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ITR-2 Return

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A Complete Process for Filing ITR 2 Form

ITR 2 Form is used by individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. This document helps you claim deductions, report your income and pay taxes to the Income Tax Department of India. Fill it on time on the Income Department portal to avoid penalties and restrictions from enjoying tax benefits.

How to File ITR 2?

Have an active PAN and your Aadhaar should be linked to it. Log into the Income Tax Department portal to file the ITR 2 Form and be ready with the required documents.

Step 1:

This form contains two parts. You have to add your details and income-related details in Part A. Meanwhile, you must add your tax-related details in the Part B.

Step 2:

Fill in your personal details, capital gains, house property, salary and other sources.

Step 3:

Mention your provisions under Schedule 112A and Schedule 115AD, your loss adjustments, provisions under Schedule 80G, adjusted income, tax rates, tax relief, foreign assets and more.

Step 4:

In Part B, fill in details regarding your total income and tax paid. Further, you can view the computation on your income tax liability.

Step 5:

Preview your returns, and proceed to validation and then verification.

Step 6:

Choose the method to verify and submit your form. Further, you will get an acknowledgement regarding a successful submission.

Documents for ITR 2 Filing

Form 16 for salaried income
Form 26AS for TDS and TCS credits
PAN card and Aadhaar card (linked to each other)
Bank statements
Proof of house property income
Proof of capital gains
Proof of business or professional income
Other income documents
Investment proofs under the Sections 80C, 80D, etc
Medical bills for claiming deductions under Section 80D
Home loan interest certificates for claiming deductions under Section 24
Rent receipts for HRA deductions

Who Can File ITR 2?

If your income is more complex than just salary, pension and one house property, then ITR-2 is the appropriate form. You must fill out the ITR 2 Form if:

Your total income exceeds Rs. 50 lakhs.
You earn via salary or pension.
You have income from multiple house properties.
You have income from capital gains.
You have income from other sources (like lottery winnings, interest on deposits, racehorses, etc.).
You are a Non-Resident Indian (NRI).
You fall under the category of a resident but not ordinarily resident (RNOR).
You have foreign income or foreign assets.
Your agricultural income exceeds Rs. 5,000.
You are a director in unlisted and listed companies.

Do You Find ITR-2 Form Filling Hard? Let’s Make It Easy

Final Words

ITR-2 is for individuals with income exceeding Rs. 50 lakhs or having income from sources beyond salary, pension, and one house property. Moreover, Form 16, Form 26AS, bank statements, investment proofs, and property-related documents are required to fill out the form. It is a complex process and a worthy tax consultant can make it smooth for you.

FAQs

Who Cannot File the ITR 2 Form?

Individuals eligible for ITR-1, Individuals with income from business or profession and partners of a partnership firm cannot file the ITR 2 Form.

How to File ITR-2 Offline?

Filing ITR 2 is an option specifically for those above 80 years of age. For that, use a bar-coded form or a physical paper and fill in the details. Submit it to the Income Tax Department and get an acknowledgement.

Can I Claim Deductions in ITR-2?’

Yes, you can claim deductions under Section 80C and other eligible sections.

What Is ITR-V?

ITR-V stands for Income Tax Return Verification. When you do not sign your income tax return form electronically, the Income Tax Department sends you an ITR-V form via email. Print this form, sign it and send it to the Income Tax Department’s Central Processing Centre (CPC).

Does Filling ITR-2 Require a Balance Sheet?

Generally, a balance sheet is not required for filing ITR-2 as it is for the people without an income from business.