Expert Assistance for ITR 2 Form Filing

ITR, or Income Tax Return, is a crucial document through which taxpayers report their income and applicable taxes to the Income Tax Department. The Income Tax Act of 1961 outlines all ITR forms and procedures. Among these, the ITR 2 form is designated for individuals and Hindu Undivided Families (HUFs) who do not generate income from professional or business activities.

Understanding ITR 2 is vital for individuals with income from sources such as salary, house property, capital gains, or other non-business/professional avenues.

Mantra and Co. offers a seamless solution for filing ITR 2 forms in India. Our team of experts ensures you meet tax compliance obligations effortlessly. With Mantra and Co.’s ITR 2 Filing Services, you can easily navigate the complexities of tax submission, allowing you to focus on other priorities while we handle your tax return needs.

What is ITR 2?

In India, taxpayers are categorized based on their income sources, and specific Income Tax Return (ITR) forms are assigned accordingly. The ITR 2 form is for individuals and HUFs whose income is derived from sources other than Profits and Gains from Business or Profession.

This form applies to taxpayers with income from salary, house property, capital gains, or other specified sources.

Eligibility for ITR 2 Form

The ITR 2 form is designed for individuals and Hindu Undivided Families (HUFs) who meet any of the following criteria:

Eligible Individuals:

• Income from salary or pension.
• Income from house property, including multiple properties.
• Income from capital gains or losses incurred from investments or property sales (long-term or short-term).
• Income from other sources, such as winnings from lotteries, racehorse betting, etc.
• Agricultural income exceeding ₹5,000.
• Income from foreign assets or earnings abroad.
• Status as Resident Not Ordinarily Resident (RNOR) or Non-Resident.
• Holding the position of a Director in a company (listed or unlisted).

Ineligible Individuals:

• Those earning from business or professional activities.
• Individuals eligible for filing ITR-1 (Sahaj).

Structure of the ITR 2 Form

The ITR 2 form comprises two main sections:

Part A: General Information

Includes personal details like:

• Name
• Address
• Date of Birth (DOB)
• PAN
• Aadhaar Card
• Contact Details

Part B: Total Income & Tax Liability

• Part B-TI: Computation of total income, including deductions.
• Part B-TTI: Calculation of tax liability based on total income.

It also incorporates schedules for detailed reporting on different income sources and deductions.

Documents Needed for ITR 2 Filing

Although the ITR 2 form is annexure-less, having the following documents ready simplifies the filing process:

• Form 16/16A: For salary and tax deductions (TDS).
• Form 26AS/AIS/TIS: Tax credits and TDS-related details.
• Bank Statements: Reflecting interest, dividends, or other income.
• Capital Gains Details: Transaction records for asset sales.
• Foreign Assets/Income Details: If applicable.
• Identification Documents: Aadhaar Card, PAN Card, etc.

Instructions for Completing the ITR 2 Form

To file ITR 2 accurately:

1. Fill the form in this order: Part A, all schedules, Part B-TI, Part B-TTI, then the Verification Section.
2. Strike out non-applicable schedules and mark them as “NA.”
3. Round off figures to the nearest rupee (except for total income and tax payable, which should be rounded off to the nearest ten rupees).
4. Choose the correct employer category (e.g., Government or PSU).
5. Ensure compliance with section 90/90A/91 for claiming double taxation relief.

Modes of Submission for ITR 2

ITR 2 Filing Offline:

Available for individuals aged 80+. Submit either:

• A physical paper return.
• A bar-coded form.

The Income Tax Department provides an acknowledgment upon submission.

ITR 2 Filing Online:

• File electronically (with or without a digital signature).
• Verify the submission using ITR-V or e-verification.

Why Choose Mantra and Co. for ITR 2?

1. Expert Guidance: Our professionals ensure an accurate and compliant filing process.
2. Convenience: File returns from anywhere with our easy-to-use platform.
3. Accuracy: Rigorous checks eliminate errors and potential tax issues.
4. Timely Filing: Avoid penalties with prompt submissions.

Contact Mantra and Co. today for hassle-free ITR 2 filing. Let us handle your taxes while you enjoy peace of mind!