Expert Assistance for ITR-2 Form Filing

Filing an Income Tax Return (ITR) is an essential requirement for taxpayers in India. The ITR documents your income and taxes owed to the Income Tax Department, ensuring compliance with the Income Tax Act, 1961. The ITR-2 form is specifically designed for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or professional activities, but may have income from salary, house property, capital gains, or other sources.

At Taxation Point India, we provide a seamless and efficient solution for filing ITR-2. Our team of experts guides you through the entire process, ensuring accuracy, compliance, and timely filing, so you can focus on your priorities while we handle your tax return needs.

What is ITR-2?

The ITR-2 form is intended for individuals and HUFs whose income does not include profits or gains from business or profession. It covers income from multiple sources, including salary, house property, capital gains, other sources (such as lottery winnings or interest), and foreign income or assets.

Eligibility for ITR-2 Filing

• Individuals or HUFs with income from salary or pension.
• Income from house property, including multiple properties.
• Capital gains from sale of investments or property (both short-term and long-term).
• Income from other sources, including lottery winnings, horse racing, and legal gambling.
• Agricultural income exceeding ₹5,000.
• Foreign income or ownership of foreign assets.
• Residents not ordinarily resident (RNOR) or Non-Resident Indians (NRIs).
• Directors of listed or unlisted companies.

Who Cannot File ITR-2?

• Individuals or HUFs earning income from business or profession.
• Individuals eligible for ITR-1 (Sahaj) form filing.

Structure of ITR-2 Form

The ITR-2 form consists of multiple sections and schedules for detailed reporting of income and deductions:

• Part A – General Information: Personal details including PAN, Aadhaar, contact information, and date of birth.
• Part B-TI – Computation of Total Income: Gross total income from salary, house property, capital gains, and other sources, less eligible deductions.
• Part B-TTI – Computation of Tax Liability: Calculates tax payable based on total income.
• Additional schedules for income, deductions, foreign assets, and other relevant financial information.

Documents Required for ITR-2 Filing

While ITR-2 is an attachment-less form, the following documents are essential for reference and verification:

• Form 16/16A – Salary and TDS information.
• Form 26AS/AIS/TIS – Tax credits and TDS verification.
• Bank statements – Interest, dividends, and other income.
• Capital gains documentation – For assets sold, including property and stocks.
• Details of foreign assets and income (if applicable).
• Identification documents – Aadhaar, PAN, and contact details.

Instructions for Completing ITR-2

• Fill the form sequentially: Part A, applicable schedules, Part B-TI, Part B-TTI, and verification.
• Mark 'NA' for non-applicable sections.
• Round off figures as per instructions; total income and tax payable to the nearest ten rupees.
• Government employees should select 'Government' under employer category; PSUs select 'PSU'.
• Double taxation relief under section 90/90A/91 cannot be claimed via ITR-2.
• Filing for previous years is possible under certain conditions.

Modes of ITR-2 Submission

• Offline Filing: For taxpayers aged 80+ or submitting physical paper returns via bar-coded forms.
• Online Filing: Submit electronically with or without a digital signature. Verification can be done via ITR-V form. Acknowledgment is sent to your registered email.

Why Choose Taxation Point India for ITR-2 Filing?

• Expert Guidance: Our tax professionals provide complete support throughout the ITR-2 filing process, ensuring accuracy and compliance.
• Convenience: File your ITR from the comfort of your home or office without paperwork or queues.
• Accuracy: Error-free filing to minimize risks of penalties or tax notices.
• Timely Filing: Avoid late filing penalties with our prompt and professional services.
• Ongoing Support: Assistance with queries, updates on tax law changes, and guidance on refunds.

File your ITR-2 with Taxation Point India – Accurate, Timely, and Hassle-Free.
Contact us today to simplify your income tax return filing and stay fully compliant!