Form ITR-2

About the Service

File income tax return is a sign that is mandated by the Government of India on individuals who earn a specified amount of annual income must File ITR within the Due Date. This is called ITR Filing Procedure.

Documents Required

·        1. Individual/Salaried Person+

·        2. Pan card and Aadhaar card

·        3. Bank statements

·        4. All documents in evidence of investment or expense

Timeline of service

Form shall be filed within 4-5 working days from the receipt of the documents

FAQs

1.      1.Who is required to file an ITR?

Every Indian citizen whose gross total income exceeds the taxable limit must file an ITR. This implies, individuals and Hindu Undivided Families (HUFs) with total annual income exceeding Rs. 2,50,000 are required to file the income tax returns. For senior citizens (individuals between 60 years and 80 years of age) the threshold is Rs 3,00,000, and that for very senior citizens (aged above 80 years) it is Rs 5.00,000.

2.      2. What are the Advantages of filing an income tax return online?

·        Quick processing: You will get the acknowledgement of ITR promptly. Refunds, if any, are processed faster online than paper-filed returns.

·        Accuracy: E-filing software minimizes errors

·        Convenience: E-filing facility is available and can be done at your convenience

·        Privacy: The data entered by you are safe as they cannot be accessed by anyone

·        Record of past ITRs: It is easier to access previous data, should you need them at any time in future.

      3. Who is eligible for ITR-2?

 Form ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2022-23 includes:

·        Income from Salary/Pension

·        Income from House Property

·        Income from Other Sources (including Winnings from Lottery and Income from Race Horses)

·        If you are an Individual Director in a company

·        If you have had investments in unlisted equity shares at any time during the financial year

·        Being a resident not ordinarily resident (RNOR) and non-resident

·        Income from Capital Gains

·        Having any foreign income

·        Agricultural income more than Rs 5,000

·        Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India

·        If tax has been deducted under Section 194N

·        If in case payment or deduction of tax has been deferred on ESOP

·        If you have any brought forward loss or loss needs to be carried forward under any income head