ITR-2 form can be used for filing income tax return of individuals and HUFs who have DIN or income earned from a business entity or from other sources exceeding Rs. 50 Lakhs.
Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.
Get your Financial statements preparation and ITR-2 return filing by our Tax Advisor at just Rs.3999/-
You can also check your eligibility here
Income Tax Return is a form containing the information of income and tax paid of the assessee which is used to file the income tax with the Income Tax Department of India. Income tax is a tax imposed by the Central Government of India on income of a person under various criteria and every citizen/entity should file income tax returns. IT-R is verfied by IT department of India. There are various types of IT-R like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 ITR-2 form can be used for filing income tax return of individuals and HUFs who have DIN or income earned from a business entity or from other sources not exceeding Rs. 50 Lakhs. AADHAAR CARD IS MANDATORY FOR INCOME TAX FILING.
ITR-2 form is used by Individuals or HUFs as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form. Individuals and Hindu Undivided Families who have their income exceeding Rs. 50 Lakhs and have earned their Income from more than House Property, Income from Capital Gains, foreign assets/Income, business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling etc. etc are eligible to file their IT Return using ITR-2.
ITR-2 form is used by by Individuals or HUFs as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India whose income is exceeding Rs. 50 Lakhs in financial year. and source of income falls under any below categories :
ITR-2 form should not be filed for below cases :
ITR-2 form must be filed by NRIs, individuals having more than 1 house property,individuals holding DIN or shareholding in private limited company etc. on or before 31st July of every year.
The penalty for income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March.
Other kind of penalites are as follow:
ITR are evidence of your income. It benefits for loans, visa etc.
Businesses registered under MSME | SSI gets multiple government tender benefits which are open only to MSMEs to promote small business participation in the India.
ITR filing is required to claim refunds under TDS or if excess tax is paid etc.
ITR gives the retail value to taxplayer. It helps for tendering and various other busines saspects.
There are penalty for non-filing of income tax returns and hence it is always advisable to file return.
ITR is necessary for applying for any loans such as a home loan, car loan, etc. The eligibility for loan would depend on your income. This can be established through filed ITRs.
Proff of earning is required for overseas travel. ITR is helps meet that purpose.
You may refer to the Eligibility section before return filing.
For further queries kindly refer our FAQ section
Arrange for Aadhaar card and PAN card of Individual whose return is to be filied.
Arrange for all the documents whose list will be shared by our expert along with primary email and phone number for communication purposes by IT department.
Arrange for the bank details which is to be mentioned for refund purposes.
Based on the documents shared our expert will compute the income tax and compile TDS value based on form 26AS for that financial year.
Based on computation and approval from you, ITR 2 will be filed.
Once the filing is done,our expert will provide you with acknowledgement.
You have to provide the details in the form.
Once you have provided the details, our expert will guide you with the all the documents required for return filing process.
After submission and upon successful verification of all the required documents, one of our experts will do the return filing.
Once the filing is done we will inform you and provide the necessary documents.
Financial statements preparation and Income tax return filing for individuals having DIN or owning private limited company shares. Inclusive of government fee and GST.
Financial statements preparation and Income tax return filing for individuals having capital gains. Inclusive of government fee and GST.
Financial statements preparation and Income tax return filing for NRI or individual having foreign assets or foreign income. Inclusive of government fee and GST.
What is ITR Filing?
What are the benefits of ITR-2 Filing?
What documents are required for the registration?
What is Revised Return?
What is Notice Number?
What is Advance Tax ?
What is Self Assessment Tax Payments?