ITR-2 FILING

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ITR-2 is an Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) in India to declare their income and tax liabilities if they have income from multiple sources, excluding income from business or profession. This form is applicable for taxpayers who have income from sources such as salary, house property, capital gains, and other sources, but do not qualify to use the simpler ITR-1 form (Sahaj).

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ITR-2 filing refers to the process of filing Income Tax Return Form 2 (ITR-2) in India. ITR-2 is one of the many forms provided by the Income Tax Department of India for taxpayers to declare their income, deductions, and taxes paid during the financial year. Here’s an overview of ITR-2 filing:

1. **Applicability**: ITR-2 is primarily used by individuals and Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj) but do not have income from business or profession.

2. **Sources of Income**: Taxpayers filing ITR-2 typically have income from salary, multiple house properties, capital gains, other sources (like interest income), and foreign assets/income.

3. **Format and Contents**: ITR-2 requires taxpayers to provide details such as personal information, income from various sources, deductions claimed under various sections of the Income Tax Act, tax computation, and details of taxes paid. It also requires disclosure of foreign assets and income if applicable.

4. **Filing Process**: Taxpayers can file ITR-2 electronically on the Income Tax Department’s e-filing portal (https://www.incometaxindiaefiling.gov.in/). The form can be filled out online or offline using the appropriate software utility provided by the Income Tax Department.

5. **Verification**: After filing the return, taxpayers need to verify it using one of the prescribed methods, such as electronic verification using Aadhaar OTP, net banking, or sending a signed physical copy of the ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

6. **Deadline**: The deadline for filing ITR-2 is typically July 31st of the assessment year. However, the government may extend the deadline in certain cases.

7. **Penalties for Non-Compliance**: Failure to file ITR-2 within the due date may attract penalties and interest under the Income Tax Act.

8. **Revisions**: Taxpayers can revise their ITR-2 within a specified time frame if they discover any errors or omissions in the original filing.

9. **Documentation**: Taxpayers must maintain proper documentation and records to support the information provided in the ITR-2 form, including bank statements, investment proofs, salary slips, and other relevant documents.

It’s important for taxpayers to ensure accurate and timely filing of ITR-2 to comply with income tax laws and avoid penalties. Consulting a tax advisor or using e-filing services provided by authorized agencies can help streamline the process and ensure compliance.

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