ITR-2 Form Filing

How to File ITR-2 Online?

Applicability, Documents required

ITR-2 return filing service is available to registered users on the e-Filing portal. This service enables individual taxpayers and HUFs to file ITR-2 through the e-Filing portal. Income Tax Return, is a vital document in which taxpayers report their Income from all sources and applicable taxes to the income tax department. The Income Tax Act of 1961 notified all the ITR forms and procedures. Among 7 forms of ITR, ITR2 is one of those forms is notified for individuals and Hindu Undivided Families (HUF) who do not generate Income from professional or business activities. Understanding why ITR2 is crucial for individuals having income from Salary, House property, Capital gains, or other sources apart from business or profession.

DisyTax offers a seamless and efficient solution for filing Income Tax Returns using the ITR2 form in India. Our team of experts guides you through the entire process of how to file ITR 2, ensuring that you meet your tax compliance obligations effortlessly. With DisyTax ITR 2 Filing Services, you can easily navigate the complexities of tax submission, allowing you to focus on what matters most while we handle your tax return needs. Get started today!

What is ITR-2 form?

In India, taxpayers are categorized based on different source of Income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. Among these forms, ITR2 form is designated for individuals and Hindu Undivided Families (HUF) who do not earn Income from business or profession activities.

Who can file ITR 2 Return Form

ITR-2 can be filed by individuals or HUFs who Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession The ITR2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose Income is derived from sources other than ‘Profits and Gains from Business or Profession.’ If your Income originates from any of the following avenues, you are required for ITR 2 filing form:

• Income from Salary or Pension.
• Income derived from house property, which may involve multiple properties.
• Income from Capital Gains or losses incurred from the sale of investments or property, including both long-term and short-term gains/losses.
• Income from Other Sources encompasses winnings from lotteries, bets on racehorses, and other legally recognized forms of gambling.
• Agricultural income exceeds Rs.5000.
• Foreign Income or ownership of Foreign Assets.
• Status as a Resident Not Ordinarily Resident (RNOR) or a Non-Resident.
• Holding the position of a Director in both listed and unlisted companies.

Who are not Eligible for ITR 2 filing?

• Individuals or Hindu Undivided Families (HUFs) with Income derived from business or profession (PGBP)
• Individuals are eligible to complete the ITR-1 form (Sahaj).

Structure of the ITR-2 Form

After understanding who can file ITR 2, you need to know the structure of the ITR2 form. The ITR2 comprises two primary sections, each containing specific segments and schedules:

• Part A: This section encompasses general information, including your Name, Address, Date of Birth (DOB), PAN, Aadhar card, Contact Number, and Email Address.
• Part B: This section calculates your total Income and the corresponding tax liability on your earnings.

Additionally, the form incorporates various schedules that provide detailed information on different income sources and deductions.

Part B-TI – Computation of Total Income:

In this section, your Gross Total Income is computed, considering earnings from salary, house property, and other sources. Total deductions for tax savings are then subtracted from your Gross Total Income to arrive at your Total Income.

Part B-TTI – Computation of Tax Liability:

Using your Total Income as the basis, your tax liability is calculated.

Documents required for ITR 2 Filing

ITR2 Form is an annexure-less form, so you don’t need to attach any documents during submission. But, Before you begin the ITR 2 filing process, make sure you have the following documents and information on hand for hassle-free filing:

• Form 16/16A:These documents contain information about your salary and tax deductions (TDS).
• Form 26AS/AIS/TIS:This statement provides crucial details regarding tax credits, TDS (Tax Deducted at Source), and other relevant tax-related data.
• Bank Statements:Collect bank statements that reflect Income from interest, dividends, or other financial transactions.
• Capital Gains Details:Gather the necessary transaction documents if you have sold assets like property or stocks profit and loss ledger.
• Details of Foreign Assets and Income (if applicable):Collect the relevant documents if you have foreign assets or earned Income abroad.
• Aadhaar Card, PAN Card, and Other Identification and Contact Information:Ensure you have these identification documents readily available for reference during the filing process.
• Details of Other Income
• Home Loan Repayment Schedule
• Rental Receipts
• Donation Receipts
• Insurance Payments receipt
• Mutual Fund Investments
• Medical Bills
• School / College fees receipt
• Salary Slips

How to File ITR 2 Online?

