ITR-2 Return Filing
At Gubera Consultancy, we understand the complexities of tax filing and the importance of accurate and timely submission. That’s why we offer efficient ITR-2 return filing services to streamline your tax filing process.
By choosing Gubera Consultancy, you can rest assured that your tax strategy will be optimized and your refunds maximized. Our goal is to help you navigate the complex world of taxes and ensure compliance with tax regulations.
Contact us today to streamline your tax filing process and experience the benefits of our efficient ITR-2 return filing services. Let us take care of your tax filing needs so that you can focus on what matters most to you.
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Expert Assistance for ITR 2 Form Filing
Filing your Income Tax Returns (ITR) accurately and on time is essential to comply with tax regulations and avoid penalties. If you’re wondering what is ITR 2 and whether it applies to you, Gubera Consultancy offers expert assistance to help you navigate the process seamlessly.
Understanding ITR 2:
ITR 2 is a specific Income Tax Return form designed for individuals and Hindu Undivided Families (HUFs) who do not earn income from professional or business activities. If your income comes from sources such as salary, house property, capital gains, or other non-business or non-professional sources, you may need to file ITR 2.
Eligibility for ITR 2 Form:
To determine whether you need to file ITR 2, consider if your income falls under any of the following categories:
Income from Salary or Pension:
If you earn income from salary or pension, ITR 2 may be applicable to you.
Income from House Property: Individuals with income from house property, including multiple properties, should use ITR 2.
Capital Gains: If you’ve incurred gains or losses from the sale of investments or property, both long-term and short-term, you may need to file ITR 2.
Income from Other Sources: This category includes winnings from lotteries, bets on racehorses, and other forms of legally recognized gambling.
Agricultural Income: Receipts exceeding Rs. 5,000 from agricultural activities require ITR 2 filing.
Foreign Income or Assets: If you have foreign income or own foreign assets, you must file ITR 2.
Resident Not Ordinarily Resident (RNOR) or Non-Resident Status: Individuals with RNOR or non-resident status should file ITR 2.
Directorship in Companies:
Holding directorship in both listed and unlisted companies mandates the use of ITR 2.
Gubera Consultancy provides expert assistance for filing ITR 2, ensuring accuracy and compliance with tax laws. Let our team of professionals guide you through the process, so you can focus on other priorities with peace of mind. Contact us today to get started.
Who Shouldn't File ITR 2?
While ITR 2 is designed to accommodate a broad spectrum of income sources, certain individuals or Hindu Undivided Families (HUFs) may find that it doesn’t suit their specific circumstances. Here’s who should consider alternatives to filing ITR 2:
Income from Business or Professional Activities: Individuals or HUFs whose primary source of income stems from business or professional activities are not eligible to file ITR 2. Instead, they should explore other forms tailored to their income profiles.
Eligibility for ITR-1 (Sahaj) Form: Individuals with relatively simple tax affairs, such as income from salary, one house property, and other sources, may find ITR-1 (Sahaj) more suitable for their needs.
Structure of the ITR2 Form
ITR 2 is structured to capture comprehensive information about your income and tax liabilities. Here’s an overview of its key components:
Part A: General Information: This section collects essential personal details, including your name, address, date of birth (DOB), PAN, Aadhar card, contact number, and email address.
Part B: Computation of Income and Tax Liability:
Part B-TI (Computation of Total Income): Here, your gross total income is calculated by aggregating earnings from various sources such as salary, house property, and other income. Deductions under different sections are then applied to arrive at your total income.
Part B-TTI (Computation of Tax Liability): Based on your total income, your tax liability is determined, taking into account applicable tax rates and deductions. The form also includes schedules providing detailed information on specific income sources and deductions, ensuring accurate computation of your tax liabilities.
Gathering Documents for Filing ITR-2 Form.
Before initiating the filing process for ITR-2, it’s essential to gather the necessary documents and information. While ITR-2 is an annexure-less form, ensuring you have the following documents on hand will facilitate a smooth filing experience:
Form 16/16A: These documents provide details about your salary income and tax deductions (TDS) made by your employer.
Form 26AS/AIS/TIS: This statement contains crucial information regarding tax credits, TDS (tax deducted at source), and other relevant tax-related data, ensuring accuracy in your tax calculations.
