All About ITR 2 for Income Tax Return.pptx

In India for Income Tax Return filing, ITR 2 is a crucial document in the context of the Indian tax system, serving as a comprehensive platform for individuals and Hindu Undivided Families (HUFs) to declare their income and tax liabilities to the Income Tax Department of India. The ITR-2 form is not just about income disclosure; it also serves as a tool for promoting transparency, accountability, and compliance within the taxation ecosystem, reinforcing the government's efforts to collect revenue, channelize resources for public welfare, and ensure a fair and equitable distribution of the tax burden among the citizenry.

1. All About ITR 2 for Income Tax Return Filing

2. In India for Income Tax Return filing , ITR 2 is a crucial document in the context of the Indian tax system, serving as a comprehensive platform for individuals and Hindu Undivided Families (HUFs) to declare their income and tax liabilities to the Income Tax Department of India. The ITR-2 form is not just about income disclosure; it also serves as a tool for promoting transparency, accountability, and compliance within the taxation ecosystem, reinforcing the government's efforts to collect revenue, channelize resources for public welfare, and ensure a fair and equitable distribution of the tax burden among the citizenry. ITR 2 Form

3. The ITR-2 form in India is primarily meant individuals and Hindu Undivided Families (HUFs) who have income from various sources. Individuals: Individuals with income from salary or pension. Individuals with income from house property (including more than one house property). Individuals with income from capital gains (both short-term and long-term). Individuals with income from other sources (including income from winning lottery and horse race) Foreign assets Individuals who generate income of Rs. 5000 and above from agriculture sources. Individual who is the director of a company or an individual, who has been invested in unlisted equity shares. Hindu Undivided Families (HUFs): HUFs with income from sources similar to those mentioned for individuals. Who is eligible to file ITR 2

4. Individuals or HUFs who earn full or partial income from a business or profession. Individuals who are eligible to fill the ITR 1 form. Partners of a Partnership Firm. W ho is not eligible to file ITR 2

5. The structure of ITR 2 form for Income Tax Return filing in India is more complicated than ITR 1. ITR 2 is more detailed as compare to the ITR 1. Here is the general structure of ITR-2: Part A - General Information: This section includes basic personal details such as your name, address, PAN (Permanent Account Number), and other identification information. All the schedules Different schedules have been there and it is mandatory for taxpayer to fill these schedules. Structure of ITR 2

6. Part B: TI: Total Income Computation In this section, you provide details of your income from various sources. This includes: Income from Salary or Pension Income from House Property Income from Capital Gains Income from Other Sources Part B: TTI :  Computation of Tax Liability This section helps you calculate your tax liability based on the taxable income computed in Part C. It includes details of your tax computation, such as income tax, surcharge, and any relief claimed.

7. Tax Payments: This section includes the details of the payments of the advance tax and self – assessment tax Declaration This section includes the declaration of the taxpayer. You need to verify the accuracy of the information provided in the return.

8. Official website Visit the Income Tax e-filing website Log in to the portal You should log in to the portal or register if you haven't already. Select Assessment Year Choose the correct assessment year (AY 2024-25 for the current example) Select the status Then, you have to select the status of filing ITR among Individual or HUFs and click on ‘Continue’ Select the ITR type After that, you have to select the ITR form where you have to choose the ITR 2 H ow to file ITR 2 ?

9. Fill in the Online Form Enter the details from the filled-out ITR-2 form into the online form on the e-filing portal. Double-check for accuracy. Upload Digital Signature (if available) If you have a digital signature, you can upload it for electronic verification. Submit Your ITR After verifying all the information, click the "Submit" button. Verify Your ITR If you haven't used a digital signature, you'll need to verify your ITR-V. Download and print the ITR-V, sign it in blue ink, and send it to the CPC address mentioned in the instructions within 120 days of filing. Confirmation and Processing Once your ITR is successfully filed and verified, you will receive an acknowledgment from the Income Tax Department. Your return will be processed, and if any discrepancies or issues arise, you may receive communication from the department.

10. Personal Information: Permanent Account Number (PAN) card. Aadhaar card (for Aadhaar -based verification). Bank account details, including the bank's name, branch, account number, and IFSC code. Income Details: Form 16: If you are a salaried individual, your employer provides this document. Salary slips or income certificate from your employer. Rental income details. Interest income details. Details of any pension income. Documents required to file ITR 2

11. Capital Gains: Details of capital gains from the sale of assets, such as property, stocks, mutual funds, and other investments. Purchase and sale documents, including sale deeds, purchase agreements, and brokerage statements. Calculation of capital gains and losses. House Property: Ownership and rental details of properties owned by you. Rental agreements, rent receipts, and other documents related to rental income. Home loan interest certificate, if applicable. Deductions and Exemptions: Proof of investments and expenses eligible for deductions under various sections of the Income Tax Act (e.g., Section 80C, 80D, 80G). Medical bills and health insurance premium receipts. Receipts of donations made to eligible charities (for deductions under Section 80G).

12. Bank Statements: Bank statements for all your accounts, including savings, current, and fixed deposit accounts, for the financial year for which you are filing the return. TDS Certificates: You have to fill the form 26AS for the verification of TDS on your salary and other source of income also. Foreign Assets and Income (if applicable) : Details of foreign bank accounts, foreign income, and assets, if applicable. Statements of foreign bank accounts and other relevant documents. Tax Payments: Proof of advance tax and self-assessment tax payments made during the year. Other Relevant Documents: Any other documents or receipts related to your income, deductions, or tax liabilities.

13. The ITR-2 empowers taxpayers to fulfill their legal obligations, avail themselves of legitimate deductions, and contribute their share to the nation's progress. At LegalPillers , we are here to help you with the best CA for ITR filing. We provide you the appropriate suggestions about the complicated process of filing ITR. Choose LegalPillers as your trusted partner for filing your ITR properly. Conclusion