Expert Assistance for ITR 2 Form Filing

Filing your Income Tax Return (ITR) is a fundamental responsibility for every taxpayer in India. ITR allows individuals to report their income and the taxes paid or owed to the Income Tax Department, as mandated by the Income Tax Act of 1961. Among the various ITR forms, the ITR 2 form is specifically designed for individuals and Hindu Undivided Families (HUFs) who do not earn income through business or professional activities. It is essential for individuals with income sources like salary, house property, capital gains, or other non-business-related earnings.

At Allycon, we provide professional guidance to simplify the ITR 2 form filing process. Our experts ensure you meet all tax compliance requirements effortlessly. With our tailored services, you can focus on your priorities while we handle the complex tax submission process. Begin your hassle-free tax filing journey with us today!

What is ITR2?

In India, taxpayers are categorized based on their income sources, and the government assigns specific ITR forms accordingly. The ITR 2 form is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or professional services. The ITR 2 form is crucial for those with income from various other sources, such as salary, house property, or capital gains. Understanding this form is key to fulfilling your tax obligations effectively.

Eligibility for ITR 2 Form

The ITR 2 form applies to individuals and HUFs whose income does not come from business or professional activities. You must file ITR 2 if your income is derived from the following sources:

Salary or pension
House property income, including multiple properties
Capital gains from selling investments or properties (long-term and short-term)
Other sources, including winnings from lotteries or horse races
Agricultural income exceeding ₹5,000
Foreign income or ownership of foreign assets
Residency status as Resident Not Ordinarily Resident (RNOR) or Non-Resident
Holding the position of Director in a company (listed or unlisted)

This detailed list ensures clarity on whether you are eligible for filing ITR 2.

Who Shouldn't Eligible for ITR 2 filing?

The following individuals or HUFs are not eligible to file the ITR 2 form:

Individuals or HUFs with income from business or professional activities
Individuals eligible to file the ITR-1 form (Sahaj)

Structure of the ITR2 Form

The ITR 2 form is divided into two main parts and several schedules, each catering to different aspects of your income and deductions:

Part A: General information like your name, address, date of birth, PAN, Aadhaar, and contact details.
Part B: Detailed calculation of your total income and tax liability based on the reported income.

Part B-TI – Total Income Calculation

This section calculates your gross total income from various sources such as salary, house property, and others. Deductions related to tax savings are subtracted from your gross income to determine your total taxable income.

Part B-TTI – Tax Liability Calculation

This section computes your tax liability based on your total income and applicable tax rates.

Various schedules within the form also allow you to provide detailed information about your income and deductions.

Documents Needed for ITR 2 Filing Form

Although the ITR 2 form is an annexure-less form, meaning you don’t need to attach any documents during submission, the following documents are necessary to complete the filing process:

Form 16/16A: Provides details of salary and tax deducted at source (TDS)
Form 26AS/AIS/TIS: Contains information about tax credits, TDS, and other tax-related data
Bank Statements: Shows income from interest, dividends, or other financial transactions
Capital Gains Documents: Required if you have sold any property or stocks
Details of Foreign Assets or Income: Needed if you own foreign assets or earned income abroad
Aadhaar Card, PAN Card, and Contact Information: Essential for identification during filing

Instructions for Completing the ITR2 Form

When filing the ITR 2 form, it’s important to follow the correct procedure to avoid errors. Here’s how to do it step by step:

Complete Part A, followed by all schedules, Part B-TI, Part B-TTI, and finally the verification section.
Mark ‘NA’ for any schedules or sections that don’t apply to your financial situation.
Round off all figures to the nearest rupee (except total income and tax payable, which should be rounded to the nearest ten rupees).
Choose ‘Government’ if you are a government employee, or ‘PSU’ if you work for a public sector undertaking.

Additionally, please note that the ITR 2 form cannot be used if you are claiming double taxation relief under section 90/90A/91.

Modes of Submission for ITR2:

There are two ways to submit the ITR 2 form: offline and online.

Offline Submission: Available to individuals aged 80 or above. You can file a physical paper return or use a bar-coded form and receive an acknowledgment from the Income Tax Department.

Online Submission: For most taxpayers, ITR 2 can be filed electronically with or without a digital signature. After submission, ensure the return is verified through ITR-V.

Why Choose Allycon for ITR-2 Filing?

Choosing Allycon ensures a stress-free tax filing experience with benefits like:
Expert Guidance: Our professionals possess in-depth knowledge of ITR 2 and will guide you through every step of the process to ensure accuracy and compliance.
Convenience: With our user-friendly platform, you can file your ITR 2 from the comfort of your home or office without worrying about long queues or paperwork.
Accuracy: We meticulously review your ITR 2 form, reducing the chances of errors and future tax-related complications.
Timely Filing: We understand the importance of meeting tax deadlines. Our prompt services ensure your returns are filed on time, helping you avoid penalties.
Contact Allycon today and let us take care of your tax filing needs with precision and care.

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