Bank Statements: Collect bank statements reflecting income from interest, dividends, or other financial transactions to accurately report your financial activities.
Capital Gains Details: Gather necessary transaction documents if you have sold assets such as property or stocks, as this information is required for reporting capital gains.
Details of Foreign Assets and Income (if applicable)
If you have foreign assets or earned income abroad, gather relevant documents to ensure compliance with tax regulations.
Aadhaar Card, PAN Card, and Other Identification and Contact Information: Have these identification documents readily available for reference during the filing process to ensure accurate reporting of personal details
Instructions for Completing the ITR-2 Form
Follow these instructions and guidelines when filling out the ITR-2 form to ensure accuracy and compliance:
Complete the Form in Order: Fill out the form in the specified sequence: Part A, all schedules, Part B-TI, Part B-TTI, and the verification section, ensuring no sections are omitted.
Mark ‘NA’ for Inapplicable Sections: If any schedules or items do not apply to your financial situation, strike them out and mark ‘NA’ (Not Applicable) to indicate their exclusion.
Round Off Figures: Round off all figures to the nearest rupee, except for total income/loss and tax payable, which should be rounded off to the nearest ten rupees for accuracy.
Select Employer Category Correctly: Choose the appropriate employer category, such as ‘Government’ or ‘PSU,’ based on your employment status to ensure accurate reporting of income sources.
Check Eligibility for Double Taxation Relief: If you claim double taxation relief under Section 90/90A/91, ensure that you meet the eligibility criteria, as the ITR-2 form may not be suitable for such claims.
Modes of Submission for ITR-2: Offline and Online Filing
When it comes to filing your ITR-2, there are two main methods you can choose from: offline and online. Each method has its own benefits and requirements, so it’s important to understand them before deciding which one is right for you.
Filing ITR-2 Offline: If you are 80 years of age or older, you have the option to file ITR-2 offline. This means that you will need to submit a physical paper return or use a bar-coded form provided by the Income Tax Department. Filing offline can be a convenient option for those who prefer traditional methods or may not have access to the internet.
When filing ITR-2 offline, you will need to fill out the required forms manually and attach any necessary documents, such as proof of income, deductions, and tax payments. Once you have completed the forms, you can submit them physically to the designated income tax office in your area.
It’s important to note that when filing ITR-2 offline, you will receive an acknowledgment from the Income Tax Department upon submission. This acknowledgment serves as proof that you have filed your return and should be kept for future reference.
Filing ITR-2 Online: For a more convenient and efficient method, you can choose to file your ITR-2 online. Online filing allows you to transmit all the necessary information electronically, either with or without a digital signature.
When filing ITR-2 online, you can use the official website of the Income Tax Department or authorized third-party websites to complete the process. You will need to provide your personal details, income details, deductions, and any other relevant information as required by the form.
If you choose to file ITR-2 online without a digital signature, you will need to verify the return through the return form ITR-V. After completing the online filing, you will receive the acknowledgment on your registered email. It is important to download and print the ITR-V form, sign it, and send it to the Centralized Processing Center (CPC) within 120 days of e-filing.
On the other hand, if you have a digital signature, you can electronically sign the return during the online filing process. This eliminates the need for manual verification and sending the ITR-V form. You will receive the acknowledgment on your registered email, confirming the successful submission of your ITR-2.
Choosing the Right Method: When deciding whether to file ITR-2 offline or online, consider your personal preferences, convenience, and access to resources. Offline filing may be suitable for those who prefer physical paperwork or have specific eligibility criteria, such as being 80 years of age or older. Online filing, on the other hand, offers a faster and more streamlined process, especially if you have a digital signature.
It’s important to note that both methods are valid and accepted by the Income Tax Department. Whichever method you choose, make sure to carefully review and verify all the information provided before submitting your ITR-2. This will help ensure accurate and timely filing of your income tax return.
Remember, filing your ITR-2 is an important responsibility as a taxpayer. It helps you stay compliant with tax regulations and ensures that you are contributing to the development of the nation. If you have any doubts or need assistance with the filing process, consider seeking guidance from a tax professional or consulting the official resources provided by the Income Tax Department.