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Income tax return filing for persons having DIN or owing private limited company shares.
ITR, or Income Tax Return, is a crucial document in which taxpayers report their Income and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and procedures. Among these forms, the ITR2 form is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities. Understanding what ITR2 is is crucial for individuals having income from sources such as salary, house property, capital gains, or other sources apart from business or profession.
Consultingera offers a seamless and efficient solution for filing Income Tax Returns using the ITR2 form in India. Our team of experts guides you through the entire process of how to file ITR 2, ensuring that you meet your tax compliance obligations effortlessly. With Consultingera' ITR 2 Filing Services, you can easily navigate the complexities of tax submission, allowing you to focus on what matters most while we handle your tax return needs. Get started today!
In India, taxpayers are categorized based on Income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. Among these forms, ITR2 form is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities. This is what is ITR2 all about briefly.
The ITR2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose Income is derived from sources other than 'Profits and Gains from Business or Profession.' If your Income originates from any of the following avenues, you are required for ITR 2 filing form:
This list precisely answers the question of who can file ITR 2.
After understanding who can file ITR 2, you need to know the structure of the ITR2 form. The ITR2 comprises two primary sections, each containing specific segments and schedules:
Additionally, the form incorporates various schedules that provide detailed information on different income sources and deductions.
In this section, your Gross Total Income is computed, considering earnings from salary, house property, and other sources. Total deductions for tax savings are then subtracted from your Gross Total Income to arrive at your Total Income.
Using your Total Income as the basis, your tax liability is calculated.
ITR2 Form is an annexure-less form, so you don't need to attach any documents during submission. But, Before you begin the ITR 2 filing process, make sure you have the following documents and information on hand for hassle-free filing:
If you are a person who can file ITR 2, you must know the ITR 2 filing process. During ITR 2 filing Form, it's important to follow these instructions and guidelines:
If you're wondering, can I file ITR for last 2 years now, you should know that filing is possible with certain conditions.
There are two main methods for how to file ITR 2 process: offline and online.
If you are 80 years of age or older, you have the option to file ITR-2 offline. In this case, submit a physical paper return or use a bar-coded form. You will receive an acknowledgment from the Income Tax Department upon submission.
For online ITR 2 filing, you can transmit all the necessary information electronically, either with or without a digital signature.
After completing the online filing, verify the return through Return Form ITR-V.
You will receive the acknowledgment on your registered email if you submit ITR-2 electronically with a digital signature.
Contact Consultingera today, and our team will assist you every step of the way.