Steps
Just fill the form and our CA's will contact you regarding the ITR-2 Return Filing.
Filling out the form is quick and easy and will provide you with numerous
benefits in the long run.
By
this, you will be able to get consultation from our Auditorwala CA/CS and will
be able to get
Guidance. So, why wait? Take the first step towards a bright future for
your business and fill out the form today.
Individuals and HUFs are both eligible to file ITR 2. During the financial year,
such individuals and HUFs must have
earned the following income:
Furthermore, if the taxpayer's income is combined with that of another assessee, and that assessee's income comes under one of the following categories, the taxpayer must file an ITR-2. Another assessee could be the taxpayer's spouse, kid, or other relatives whose income is combined with the taxpayer's.
- Income from a salary or pension
- Earnings from a residential property
- Other sources of income (including any income arising from winning lottery or racehorses)
- The following sources of income that bring in more than Rs 50 lakh in total:
- Pension or Salary or
- Residential property
- Other sources of income
- More than Rs 5000 is gained from agriculture.
- If a taxpayer owns a foreign asset or earns overseas income, they are liable to pay taxes on it.
- A taxpayer serves as a director of a corporation.
- The assessee is an RNOR citizen, not ordinarily resident and
non-resident
Gains on capital investments
During the fiscal year, a taxpayer has an investment in unlisted equity shares.
Furthermore, if the taxpayer's income is combined with that of another assessee, and that assessee's income comes under one of the following categories, the taxpayer must file an ITR-2. Another assessee could be the taxpayer's spouse, kid, or other relatives whose income is combined with the taxpayer's.
- Schedule of Foreign Assets (Schedule FA): The word "accounting period" has been replaced by "calendar year ending on December 31, 2021." The taxpayer must report all overseas assets owned between January 1, 2021, and December 31, 2021. This adjustment will make it easier for taxpayers to understand the foreign asset reporting period.
- Schedule CG: 1. Disclosure of Fair Market Value (FMV) of capital assets and consideration received in a slump sale transaction Year-by-year details of the land/building upgrade cost. 2. The purchase cost and the indexed acquisition cost will be stated separately.
- Other sources schedule (Schedule OS): Interest on the provident fund, which is taxable, is reported. Section 2(22) (e) requires a separate report of considered dividend income.
- To ascertain residence status, the taxpayer must select from a list of descriptions relevant to several sections of the Income Tax Act.
- A new section called 'Schedule Tax-Deferred on ESOP' has been added: To maintain track of the tax-deferred amount and the year it should be taxed, details on ESOPs of employees received from qualifying start-ups are required.
- Check that the amount of tax paid through TDS/TCS, advance tax, and self-assessment tax is correct.
- Always choose the assessment year carefully when paying self-assessment tax. This is a pretty common blunder made by taxpayers when paying their taxes. When creating the challan, many taxpayers choose the financial year rather than the assessment year. The assessment year for 2019-20 will be 2020-21.
- To avoid any anomalies, compare the tax paid amount to Form 26AS. There is to know about Form 26AS, where you can read about everything related.
- Always file your income tax return on time or before the deadline. A fine and penalty will be imposed if you fail to file on time. Filing and revising an ITR is usually easier than not filing at all.
- Determine whether income tax returns are applicable, and then fill out the form.
- Remember to save each schedule before moving on to the next one when completing the income tax return.
The 'Prepare and Submit Online' option is available. You have to enter the
necessary information immediately into the
e-filing page and submit it.
To prepare and file an ITR-2, follow the steps below:
To prepare and file an ITR-2, follow the steps below:
- Firstly, go to the IT e-Filing website.
- Enter your user ID (PAN), password, and captcha code, then click 'Login' to access the e- Filing portal.
- Select the 'Income Tax Return' link under the 'e-File' option.
- PAN will be auto-populated on the Income Tax Return Page. Choose 'Assessment Year' and 'ITR Form Number' from the dropdown menu.
- Select 'Original/Revised Return' as the 'Filing Type.'
- Select 'Prepare and Submit Online' as your submission mode.
- Continue by clicking the 'Continue' button.
- Go through the instructions carefully and follow them to the letter. Fill in all required and appropriate fields on the Online ITR Form.
- To avoid losing data or having to redo work due to a session timeout, click the 'Preserve Draft' option regularly to save the ITR details as a draught. The stored draught will be available for 30 days from the saving date until the return is filed or until the notified ITR's XML schema is not changed (Whichever is earlier).
- Select the appropriate Verification option on the 'Taxes Paid and Verification' page.
- To know your Income Tax Return, select one of the following options: I'd like to e-Verify my application within 120 days after filing.
- I do not wish to use e-Verify and instead prefer to mail a signed ITR-V to "Centralized Processing Center, Income Tax Department, Bengaluru – 560 500′′ within 120 days after filing.
- Verify all data entered in the ITR by clicking the 'Preview and Submit' button.
- Finally, click on 'Submit' the ITR.
