How to fill ITR 2 form?

Wondering

how to file ITR 2.

Filing the ITR-2 form in India involves several steps and careful attention to detail. The ITR-2 form is used by individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession.

How to Fill ITR 2 Online?

Here's a how to file ITR 2 step by step:

• Visit the

  Income Tax Department’s e-filing portal

  . Download the ITR-2 form, either in Excel or Java utility format, or use the online filing option.

• Fill in your personal details such as name, PAN, address, email ID, and phone number. Mention your filing status (original or revised return). Select the appropriate assessment year.

• Enter details of your salary income, including allowances and perquisites. Provide information about income from house property. If you have a self-occupied property, mention it accordingly.

• Report any short-term and long-term capital gains. Fill out relevant sections based on the type of capital gains (e.g., sale of property, mutual funds, etc.). Include income from interest, dividends, lottery winnings, etc.

• Mention deductions under Section 80C to 80U, such as investments in PPF, life insurance, health insurance, etc. Enter eligible deductions for each relevant section, like 80C, 80D, etc.

• Calculate the total taxable income after deductions. Compute tax liability based on income slabs. Include details of any tax deducted at source (TDS), advance tax paid, and self-assessment tax.

• Provide your name, father's name, and place. Sign the form (digital signature for online filing). Ensure you have relevant documents like Form 16, interest certificates, investment proofs, etc., handy for reference.

• No physical attachments are needed for online filing, but keep the documents for verification. Validate the form, generate the XML file, and upload it to the e-filing portal. Complete the e-verification process using Aadhaar OTP, EVC, or by sending a signed physical copy to the Centralized Processing Center (CPC).

This is how to file ITR 2.

When it comes to paying taxes and filing returns, there are too many forms and formalities. I keep getting confused, which is what just like you. Nonetheless, my CA helps me out. Once I asked him what is ITR 2 and how to fill ITR 2 Form? He patiently explained it to me. I am sharing what he told me here. 

ITR 2 form is filled by individuals or HUF who get income from other sources than business or profession. Those who get income from the following sources need to fill ITR 2 form:

• Income from Salary/Pension

• Income from House Property

• Income from Capital Gains/loss on sale of investments/property 

• Income from Other Sources

• Foreign Assets/Foreign Income

• Agricultural Income more than Rs 5000

• Resident not ordinarily resident and a Non-resident

To submit ITR 2 form, you can go for online or offline methods. I am explaining both of them to you. 

If you are an individual above 80years of age, you can fill the offline form. 

For online submission you have to fill your:

• Personal details: name, contact details, bank details, etc.

• Filing status: tax regime, residential status, etc.

• Schedule salary details: gross salary details

• Schedule house property: house details, rent and income details

• Schedule capital gains: details of short term and long term capital gains

• Current year loss adjustments

• Brought forward loss adjustments

• Carry forward losses

• Deductions

• Schedule 80G and 80GGA, AMT, AMTC, PI, SI, EI, PTI, etc.

You can login to e-filing portal and then go to e file option. Click on ‘Income Tax Return’ and then ‘File Income Tax Return.’

Now select year, and mode and proceed. After entering all the information, preview and submit the form for validation. Proceed for verification through net banking. 

This is all it takes when it comes to how to fill ITR 2 form. I hope my guide helps you.

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