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ITR-2

ITR-2 Filing

ITR-2 Filing is for individual and HUF not having profession and business. ITR-2 Filing is an important return which is filled by residents and non-resident persons. Income Tax Act, 1961, and Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year.

Some basic information about ITR-2 Filing

1.Important documents required for ITR-2 Filing

  1. Some important documents required to file ITR-2 are-
    • Aadhar card
    • Pan card
    • Mobile number should be linked with Aadhar number
    • Permanent address
    • Bank account details
    • Contact number

     

    1. Penalty on the late filing of ITR-2

    The penalty for late filing ITR-2 is-

    • 5000, if you fill before 31st December of the assessment year.
    • 10000, if you fill after 31st December of the assessment year.

     

    1. Submission of ITR-2
    • The form can be submitted offline at any income tax office. An Acknowledgment Receipt will be obtained upon submission.
    • In the case of electronic filing of the form there are two options. Firstly, if Digital Signature is obtained, the form is uploaded online. Secondly, the form is downloaded, printed, signed, and a copy of the acknowledgment is sent by post to the Income Tax Department’s office in Bengaluru.
    • ITR-2 can now be verified online using Aadhar card. The EVC can be generated either via One Time Password (OTP) sent to registered e-mail ID and registered mobile number (if income is less than Rs. 500,000). After online verification income tax assesses is not required to send ITR-2 to Bangalore CPC.

     

    1. Who file ITR-2?

    Person earning following income require to file ITR-2-

    • Income earning from a salary or pension.
    • Income earning from house property.
    • Income earning from capital gains(short term and long term).
    • Income earnings from other sources (includes income from lottery winnings, through bets on horse races and other legal methods of gambling).

     

    1. Not eligible for file ITR-2
    • Any Individual or Hindu Undivided Family(HUF), whose income is earned through a business or profession.
    • Individuals who are eligible to fill the ITR-1 SAHAJ
    • An individual who is designated as a partner in a partnership firm is not eligible to file ITR-2 form.

     

itr-2 filing
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