For easy compliance, the IT department has categorized the taxpayers based on their total income, income sources, and several other factors. To file tax returns, the taxpayers are required to download and fill the form of the category they belong to.

For instance, individuals and HUFs that do not have a business or profession should use ITR-2 for filing their tax returns. Here are some of the most important things you should know about ITR-2-

Who Should File ITR-2 Form?

You are required to file your income tax returns with ITR-2 if you have income from the below-mentioned sources-
  • Salary/Pension
  • House property
  • Capital gains or losses from selling property/investments (short-term and long-term)
  • Foreign income/Foreign assets
  • Agricultural income (above Rs. 5,000)
  • Other sources like betting on racehorses, lottery, or legal gambling
  • Directors of unlisted and listed companies

How to File ITR-2 Form?

Only super seniors (above 80 years) or taxpayers with an annual income of less than Rs. 5 lakhs who don’t want to claim a tax refund are allowed to file ITR-2 offline. For the rest, ITR-2 filing needs to be done electronically. Here is how you can download and file ITR-2 online-

  • Visit https://www.incometaxindiaefiling.gov.in/home
  • Under the “Downloads” column on the sidebar, click on “IT Return Preparation Software”
  • You will be redirected to a new page where you need to select the “Assessment Year” and download the Excel file available next to ITR-2
  • A .ZIP file with ITR-2 form in Excel format will be downloaded to your computer
  • Fill the returns form carefully and submit the same by logging into your account on the official IT portal

How to Verify ITR-2 After Submitting?

Once you have uploaded your ITR-2 form, you then have to verify the same. This verification can be done offline or online.
  • Online Verification- For online verification, click on the “e-Verify Return” button at https://www.incometaxindiaefiling.gov.in/home. With this option, you can easily verify your tax returns through your Aadhar Number.
  • Offline Verification- For offline verification, you need to manually download the ITR-V (acknowledgement) that you would have received after uploading your ITR-2 form online. Take a print out of ITR-V and sign it before sending it to the CPC Office, Bangalore. Note that this should be done within 120 days from when you filed your tax returns.

Filing Tax Returns with ITR-2 Form

You can file your tax returns with ITR-2 on or before 31st July every year. Make sure that you file the returns at least a few days in advance so that you have adequate time to fill the form accurately. Do cross-check all the details before submitting your returns form to avoid getting your returns rejected. Do consult a tax expert in case of any queries or if you are new to filing tax returns.

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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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