You can file your income tax return either offline or online. However, only taxpayers who are 80 years of age or older are eligible for ITR 2 offline filing. Such individuals may quickly file returns using a hardcopy of ITR-2 form and a bar-coded return of income earned. Furthermore, when an assessee files this paper form, the IT department issues an acknowledgement.

To file your ITR online, following steps are mentioned below:

Step 1: Go to the official income tax e-filing website.

Step 2: Enter your user ID (PAN) and password.

Step 3: Enter the captcha displayed on the screen.

Step 4: From the menu, click on ‘e-File.’

Step 5: Click on ‘Income Tax Return.’

Step 6: On the income tax return page, your PAN information will be updated automatically.

Step 7: Choose ‘Assessment Year,’ followed by ‘ITR Form Number.’

Step 8: Choose ‘Filing Type’ and then ‘Original/Revised Return.’

Step 9: Click the ‘Continue’ button.

Step 10: Go through the instructions properly. Then, complete the ITR-2 form by entering

                information in all applicable and necessary fields.

Step 11: To avoid losing data due to session time-out, ensure to choose the ‘Save Draft’ option

                 regularly.

Step 12: In the ‘Taxes Paid’ and ‘Verification’ sections, select an appropriate verification option

Step 13: To verify your ITR, select an appropriate option.

Step 14: Click on the ‘Preview and Submit’ option.

Step 15: Check if your ITR information is accurate.

Step 16: Click the ‘Submit’ button.

How to file ITR 2 using Offline Utility?

Step 1: Go to the income tax e-filing website.

Step 2: Navigate to e-File > Income Tax Returns > File Income Tax Return and click on ‘Downloads‘ in

              the top bar.

Step 3: Select the assessment year from the drop-down option.

Step 4: Download the Microsoft Excel file in zip format. Open this file after extracting it to your PC.

Step 5: Choose ‘Enable Content’ and click on the ‘Enable Macros’ option.

Step 6: After the excel file is opened, keep in mind that the completion of the red fields is required

              and green fields are for entering data. Also, data should not be ‘cut’ or ‘pasted.’

Step 7: Complete the fields under each tab and click on ‘Validate.’

Step 8: Validate all of the tabs on this ITR form before calculating the tax.

Step 9: Generate and save the file in XML format.

Step 10: Log in to the income tax e-filing portal.

Step 11: Continue with the same steps as mentioned previously.

Step 12: Select ‘Original/Revised Return’ and click on the ‘Submission Mode’ option.

Step 13: Submit the excel file by clicking on the ‘Upload XML’ option. Now, file ITR 2 as previously directed.

Process of ITR-2 return filing

If you are a person who are eligible to file ITR 2, you must know the process of ITR 2 filing. During ITR 2 Form filing, it’s important to follow these instructions and guidelines:

1. Complete the form in the following order: Part A, all schedules, Part B-TI, Part B-TTI, and then the verification section.
2. If any schedules do not apply to you, strike them out and mark ‘NA’ (Not Applicable).
3. Use ‘NA’ against any item that doesn’t pertain to your financial situation.
4. 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.
5. Select ‘Government’ as your employer category if you are a government employee. If you work for a public sector company of the Central/State Government, choose ‘PSU.’
6. If you claim double taxation relief under section 90/90A/91, the ITR2 Form cannot be used.

Can I file ITR for last 2 years or 3 years?

Yes, you should know that filing is possible with certain conditions.

Modes of Submission for ITR2:

There are two main methods for how to file ITR 2 process: offline and online.

ITR 2 Filing Offline:

If you are 80 years of age or older, you have the option to file ITR-2 offline. In this case, submit a physical paper return or use a bar-coded form. You will receive an acknowledgment from the Income Tax Department upon submission.

ITR 2 Filing Online:

For online ITR 2 filing, you can report all the necessary information electronically via efiling portal, either with or without a digital signature.

After completing the online filing, verify the return.

You will receive the acknowledgment on your registered email if you submit ITR-2 electronically with a digital signature.

You can consult DisyTax if you want 2 or 3 year return Now.

Why Choose DisyTax for ITR-2 filing?

