The ITR-2 Form is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with the Income Tax Department of India. The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income or any agricultural income more than Rs 5,000
• Earning Income through salary or pension
• Income through House Property. (Income can be from more than one house property)
• Earning Income through Short Term and Long Term Capital Gains
• Earnings through Other Sources (including Income through Lottery Winnings, through bets on Racehorses, and other Legal methods of Gambling)
• Income is generated from foreign income and foreign assets
• Agricultural Income more than Rs 5000.
• Resident not ordinarily resident and a Non-resident.
• Income of the individual must be more than Rs.50 lakh
• In case the individual is the Director of a company.
• In case the individual is the Director of a company.
• In case any investments were present in equity shares that were unlisted during the financial year.
A resident having any asset located outside India or signing authority in any account.
the Income Tax Returns, if clubbed together with that of a spouse, minor child etc. needs to ensure that their sources of income are similar to those stated above. Only then can their returns be filed together. A difference of earnings in even one category makes the Assessee liable to fill a separate and applicable Income Tax Returns Form. we are the best income tax return and gst return filing consultants in bangalore, chennai & delhi.
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• Any individual or HUF having Income from Business or Profession
• Individuals who are eligible to fill the ITR-1 SAHAJ form.
• Individuals or HUFs who are partners in a Partnership Firm.
You can submit your ITR-2 Form either online or offline. Only Individuals who are of the age of 80 years or more can file their ITR offline.
Offline: Return can be filed offline by:
• Furnishing a return in a physical paper form.
• Furnishing a bar-coded return.
The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return
Online/Electronically: Return can be filed online by:
• Furnishing the return electronically under digital signature.
• Transmitting the data electronically.
• Submitting the verification of the return in Return Form ITR-V.
If you submit your ITR-2 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. If your PAN card is linked with Aadhaar Number then we can submit the acknowledgment by submitting it with OTP from mobile number linked through Aadhaar number.
Remember that ITR-2 is an annexure-less form i.e. you do not have to attach any documents when you send it.
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1. Fill the Schedules which are applicable for you.
2. Income from Differentt heads should be filed properly in the correct heads for proper assessment of Tax.
3. Details of the Schedule are mentioned below:
Schedule S-
Details of salary, allowances, perquisites, etc. as per your Form 16.
Schedule HP-
Self-occupied property: Provide details of property and interest paid on housing loan, if any.
Let-out property: Provide details of property such as address, rent received during year, municipal taxes paid and interest paid on housing loan, if any.
Deemed-let out property: Provide details of property such as address, notional rent of similar property in that area, municipal taxes paid and interest paid on housing loan, if any
Schedule CG-
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Shares & securities: Provide acquisition and sale details.
Property: Provide acquisition and sale details. Also details of any improvement made to property. And details of purchase of any other capital asset to claim exemption
Schedule OS- Provide details of other incomes received by you during financial year such as FDR interest, saving bank interest, gifts, dividend from co-operative banks, casual incomes such as Lottery winnings etc.
The best sequence to follow while filing ITR-2 is:
1. Part A
2. All the schedules
3. Part B-TI
4. Schedule OS
5. Part B-TTI
6. Verification
• Part A: General Information
• Part B-TI: Computation of Total Income
• Part B-TTI: Computation of tax liability on total income
• Details to be filled if the return has been prepared by a Tax Return Preparer
• Schedule S: Details of income from salaries
• Schedule HP: Details of income from House Property
• Schedule CG: Computation of income under Capital gains
• Schedule OS: Computation of income under Income from other sources
• Schedule CYLA: Statement of income after set off of current year’s losses
• Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
• Schedule CFL: Statement of losses to be carried forward to future years
• Schedule VI-A: Statement of deductions (from total income) under Chapter VI-A
• Schedule VI-A: Statement of deductions (from total income) under Chapter VI-A
• Schedule 80G: Statement of donations entitled for deduction under section 80G
• Schedule 80GGA: Statement of donations for scientific research or rural development
• Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC
• Schedule AMTC: Computation of tax credit under section 115JD
• Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, CG and OS
• Schedule SI: Statement of income which is chargeable to tax at special rates
• Schedule EI: Details of Exempt Income
• Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
• Schedule FSI: Statement of income accruing or arising outside India.
• Schedule TR: Details of taxes paid outside India
• Schedule FA: Details of Foreign Assets and income from any source outside India
• Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
• Schedule AL: Asset and liability at the year-end (applicable in case income exceeds Rs 50 lakhs).we are the Best consultants in income tax and gst return filing in Bangalore, Delhi & Chennai.
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