Expert Assistance for ITR 2 Form Filing
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.
Global Taxman 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 Global Taxman’s 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!
What is ITR2?
In India, taxpayers are categorized based on income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. The ITR2 form is designated for individuals and Hindu Undivided Families (HUFs) whose income is derived from sources other than 'Profits and Gains from Business or Profession.'
Eligibility for ITR 2 Form
The ITR2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose income is derived from sources other than business or professional activities. If your income originates from any of the following, you are eligible to file ITR 2:
- Income from Salary or Pension
- Income from House Property
- Income from Capital Gains or losses incurred from investments or property
- Income from Other Sources (e.g., lottery winnings, legal gambling)
- Foreign Income or Ownership of Foreign Assets
Who Shouldn't File ITR 2?
Individuals or HUFs with income from business or professional activities or those eligible to file ITR-1 (Sahaj) are not required to file ITR 2.
Structure of the ITR2 Form
Part A: General information like Name, PAN, Address, DOB, and contact details.
Part B: Total income computation and tax liability.
Documents Needed for ITR 2 Filing
Ensure you have the following documents before you begin filing:
- Form 16/16A (Salary & TDS details)
- Form 26AS (Tax Credit Details)
- Bank Statements
- Capital Gains Details (if applicable)
- Aadhaar Card, PAN Card, and other ID information
How to File ITR 2
The filing process includes completing Part A, followed by schedules, Part B-TI (Total Income), and Part B-TTI (Tax Liability). After completion, submit the form either online or offline (for individuals over 80 years old).
Why Choose Global Taxman for ITR-2?
- Expert Guidance: Our team provides expert guidance throughout the process.
- Convenience: File your returns from the comfort of your home or office.
- Accuracy: Our detailed review process ensures error-free filing.
- Timely Filing: Avoid penalties with timely filing of your returns.