business or professional activities (like running a shop or practising law).
Who Needs to File ITR 2?
If your income falls under any of these categories, you’ll likely need to file ITR 2:
- Salary or Pension: This includes income from your regular job or retirement benefits.
- House Property: This applies if you own one or more properties that generate rental income.
- Capital Gains: This covers profits (or losses) from selling investments or property, both short-term and long-term.
- Other Sources: This includes income from legal gambling activities like lotteries or racehorse winnings.
- Agricultural Income: This applies if your income from agricultural pursuits exceeds Rs. 5,000.
- Foreign Income/Assets: This includes income earned or assets held outside India.
- Residential Status: This applies if you’re a Resident Not Ordinarily Resident (RNOR) or a Non-Resident.
- Company Directorship: This includes individuals holding director positions in listed or unlisted companies.
Who Is Not a Perfect Fit for ITR 2?
While ITR 2 covers a wide range of income sources, it’s not for everyone. Here’s who should consider alternative ITR forms:
- Business or Professional Income: If your primary income comes from running a business, practising a profession (like a doctor or lawyer), or being a partner in a firm, you’ll likely need to file a different ITR form.
- Simple Income (ITR 1): If your income situation is straightforward, with salary income, interest income from a single bank account, and capital gains up to Rs. 50,000, you might be eligible to file the simpler ITR 1 form.
Structure Of ITR-2 Form
While the ITR-2 form might seem intricate, it’s actually structured to simplify income tax filing. Here’s a closer look:
Part A: Your Personal Details
This section acts as your tax profile, collecting essential information like your name, address, PAN, Aadhaar number (if applicable), contact details, and filing status (individual or HUF).
Part B: Income and Tax Calculation
The form calculates taxable income and tax liability, dividing it into various sources like salary, house property, and agricultural income. It also includes deductions and exemptions for investments and expenses, and calculates the tax owed.
Schedules:
The ITR-2 form includes various schedules that provide detailed information on specific income sources and deductions. These schedules allow for a more organised breakdown of your financial situation.
What Documents Do You Need for ITR 2 Filing?
While the ITR 2 form itself is streamlined and doesn’t require physical attachments, having certain documents on hand can make the filing process smoother:
- Form 16/16A: These forms, issued by your employer, detail your salary income and tax deducted at source (TDS).
- Form 26AS/AIS/TIS: This consolidated statement from the Income Tax department provides a comprehensive overview of your tax credits, TDS from various sources, and other tax-related data.
- Bank Statements: Gather bank statements that reflect income from interest on savings accounts, dividends on investments, or other financial transactions.
- Transaction Documents: If you’ve sold assets like property or stocks during the year, having the relevant transaction documents (purchase and sale agreements) will be helpful.
- Documents Related To Foreign Assets: If you have foreign assets or earned income abroad, collect the necessary documents to accurately report them in your ITR 2.
- Aadhaar Card, PAN Card: These documents are crucial for tax filing. Ensure they’re readily available, along with your contact information. These documents are crucial for tax filing. Ensure they’re readily available, along with your contact information.
What To Keep In Mind While Filing ITR 2 Form?
Filing your ITR 2 can be a straightforward process with a little preparation and these handy tips:
- Structured Approach: Complete Part A, proceed through schedules, move to Part B, Section TI, and finish with Part B, Section TTI
- Not Applicable Schedules: Mark or strike out schedules not applicable to income sources
- Accuracy: Use “NA” for non-applicable items and round off to the nearest rupee
- Employer Selection: Select “Government” for government employees, “PSU” for Central/State Government public sector companies.
- Double Taxation Relief: If claiming double taxation relief under sections 90/90A/91, ITR 2 form cannot be used.
What Are The Modes of Submission for ITR 2?
Once you’ve completed your ITR 2 form, it’s time to submit it to the Income Tax department. Here are the two available methods:
Online Filing: This is the recommended and more convenient option. You can electronically submit your ITR 2 directly through the Income Tax department’s e-filing portal. This method offers faster processing, reduced errors, and immediate acknowledgment.
Offline Filing (Paper Return): While online filing is preferred, you can still submit a paper return if you’re unable to file electronically. Here’s what you’ll need to do:
- Download the ITR 2 form from the Income Tax department website.
- Print and fill out the form manually.
- Ensure you have all required supporting documents.
- Submit the completed form and relevant documents to the Income Tax Assessing Officer (ITO) having jurisdiction over your area.
Why Choose Return File ?
Choosing the right partner for your accounting and tax needs is important. At ReturnFile.in, we make things simple and easy for you. Here’s why we’re the best choice:
- Experienced Team: Our team includes expert accountants who have years of experience. They know how to handle everything from taxes to business setup
- Wide Range of Services: We offer many services, like filing your taxes, helping with GST, and making sure your business follows the rules. We can help both businesses and individuals.
- Customized Solutions: We understand that every business is different. We create solutions that match your specific needs and goals.
- Easy and Convenient: Our platform is simple to use. With just a click, you can get all the professional help you need. We serve clients in Ahmedabad and other major cities in India.
- Quality Service: We are known for our top-quality service in Ahmedabad. We work hard to make sure your business runs smoothly and efficiently.
- Trusted by Many: Our clients trust us because we focus on their needs and deliver reliable services. We have built strong relationships with many satisfied clients.
- Clear Communication: We explain things in a simple way, so you understand everything about your finances and taxes.
- Prepared for the Future: We use the latest technology and methods to ensure our services are not only good for today but also ready for the future.
Frequently Asked Questions
The deadline for filing ITR 2 typically falls on July 31st of the assessment year. This means that for income earned in the financial year 2023-2024, the ITR 2 filing deadline would be July 31st, 2024. However, it's highly advisable to file your ITR well before this deadline to avoid any last-minute complications, potential penalties, and late filing fees. Filing early also gives you more time to gather all the necessary documents and ensure accuracy in your return.
You can usually retrieve a duplicate Form 16 from your employer or access it electronically through your company's online portal. For other documents, you might need to contact the issuing institution.
The Income Tax department allows for corrections in electronically filed ITRs. ReturnFile.in can assist you with revising your ITR 2 if any mistakes are identified.
Yes, if your agricultural income surpasses Rs. 5,000 in a financial year, you'll likely need to file ITR 2. ReturnFile.in can confirm the appropriate form based on your overall income sources.
The documents required for claiming deductions will vary depending on the specific section. However, ReturnFile.in can advise you on the necessary documentation to support your deductions and maximise your tax benefits.
