What is ITR-2 Return ?

ITR-2 is a type of Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is suitable for those with income from sources such as salary, house property, capital gains, and other sources. It is used to report income, deductions, and taxes paid, and to claim refunds if applicable.

Benefits

  • Comprehensive Reporting :Covers multiple income sources like salary, house property, and capital gains.
  • Accurate Deductions : Allows for claiming various deductions and credits to minimize tax liability.
  • Refund Claims : Enables claiming refunds if excess taxes have been paid.

Process / Steps

01

Collect Documents

Gather all necessary documents such as Form 16, bank statements, and proofs of deductions.

02

Obtain ITR-2 Form

Download or access the ITR-2 form from the Income Tax Department’s website or use tax filing software.

03

Fill Out the Form

Enter personal details, income details, deductions, and tax calculations.

04

Review

Double-check all entered information for accuracy and use the validation tool to find errors.

05

Submit

File the form online or offline, and E-Verify it using options like Aadhaar OTP or net banking.

06

Receive Acknowledgement

Confirm receipt of your filed return and save the acknowledgment for future reference.

Documents required

Personal Information
  • PAN Card
  • Aadhaar Card
  • Bank account details
Income Documents
  • Form 16 from employers
  • Bank statements
  • Details of capital gains and other income sources
Deduction Proofs
  • Receipts for investments under Section 80C (e.g., PPF, LIC premiums)
  • Health insurance premiums (Section 80D)
  • Rent receipts (if claiming HRA)
Tax Payment Proofs
  • TDS certificates
  • Advance tax payment receipts

Our Support?

  • Consultation : Provide guidance on the applicability of ITR-2 and assist in determining eligibility.
  • Document Collection and Verification : Help in gathering and verifying all required documents and financial information.
  • Form Filling: Accurately fill out the ITR-2 form based on the provided information.
  • Tax Computation: Calculate the total tax liability and verify TDS credits and deductions.
  • Return Filing : File the ITR-2 form online through the official portal or offline as required.
  • E-Verification Assistance : Assist with the e-verification process or guide on sending the ITR-V for physical verification.
  • Post-Filing Support Provide support for any post-filing queries or issues that may arise, such as notices from the Income Tax Department.

Filing ITR-2 requires careful preparation and accuracy to ensure compliance with tax laws. Utilizing professional services can help in avoiding errors and ensuring that all eligible deductions and credits are claimed, ultimately leading to accurate and timely filing of returns.

SS Auditors provides comprehensive services to simplify this process, from consultation and document collection to form filling and e-verification.

Frequently Asked Questions

Filing after the deadline may attract penalties and interest. It is advisable to file as soon as possible to avoid these.

Yes, ITR-2 allows for claiming various deductions under sections like 80C and 80D.

You can e-verify your return using options like Aadhaar OTP, net banking, or by sending a signed ITR-V to the CPC office.