ITR-2 Return Filing

itr-2

ITR-2 Return Filing

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Documents required For ITR-2 Return Filing

Form 16
Bank Statement

ITR 2 Form Filing:

ITR 2 form is an Income Tax Return form that is used by individuals and Hindu Undivided Families (HUFs) who have income from any source other than profits and gains from business or profession. The ITR 2 form is to be used if the individual or HUF has income from salary, house property, capital gains, foreign assets, or any other sources, except for business or profession. It is a more comprehensive form than ITR 1 Sahaj, which is used for individuals with a more straightforward income tax situation. The form requires taxpayers to provide detailed information on their sources of income and deductions, making it suitable for taxpayers with a more complex tax situation.

Who can file ITR 2?

ITR 2 Form is for individuals and Hindu Undivided Families (HUFs) who have income from the following sources:

  1. Income from Salary/Pension
  2. Income from House Property
  3. Income from Capital Gains
  4. Income from Other Sources
  5. Foreign Assets/Foreign Income
  6. Agricultural Income exceeding Rs. 5,000
  7. Income from Business or Profession

Individuals who are not eligible to file ITR 1 Sahaj Form can use ITR 2. Additionally, individuals who are directors in a company or hold investments in unlisted equity shares cannot file ITR 1 Sahaj and should file ITR 2.

What are the sources of income that can be reported in ITR 2?

ITR 2 form can be used by individuals and Hindu Undivided Families (HUFs) who have income from the following sources:

  1. Income from Salary or Pension
  2. Income from House Property
  3. Income from Capital Gains
  4. Income from Other Sources (including winnings from lottery, bets on races, etc.)
  5. Income from Foreign Assets/Foreign Income
  6. Agricultural income exceeding Rs. 5,000
  7. Income from Business or Profession (if the taxpayer is carrying on a business or profession and is not eligible to file ITR-3 or ITR-4)
What documents are required to file ITR 2?

The documents required to file ITR 2 may vary depending on the sources of income and deductions claimed. However, here are some of the common documents required to file ITR 2:

  1. PAN card
  2. Aadhaar card
  3. Form 16 and Form 16A for salary and TDS details
  4. Interest certificate for interest income from savings bank accounts, fixed deposits, etc.
  5. Details of income from house property
  6. Capital gains statement for income from capital gains
  7. Bank statements/passbook for the financial year for which tax return is being filed
  8. Details of investments and expenses claimed as deductions under various sections of the Income Tax Act, such as Section 80C, Section 80D, etc.
  9. Proof of foreign assets and income, if applicable
  10. Any other documents relevant to the sources of income and deductions claimed.
How to file ITR 2?

ITR 2 can be filed both offline and online. Here are the steps to file ITR 2:

Online filing:

  1. Go to the income tax e-filing website and login to your account.
  2. Select “ITR Forms” and then select “ITR-2” for the relevant assessment year.
  3. Fill in the required details in the form, including personal information, income details, tax deductions, tax payable, and other relevant information.
  4. Verify the information and submit the form.
  5. You can e-verify the return using Aadhaar OTP, net banking, bank account number, or demat account number.

Offline filing:

  1. Download the ITR 2 form from the income tax e-filing website or purchase a physical copy of the form.
  2. Fill in the required details in the form, including personal information, income details, tax deductions, tax payable, and other relevant information.
  3. Generate an XML file and save it on your computer.
  4. Go to the income tax e-filing website and upload the XML file.
  5. After uploading the file, an acknowledgment receipt will be generated. Print it out and sign it.
  6. Send the signed acknowledgment receipt to the Income Tax Department’s CPC office in Bangalore by post within 120 days of e-filing.
  7. What is the due date for filing ITR 2? 

    The due date for filing ITR 2 for individuals and HUFs (not subject to audit) for the assessment year 2022-23 (financial year 2021-22) is December 31, 2022, for taxpayers who are not required to get their accounts audited. However, if the taxpayer is required to get their accounts audited, the due date for filing ITR 2 is January 31, 2023. It is always advisable to file the ITR before the due date to avoid any penalties or interest charges.

  8. Is it necessary to attach any documents while filing ITR 2?

No, it is not necessary to attach any documents while filing ITR 2. However, taxpayers should keep all the necessary documents and records related to their income, deductions, and investments for at least six years from the end of the relevant assessment year. The documents may include Form 16, Form 16A, Form 26AS, TDS certificates, proof of investments, bank statements, and any other relevant documents. Taxpayers may need to submit these documents to the tax authorities if asked for during assessment or scrutiny proceedings.

ITR-2 Return Filing FAQ’s

Do individuals and HUFs carrying business or profession need to file a balance sheet for ITR 2?

Individuals and HUFs carrying business or profession are required to file the details of assets and liabilities through a balance sheet. Schedule AL is necessary to be filed while filing ITR 2, which includes the taxpayer above Rs. 50 lakh.

Is it possible to submit ITR 2 online?

ITR 2 can be filed online on the e-filing portal or in excel utility. It is applicable for individuals and HUFs that do not have any income from business or profession.

How many parts is ITR 2 divided into?

ITR 2 is divided into two parts, Part A and Part B.

What information is included in Part A of ITR 2?

Part A of Form ITR 2 includes all the general information.

What information is included in Part B of ITR 2? 

Part B includes the computation of total income and the tax liability on the total income.