• ITR – 2 Filing

Don't Delay, File Your ITR Today!

Individuals and HUFs in India, excluding those in business or profession, must file ITR-2, considering sources like salary, property income, or winnings over Rs 50 lakh. Moreover, foreign asset holders, directors, and those with unlisted equity shares are also eligible. Documentation includes Form 16, TDS certificates, rent receipts, and proofs for deductions under various sections like 80C, 80D, and 80GG, ensuring a comprehensive tax filing process.

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In India, for filing income tax, an assessee must fill out and submit numerous forms, depending on which category they belong to. One such form that must be filled out as part of the tax filing process is the ITR-2 and individuals and Hindu Undivided Families (HUFs) who are not in the company or profession complete Form ITR 2. It can be used to file tax returns with the IT Department by Indian nationals and non-resident Indians.

The applicability of ITR 2 is determined by the taxpayer’s category and the source of income. HUFs and individuals who do not have any income from a business or profession are only eligible for ITR 2. ITR 2 can be filled by filling out an excel utility or preparing it online on an e-filing platform.

Senior citizens would be excluded from filing ITR 1 under the Union Budget 2021. Pension and interest income are the only sources of income for such senior citizen taxpayers. Section 194P was recently added to oblige banks to withhold tax from elderly citizens over 75 who receive a pension and interest income from the bank.

On June 7, 2021, the Internal Revenue Service released its new e-filing website. This new e-filing website will shortly replace the present portal. The new portal is user-friendly to make the entire e- filing process simple, quick, and painless. The new portal now offers the ITR-1 and ITR-4 (online and offline) and the ITR-2 (offline). For June 2021, the new IT portal will offer free ITR preparation software. Taxpayers will receive speedy income tax refunds if ITRs are processed quickly. All tax- related interactions will be represented on a single dashboard.

Who Is Qualified To File ITR 2 ?
  • Individuals and HUFs are both eligible to file ITR 2. During the financial year, such individuals and HUFs must have earned the following income:
  • Income from a salary or pension
  • Earnings from a residential property
  • Other sources of income (including any income arising from winning lottery or racehorses)
  • The following sources of income that bring in more than Rs 50 lakh in total:
  • Pension or Salary or 
  • Residential property
  • Other sources of income
  • More than Rs 5000 is gained from agriculture.
  • If a taxpayer owns a foreign asset or earns overseas income, they are liable to pay taxes on it.
  • A taxpayer serves as a director of a corporation.
  • The assessee is an RNOR citizen, not ordinarily resident and non-resident
  • Gains on capital investments
  • During the fiscal year, a taxpayer has an investment in unlisted equity shares.
  • Furthermore, if the taxpayer’s income is combined with that of another assessee, and that assessee’s income comes under one of the following categories, the taxpayer must file an ITR-2. Another assessee could be the taxpayer’s spouse, kid, or other relatives whose income is combined with the taxpayer’s.
What Documents Do I Need To File ITR-2? 
  • If you have a salary income, you need Form 16 issued by your employer.
  • If you have earned interest on fixed deposits or saving bank account and TDS has been deducted on the same, you need TDS certificates i.e., Form 16A issued by Deductors.
  • You will need Form 26AS to verify TDS on salary as well as TDS other than salary. Form 26AS could be downloaded from the e-filing portal.
  • If you are living in rented premises, you need rent paid receipts for the calculation of HRA (in case you have not submitted the same to your employer).
  • If you have any capital gains transactions in shares, you will need a summary or profit / loss statement of capital gain transactions of shares or securities during a year, if any, for computation of capital gain.
  • You will need your bank passbook, Fixed Deposit Receipts (FDRs) to calculate amount of interest income.
  • If you have received rent from your rented house property, then you will need your tenant / local tax payment/interest on borrowed capital details (if any) to calculate income from house property.
  • In case you want to claim any loss incurred during the current year, then you will need the relevant documents exhibiting the loss.
  • In case you wish to claim the previous year’s loss, you will need a copy of ITR-V pertaining to the previous year, disclosing the said loss.
  • You will also need documents or proofs for claiming tax saving deductions u/s 80C, 80D, 80G, and 80GG such as life and health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc., if the same were not considered in your Form 16.

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