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Eligibility for ITR-2


ITR-2 is applicable to:
• Individuals and Hindu Undivided Families (HUFs) whose income is derived from the following sources:

  • 1. Income from Salary or Pension.
  • 2. Income from House Property (which may involve multiple properties).
  • 3. Income from Capital Gains (including both long-term and short-term gains).
  • 4. Income from Other Sources (such as winnings from lotteries, gambling, etc.).
  • 5. Income from agricultural activities exceeding Rs. 5,000.
  • 6. Foreign Income or Assets.
  • 7. Being a Resident Not Ordinarily Resident (RNOR) or a Non-Resident.
  • 8. Holding the position of a Director in both listed and unlisted companies.
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ITR-2 is not applicable for:

• Individuals or HUFs with income from a business or profession (those should use ITR-3).
• Individuals eligible to file ITR-1 (Sahaj) form, such as those earning income only from salary, one house property, and other sources (interest/dividends) up to Rs. 50,000.

Structure of the ITR-2 Form

The ITR-2 form consists of two main parts:
1. Part A: General Information
This includes personal details like name, address, date of birth, PAN number, Aadhar card, contact information, and employer details.
2. Part B: Income and Tax Computation This section includes the following key parts:
• Part B-TI (Computation of Total Income): Calculates the gross total income from all sources. Deductions under sections like 80C, 80D, etc., are subtracted from the total to arrive at the total taxable income.
• Part B-TTI (Computation of Tax Liability): Calculates the tax payable based on the total taxable income and applicable tax slabs.

Schedules within the form provide further details about the different types of income:








Documents Required for Filing ITR-2



The following documents must be kept ready for filing ITR-2:

• Form 16/16A: If you are salaried, this form provides information about your income and tax deducted at source (TDS).
• Form 26AS/AIS/TIS: These forms provide information about the TDS, tax credits, and other relevant details.
• Bank Statements: Statements that show income from interest, dividends, or other sources.
• Capital Gains Documents: Transaction details if you have sold assets such as property, stocks, etc.
• Foreign Income and Assets Details: If applicable, documents related to foreign income and assets.
• Aadhaar Card and PAN Card: Identification documents for filing.

Due Date for ITR-2 Filing

The due date for filing Income Tax Return (ITR) 2 for individuals, Hindu Undivided Families (HUFs), and bodies of individuals (BOIs) is typically 31st July of the assessment year. However, if the taxpayer is required to get their accounts audited or is a taxpayer who is involved in international transactions or specified entities, the due date extends to 30th November of the assessment year.

Penalties for Late Filing of ITR-2

1. Late Filing Penalty Under Section 234F:
• If the ITR is filed after the due date, a penalty of ₹5,000 will apply.
• If the total income is below ₹5 lakh, the penalty is reduced to ₹1,000.
2. Interest Under Section 234A:
• If the tax liability is not paid by the due date, interest at 1% per month is levied on the outstanding tax from the due date until the date of filing the return.
3. Other Penalties:
• A penalty of up to ₹5,000 under Section 271F may be imposed for failure to file the return within the prescribed time, even after the extended due date.



Filing Process for ITR-2

ITR-2 can be filed either online or offline.

1. Online Filing:

• The online filing can be done through the Income Tax Department’s e-filing portal.
• You can file with or without a digital signature.
• If filed without a digital signature, you must verify the return through ITR-V by either sending it physically to the Income Tax Department or using Aadhaar OTP for e-verification.
• After submission, an acknowledgment will be sent to the registered email if filed with a digital signature.

2. Offline Filing:

• Available for individuals aged 80 or above.
• Can be filed by submitting a physical copy of the return to the Income Tax Department.


Instructions for Filing ITR-2

When filling out the ITR 2 Form, follow these instructions:

Key Points to Remember



Why File ITR-2?


• It is an essential form for those who earn income from salary, capital gains, or other sources and do not engage in business or professional activities.
• Filing the ITR-2 ensures you are compliant with tax regulations and can claim any eligible deductions, reducing your overall tax liability.
• Filing on time helps avoid duties and interest charges for late submission.

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Why to choose Accountant Factory LLP

At Accountant Factory LLP, we strive to make the ITR filing process as seamless as possible for our clients. Our experienced team offers personalized assistance, helping you correctly complete the ITR-2 form, claim deductions, and minimize your tax liability. With our expertise, you can ensure compliance with the latest tax regulations, avoid errors that could lead to penalties, and receive the best possible tax outcomes. Let us handle the complexities of your tax filing so that you can focus on what matters most to you. Reach out to Accountant Factory LLP today for professional assistance with your ITR-2 filing and experience a hassle-free process.



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