TAX
PaieOverview of ITR-2 Form Filing Service
The ITR-2 Form is an income tax return form designed for individuals and Hindu Undivided Families (HUFs) who earn income from sources other than business or profession. If you have capital gains, income from more than one house property, or foreign income, the ITR-2 Form is the appropriate form for you. Filing your ITR-2 accurately ensures compliance with the Income Tax Act and helps avoid penalties.
What is ITR-2 Form?
The ITR-2 Form is a tax return form used by individuals who earn income from multiple sources, such as:
• Salary or Pension
• Capital Gains (from the sale of property, shares, or other assets)
• Income from more than one house property (including rental income)
• Other sources (interest income, dividends, etc.)
• Foreign Income or Assets
• Agricultural Income Above ₹5,000
The ITR-2 Form is more detailed than ITR-1 and is suitable for individuals with diverse sources of income who are not engaged in business or professional activities.
Eligibility Criteria for ITR-2:
• Individuals and HUFs:
Those who earn income from salary/pension and do not have business or professional income.
• Capital Gains Income:Applicable for all individuals who had done sale of property / mutual fund/ share during a financial year. It is mandatory to file the return even if they have incurred loss out of the transaction.
• Income from More Than One House Property:Individuals who earn rental income from multiple properties.
• Foreign Income or Assets:Individuals who receive foreign income or own foreign assets, including salary from a foreign employer.
• Agricultural Income Above ₹5,000:If agricultural income exceeds ₹5,000, ITR-2 must be filed.
Who Cannot File ITR-2 ?
• Individuals or HUFs with business or professional income must use ITR-3 or ITR-4, depending on their business type.
• Individuals with presumptive business income (under sections 44AD, 44ADA, or 44AE) should use ITR-4.
• Non-residents or individuals with income received from sources outside India may need to file using other forms based on their residency status.
Why is Filing ITR-2 Important
1. Compliance with Tax Laws:
Filing ITR-2 ensures compliance with the Income Tax Act and helps avoid penalties for non-compliance.
2. Claim Tax Refund:If excess tax has been paid as advance tax or TDS/TCS has been deducted beyond what is necessary, filing ITR-2 allows you to claim a refund.
3. Accurate Reporting of Income:ITR-2 helps to report multiple income sources, such as salary, capital gains, foreign income, and income from multiple house properties, ensuring correct taxation.
4. Avoid Late Fees and Penalties:Filing on time prevents interest charges, penalties, and scrutiny from the tax department.
5. Essential for Loans and Visa Applications:Many banks and embassies require ITR records as proof of financial stability when processing loan applications or visa requests.
Our ITR-2 Form Filing Services
1. Consultation
Reach out to us to discuss your income details, deductions, and other information related to your tax return.
2. Document Collection
Provide us with relevant documents such as Form 16, capital gains statements, bank statements, and other income details.
3. Form Preparation
Our team prepares the ITR-2 Form based on your income details, ensuring that all information is accurate and compliant with tax laws.
4. Review and Filing
We review the accuracy of the form and file it electronically with the Income Tax Department.
5. Verification
After filing, we guide you through the e-verification process to complete the filing.
6. Tax Refund (if applicable)
We help you to track and claim your tax refund (if applicable).
7. Post-Filing Support
We provide support in case of any queries or follow-up actions from the Income Tax Department.
How ITR-2 Filing Works with Us
- 1
Consultation
We will discuss your tax situation, ensuring we have all the necessary information to file your ITR-2 accurately. We also guide you to make investment in properties/ tax savings bond/ other investments so that you can avoid paying tax arising out of sale of properties.
- 2
Document Collection
Submit your tax-related documents like Form 16, capital gains reports, and other necessary paperwork for the filing process.
- 3
Form Preparation
We prepare your ITR-2 form ensuring that all sources of income, exemptions, and deductions are accurately included.
- 4
Review and Filing
Once the form is ready, we thoroughly review the details for accuracy before filing it with the tax department.
- 5
Verification
We assist in the e-verification of your tax return to ensure the filing is complete.
- 6
Tax Refund Assistance
If you're eligible, we help you track and claim your tax refund.
- 7
Post-Filing Support
After the filing, we offer support in case of any issues or queries from the Income Tax Department.
Frequently Asked Questions
What is ITR-2?
Who can file ITR-2?
Who cannot file ITR-2?
What documents are needed for ITR-2?
How to file ITR-2?
What is the last date for filing ITR-2?
Can I revise ITR-2?
What if I make a mistake in ITR-2?
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Tax Filing
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ITR 1 Form Filing
ITR 3 Form Filing
ITR 4 Form Filing
ITR 5 Form Filing
ITR 6 Form Filing
ITR 7 Form Filing
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