Expert Assistance for ITR 2 Form Filing

The Income Tax Return, or ITR, is an essential document that people submit to the income tax department detailing their income and any necessary taxes. All of the ITR forms and processes are outlined in the Income Tax Act of 1961. The ITR2 form is one of these forms that is intended for use by individuals and Hindu Undivided Families who do not receive income from their businesses or professions. For those with income from sources other than business or profession, such as capital gains, real estate, salaries, or other sources, it is imperative that they comprehend what an ITR2 is.

A simple and effective way to file income tax returns in India utilising the ITR2 form is provided by Taxhint Advisors. Our team of professionals walks you through the whole ITR 2 filing procedure, making sure you easily fulfil your tax compliance requirements. You may effortlessly traverse the complexity of tax submission with Taxhint Advisors' ITR 2 Filing Services, freeing you up to concentrate on what really matters while we take care of your tax return needs. Start now!

What is ITR2?

In India, taxpayers are classified according to their income, and several forms of Income Tax Returns (ITRs) are given to different persons based on the sources of their income. The ITR2 form is reserved among these for use by individuals and Hindu Undivided Families who do not receive income from their businesses or professions. In a nutshell, this is the main idea of ITR2.

Eligibility for ITR 2 Form

For individuals and Hindu Undivided Families (HUFs) whose income comes from sources other than "Profits and Gains from Business or Profession," the ITR2 form is designed specifically for them. You must file an ITR 2 form if any of the following sources of income are your source:

• → Income from Salary or Pension.
• → Revenue from residential real estate, which may consist of several properties.
• → Income from capital gains or losses, including both short- and long-term gains or losses, from the sale of real estate or assets.
• → Earnings from Other Sources, including wins from lotteries, horse racing wagers, and other authorized types of gaming.
• → Receipts from agricultural activities that total more than ₹ 5,000.
• → Foreign assets owned or foreign income received.
• → Status as either a non-resident or a resident not ordinarily resident (RNOR).
• → Occupying the role of director in both unlisted and listed businesses.

Who Isn't Entitled to File an ITR 2?

• People or Hindu Undivided Families (HUFs) whose sources of income include their occupations or businesses.
• Filling out the ITR-1 form is open to everyone (Sahaj).

Structure of the ITR2 Form

You must comprehend the format of the ITR2 form after learning who is eligible to file one. The ITR2 is divided into two main portions, with distinct segments and timetables in each:

• Part A: This portion contains your Name, Address, Date of Birth (DOB), PAN, Aadhar card, Contact Number, and Email Address, among other general information.
• Part B: Your total income and the associated tax obligation on your wages are determined in this section.

Section B-TI: Calculating Total Income

Your Gross Total Income is calculated in this part taking into account profits from house property, salaries, and other sources. Your total income is then calculated by deducting all of your tax savings from your gross total income.

Part B-TTI: Tax Liability Computation:

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

Required Documents for the ITR 2 Filing Form

Since the ITR2 Form is an annexure-less form, you can submit it without attaching any documents. However, in order to ensure a hassle-free filing process, make sure you have the following information and papers available before starting the ITR 2 filing process:

• Form 16/16A: Your pay and tax deductions (TDS) are detailed in these documents.
• Form 26AS/AIS/TIS: Important information on tax credits, TDS (Tax Deducted at Source), and other pertinent tax-related information is included in this statement.
• Bank Statements: Gather bank statements showing interest, dividend, and other income-related transactions.
• Capital Gains Information: If you have sold stocks or real estate, gather the relevant transaction records.
• Information about Foreign Assets and Income (if Any): If you have assets or income from overseas, get the necessary documentation.
• Aadhaar Card, PAN Card, and Other Identification and Contact Information: Make sure you have these identity documents on hand so you can consult them while filing.

Guidelines for Filling Out the ITR2 Form

If you are able to file an ITR 2, you need to be aware of the filing procedure. It's crucial to adhere to the following regulations and guidelines while filling Form ITR 2:

• Fill out Part A, all schedules, Part B-TI, Part B-TTI, and lastly the verification portion of the form in that order.
• Please mark any schedules that do not apply to you with a strikethrough of 'NA' (Not Applicable).
• For any item that has nothing to do with your financial status, select 'NA'.
• All figures should be rounded to the closest rupee, with the exception of total income/loss and tax due, which should be rounded to the closest 10 rupees.
• If you work for the government, choose 'Government' as your employer type. Select "PSU" if your employer is a Central or State government public sector organisation.
• The ITR2 Form is not usable if you are claiming section 90/90A/91 double taxation relief.

Methods of ITR2 Submission:

The ITR 2 process can be filed online or offline using one of two basic techniques.

ITR 2 Filing Offline:

You may file your ITR-2 offline if you are 80 years of age or older. Use a bar-coded form or send in a real paper return in this situation. The Income Tax Department will acknowledge receipt of your submission.

ITR 2 Filing Online:

You can electronically provide all required data for an online ITR 2 file, with or without a digital signature.

After completing the online filing, verify the return through Return Form ITR-V.

If you electronically submit your ITR-2 with a digital signature, you will receive an acknowledgement on your registered email.

Why Choose Taxhint Advisors for ITR-2?

• Professional Advice: Our knowledgeable staff members are fully aware of what an ITR2 is, and they will offer professional advice at every stage of the ITR 2 filing procedure, guaranteeing correctness and compliance.
• Convenience: You may file your taxes from the convenience of your home or workplace using our easy-to-use online platform. Bid adieu to extensive lines and documentation!
• Accuracy: Our exhaustive review procedure ensures that your ITR2 form submission is error-free, reducing the possibility of future tax-related problems.
• On-Time Filing: We recognise how crucial it is to file your taxes on schedule. You can be confident that Taxhint Advisors will file your returns on time to avoid penalties.

Get in touch with Taxhint Advisors right now, and our staff will help you at every turn. Take comfort in the knowledge that your taxes are in capable hands.