ITR-2 Return Filing
Filing an income tax return for a person with a DIN or who owns shares in a private company requires using specific forms, such as ITR-2 or ITR-3. This process involves mandatory disclosures about their directorship or shareholding, making it more complex than standard tax filing.
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Expert Assistance for ITR 2 Form Filing
ITR-2 is an Income Tax Return (ITR) form designed for individuals and Hindu Undivided Families (HUFs) who have no income from a business or profession. It is a comprehensive form used to report income from various sources, including salary, capital gains, and foreign assets.
At FileMyFirm, we offer a seamless and efficient solution for ITR-2 filing. Our team of experts provides end-to-end guidance, ensuring that you meet your tax compliance obligations effortlessly.
Who is Eligible for ITR 2 Filing?
The ITR-2 form is specifically for individuals and HUFs whose income comes from sources other than a business or profession. You are eligible for ITR 2 filing if you have income from any of the following:
- Salary or Pension: Income received from employment or a pension.
- House Property: Income from more than one house property.
- Capital Gains: Income from the sale of investments or property (both long-term and short-term capital gains/losses).
- Other Sources: Winnings from lotteries, horse races, and other legally recognized gambling.
- Agricultural Income: If your agricultural income exceeds ₹5,000.
- Foreign Income/Assets: If you have foreign income or own foreign assets.
- Tax Residency: If you are a Resident Not Ordinarily Resident (RNOR) or a Non-Resident Indian (NRI).
- Company Director: If you hold a director position in a company (listed or unlisted).
Note: Individuals who are eligible to file ITR-1 (Sahaj) cannot use the ITR-2 form.
Key Sections and Required Documents for ITR 2 Filing
The ITR-2 form is structured into various parts and schedules to capture detailed financial information.
Structure of the ITR-2 Form
- Part A: General information including your name, address, PAN, and Aadhaar.
- Part B: Computation of your total income and tax liability.
- Schedules: Detailed breakdowns of income from different sources like salaries, house property, capital gains, and foreign assets.
Documents Needed for ITR-2 Filing
While the form itself is annexure-less, you must have the following documents ready to accurately complete it:
- Form 16/16A: For details on your salary and TDS (Tax Deducted at Source).
- Form 26AS/AIS/TIS: Your tax credit statement, which provides details on taxes paid.
- Bank Statements: To verify income from interest and dividends.
- Capital Gains Documents: Transaction details for the sale of shares, mutual funds, or property.
- Foreign Asset/Income Details: If applicable.
- Aadhaar Card and PAN Card: For identification.
How FileMyFirm Can Help with Your ITR-2 Filing
The complexity of ITR-2 can make the filing process challenging, especially for those with multiple income sources or foreign assets. FileMyFirm simplifies this process with expert assistance.
- Expert Guidance: Our professionals have a complete understanding of what is ITR-2 and will guide you through every step.
- Convenience: Our online platform allows you to file from anywhere, saving you time and effort.
- Accuracy: We ensure your ITR-2 form filing is error-free, minimizing the risk of tax notices or issues.
- Timely Filing: We help you meet the deadline to avoid penalties.
Contact FileMyFirm today to begin your ITR-2 filing process. Enjoy peace of mind knowing that your taxes are in expert hands.
Frequestly asked questions ( FAQ )
The ITR-2 is a comprehensive Income Tax Return form designed for individuals and Hindu Undivided Families (HUFs) who have complex income sources but do not have any income from a business or profession. It is used when the taxpayer’s income structure is too intricate for the simplified ITR-1 form.
Individuals and HUFs must file ITR-2 if their income includes any of the following:
Income from Capital Gains (e.g., from the sale of shares, mutual funds, or property).
Income from More than One House Property.
Income from Foreign Assets or any Foreign Income.
Winnings from Lotteries, Horse Races, or other legal gambling.
Holding a Director Position in a company (listed or unlisted).
Being a Resident Not Ordinarily Resident (RNOR) or a Non-Resident Indian (NRI).
Agricultural Income exceeding ₹5,000.
The ITR-2 form cannot be used by:
Any individual or HUF who has income from a Business or Profession. Such taxpayers must file using ITR-3 or ITR-4.
Individuals who are eligible to file the simplified ITR-1 (Sahaj) form.
While the ITR-2 form is annexure-less, you need to keep the following documents and information ready to accurately file:
PAN Card and Aadhaar Card.
Form 16/16A: For details of salary and Tax Deducted at Source (TDS).
Form 26AS/AIS/TIS: Your tax credit statement for verifying taxes paid.
Bank Statements: For interest income details.
Capital Gains Documents: Detailed transaction records (cost of acquisition, date of sale, sale price) for investments or property sold.
Foreign Income/Asset Details: Detailed information on any foreign income or assets held outside India.
The ITR-2 form is detailed, comprising various parts and schedules designed to capture all sources of complex income:
Part A: General personal information (Name, PAN, Address, etc.).
Part B: Calculation of Gross Total Income and the final Tax Liability.
Schedules: Detailed breakdowns of income from specific sources, such as Schedule HP (House Property), Schedule CG (Capital Gains), Schedule OS (Other Sources), and Schedule FA (Foreign Assets/Income).