-24%

how-to-file-income-tax-return-itr-for-last-years-1-1024x512

ITR-2

Original price was: ₹2,500.00.Current price is: ₹1,900.00.

ITR-2 Form: Applicability and Key Features for FY 2024–25

The ITR-2 form is designed for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or profession but have multiple sources of income, including capital gains, foreign income, or income from more than one house property. At AutoBizNow, powered by Professional Consultant Solution Planet Private Limited, we ensure a seamless filing experience for taxpayers requiring ITR-2.

Who Should File ITR-2?

You must file ITR-2 if any of the following apply to you:

1️⃣ Income Exceeds ₹50 Lakhs:

Total income from all sources exceeds ₹50 lakhs in the financial year.

2️⃣ Capital Gains Income:

Income from short-term or long-term capital gains on the sale of assets, such as property, shares, or mutual funds.

3️⃣ Foreign Income or Assets:

Income from foreign sources.
Ownership of foreign assets or investments.

4️⃣ Rental Income from Multiple Properties:

Income from more than one house property.

5️⃣ Directors or Shareholders:

You are a Director in a company.
You own shares in an unlisted private limited company.

6️⃣ Agricultural Income:

Agricultural income exceeding ₹5,000.

7️⃣ Resident but Not Ordinarily Resident (RNOR) or Non-Resident Indian (NRI):

Your residential status is RNOR or NRI as per the Income Tax Act.

Who Cannot File ITR-2?

You cannot file ITR-2 if: ❌ You have income from business or profession (file ITR-3 or ITR-4 instead). ❌ You are eligible to file ITR-1 (Sahaj).

Key Details Captured in ITR-2

💼 Income Details:

Salary/pension income.
Rental income from house property.
Capital gains.
Income from other sources (e.g., interest, dividends).

🌍 Foreign Details:

Foreign assets and income.
Investments in foreign accounts.

🏡 House Property:

Details of all house properties owned, including rental income and deductions claimed.

📜 Capital Gains:

Comprehensive reporting of gains from securities, property, or other investments.

🛡️ Tax Relief and Deductions:

Deductions under Chapter VI-A (e.g., Sections 80C, 80D, 80G).
Tax relief under Section 89 for arrears.

ITR-2 Filing Process

1️⃣ Gather Documents: Collect Form 16, interest certificates, capital gain statements, house property details, and foreign income/asset details if applicable.

2️⃣ Log In: Access the Income Tax e-Filing Portal with your credentials.

3️⃣ Select ITR-2: Choose ITR-2 for the relevant assessment year (AY 2024–25).

4️⃣ Fill in Income Details: Enter salary, house property, capital gains, and other income details.

5️⃣ Report Deductions: Claim eligible deductions under Chapter VI-A.

6️⃣ Compute Tax Liability: Verify the system-calculated tax liability or refund.

7️⃣ Pay Tax Dues: If applicable, use the e-Pay Tax feature to clear outstanding dues.

8️⃣ Submit and e-Verify: File the return and complete e-Verification using Aadhaar OTP, net banking, or EVC.

FAQs About ITR-2

💬 1. Can I file ITR-2 if I have foreign income? Yes, ITR-2 is specifically designed for individuals with foreign income or assets.

💬 2. Can NRIs file ITR-2? Yes, NRIs and RNORs can file ITR-2 for income from sources like capital gains, property rental, or foreign income.

💬 3. What happens if I own multiple house properties? ITR-2 allows reporting of income and deductions for more than one house property.

💬 4. Is e-Verification mandatory for ITR-2? Yes, e-Verification is essential to complete the filing process.

💬 5. Can I claim deductions under Section 80C in ITR-2? Yes, deductions under Chapter VI-A, including Section 80C, can be claimed.

Why Choose AutoBizNow for ITR-2 Filing?

🌟 Comprehensive Assistance: Expert guidance for reporting complex income sources. 🌟 Error-Free Filing: Advanced software ensures accuracy. 🌟 End-to-End Support: From document collection to e-Verification. 🌟 Customized Solutions: Tailored tax planning and filing strategies.