ITR-2 is a type of Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is suitable for those with income from sources such as salary, house property, capital gains, and other sources. It is used to report income, deductions, and taxes paid, and to claim refunds if applicable.
ITR-2 Return (Income Tax)
ITR-2 is a type of Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is suitable for those with income from sources such as salary, house property, capital gains, and other sources. It is used to report income, deductions, and taxes paid, and to claim refunds if applicable.
- Individuals and HUFs (not for those with business income).
- No income from business or profession.
- Income sources: Salary, more than one house property, capital gains, foreign assets/income, and other sources like interest and dividends.
- Agricultural income above ₹5,000.
- Income from foreign assets or investments.
Not suitable for those having income from business or profession (use ITR-3).
- Comprehensive Reporting: Covers multiple income sources like salary, house property, and capital gains.
- Accurate Deductions: Allows for claiming various deductions and credits to minimize tax liability.
- Refund Claims: Enables claiming refunds if excess taxes have been paid.
- Comprehensive Reporting: Covers multiple income sources like salary, house property, and capital gains.
- Collect Documents: Gather all necessary documents such as Form 16, bank statements, and proofs of deductions.
- Obtain ITR-2 Form: Download or access the ITR-2 form from the Income Tax Department’s website or use tax filing software.
- Fill Out the Form: Enter personal details, income details, deductions, and tax calculations.
- Review: Double-check all entered information for accuracy and use the validation tool to find errors.
- Submit: File the form online or offline, and E-Verify it using options like Aadhaar OTP or net banking.
- Receive Acknowledgement: Confirm receipt of your filed return and save the acknowledgment for future reference.
- Collect Documents: Gather all necessary documents such as Form 16, bank statements, and proofs of deductions.
1. Personal Information
- PAN Card
- Aadhaar Card
- Bank account details
2. Income Documents
- Form 16 from employers
- Bank statements
- Details of capital gains and other income sources
3. Deduction Proofs
- Receipts for investments under Section 80C (e.g., PPF, LIC premiums)
- Health insurance premiums (Section 80D)
- Rent receipts (if claiming HRA)
4. Tax Payment Proofs
- TDS certificates
- Advance tax payment receipts
- Consultation: Provide guidance on the applicability of ITR-2 and assist in determining eligibility.
- Document Collection and Verification: Help in gathering and verifying all required documents and financial information.
- Form Filling: Accurately fill out the ITR-2 form based on the provided information.
- Tax Computation: Calculate the total tax liability and verify TDS credits and deductions.
- Return Filing: File the ITR-2 form online through the official portal or offline as required.
- E-Verification Assistance: Assist with the e-verification process or guide on sending the ITR-V for physical verification.
- Post-Filing Support: Provide support for any post-filing queries or issues that may arise, such as notices from the Income Tax Department.
Filing ITR-2 requires careful preparation and accuracy to ensure compliance with tax laws. Utilizing professional services can help in avoiding errors and ensuring that all eligible deductions and credits are claimed, ultimately leading to accurate and timely filing of returns.
SS Auditors provides comprehensive services to simplify this process, from consultation and document collection to form filling and e-verification.
- Consultation: Provide guidance on the applicability of ITR-2 and assist in determining eligibility.
Filing after the deadline may attract penalties and interest. It is advisable to file as soon as possible to avoid these.
Yes, ITR-2 allows for claiming various deductions under sections like 80C and 80D.
You can e-verify your return using options like Aadhaar OTP, net banking, or by sending a signed ITR-V to the CPC office.
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The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
S S AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are general and high-level guidelines on how to write your own Shipping Policy. This article should not be relied upon as legal advice or specific recommendations, as we cannot foresee the exact shipping policies you wish to establish between your business and your customers. We recommend seeking legal advice to assist you in understanding and creating your own Shipping Policy.
Shipping Policy - The basics
A Shipping Policy is a legally binding document that establishes the legal relations between you and your customers. It provides a framework for outlining your obligations and addressing various potential issues that may arise, and what happens in each case.
A Shipping Policy is good practice and benefits both sides—you and your customers. Customers benefit from being informed about what to expect from your service, while you benefit because clear Shipping Policies can attract more customers by eliminating uncertainties about shipping timeframes or processes.