• Expert Guidance:Our experienced professionals have complete understanding on what is ITR2 and will provide expert guidance throughout the how to file ITR 2 process, ensuring accuracy and compliance.
• Convenience:We offer a convenient online platform that allows you to file your returns from the comfort of your home or office. Say goodbye to long queues and avoid late fees.
• Accuracy:Our thorough review process guarantees that your ITR2 form filing is error-free, minimizing the risk of tax-related issues in the future.
• Timely Filing:We understand the importance of filing your taxes on time. With DisyTax, you can rest assured that your returns will be filed promptly to avoid penalties.

Contact DisyTax today, and our team will assist you every step of the way. Enjoy peace of mind knowing that your taxes are in expert hands.

FAQ’s on ITR-2 Return Filing

What is ITR2?

Here’s what is ITR2 all about, ITR-2 is an Income Tax Return form in India used by individuals and Hindu Undivided Families (HUFs) who have income from various sources but do not have income from business or profession.

Who can file ITR 2?

One who can file ITR 2 are the individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is suitable for those with income from salary, pension, multiple properties, capital gains, or foreign assets.

What is the due date for filing ITR-2?

The due date for filing ITR-2 typically falls on July 31st of the assessment year. However, it can be extended by the government if needed.

Can I file ITR-2 online?

Yes, you can file ITR-2 online on the official Income Tax Department website or through authorized e-filing port

Do I need to attach any documents with ITR-2?

No, ITR-2 is an annexure-less form, and you do not need to attach any documents when filing it.

What is the penalty for late filing of ITR-2?

If you file ITR-2 after the due date but before December 31st of the assessment year, you may be liable for a late filing fee of up to Rs 10,000.

How to file ITR 2?

Here is the brief process on how to file ITR 2 in India, gather documents like Form 16 and capital gains statements. Log in to the Income Tax Department’s e-filing portal, fill in personal and income details, and report capital gains. Calculate your tax liability, pay any dues, and submit the form online. Finally, e-verify your return using Aadhaar OTP, net banking, or by sending a signed ITR-V form to the CPC.

How do I calculate my tax liability using ITR-2?

ITR-2 automatically calculates your tax liability based on the income and deductions you provide in the form.

Can I file ITR for last 2 years now?

Yes, you can file a belated return for the last 2 years, but penalties may apply. This solves the query of can I file ITR for last 2 years now arising among the people.

What is the difference between ITR-1 and ITR 2?

ITR-1 is for individuals with income from salary, house property, and other sources, while ITR 2 is for those with additional income from capital gains, foreign assets, or foreign income.

Can I use ITR-2 if I have business income?

No, individuals with business or profession income should use the appropriate ITR form, such as ITR-3 or ITR-4

How can DisyTax assist me with filing my ITR-2?

DisyTax offers expert guidance and services to help you accurately complete and file your ITR-2, ensuring that you meet your tax compliance obligations with ease.

Do I need to visit an DisyTax office to get assistance with ITR-2 filing?

No, DisyTax provides online services, allowing you to get assistance with ITR-2 filing from the comfort of your home or office.

What are the benefits of using DisyTax’ ITR-2 Filing Services?

DisyTax’ services offer convenience, accuracy, and timely filing of your ITR-2. Our experts handle the complexities, allowing you to focus on other priorities.

Can DisyTax assist with complex ITR-2 cases involving multiple income sources?

Yes, DisyTax’ team of experts is equipped to handle complex ITR-2 cases that involve various income sources, ensuring accurate and compliant filings.

Is it mandatory to e-verify my ITR-2 after filing online?

While e-verification is not mandatory, it is recommended for faster processing and to avoid sending a physical copy of the ITR-V to the income tax department.

What should I do if I receive a notice for non-filing of ITR-2?

You should respond promptly and either file your ITR-2 or provide the necessary information to the tax authorities.

What types of deductions are available in ITR-2?

ITR-2 allows deductions under various sections, including 80C, 80D, 80G, and others, for investments, insurance, and charitable contributions.

Do I need to mention exempt income in ITR-2?

Yes, you should report all exempt income in the appropriate sections of ITR-2.

Can I revise my ITR-2 after filing it?

Yes, you can revise your ITR-2 within a specified time frame if you discover any errors or omissions.