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ITR-2 Return Filing

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Income tax return filing for persons having DIN or owing private limited company shares.

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ITR 2 Form Filing

ITR, or Income Tax Return, is a crucial document where taxpayers report their income and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and their procedures. Among these forms, ITR-2 is designated for individuals and Hindu Undivided Families who do not generate income from professional or business activities. Bmcs offers a seamless and efficient solution for filing Income Tax Returns using the ITR-2 form in India. Our team of experts guides you through the entire process, ensuring that you meet your tax compliance obligations effortlessly. With Bmcs ITR-2 Filing Services, you can easily navigate the complexities of tax submission, allowing you to focus on what matters most while we handle your tax return needs. Get started today!

What is ITR 2?

ITR-2 is indeed tailored for individuals and Hindu Undivided Families without income from professional or business activities. If you have any questions or need more information about ITR-2 or any other tax-related topics, feel free to ask!

Eligibility for ITR 2 Form

The ITR-2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose Income is derived from sources other than 'Profits and Gains from Business or Profession.' If your Income originates from any of the following avenues, you are required to file the ITR-2 form:

  • Income from Salary or Pension.
  • Income derived from house property, which may involve multiple properties.
  • Income from Capital Gains or losses incurred from the sale of investments or property, including both long-term and short-term gains/losses.
  • Income from Other Sources encompasses winnings from lotteries, bets on racehorses, and other legally recognized forms of gambling.
  • Receipts exceeding Rs 5,000 from agricultural activities.
  • Foreign Income or ownership of Foreign Assets.
  • Status as a Resident Not Ordinarily Resident (RNOR) or a Non-Resident.
  • Holding the position of a Director in both listed and unlisted companies.

Who Shouldn't File ITR 2?

  • Individuals or Hindu Undivided Families (HUFs) with Income stemming from business or professional activities.
  • Individuals are eligible to complete the ITR-1 form (Sahaj).

Structure of the ITR-2 Form

The ITR-2 Form comprises two primary sections, each containing specific segments and schedules:

  • Part A: This section encompasses general information, including your Name, Address, Date of Birth (DOB), PAN, Aadhar card, Contact Number, and Email Address.
  • Part B: This section calculates your total Income and the corresponding tax liability on your earnings.

Additionally, the form incorporates various schedules that provide detailed information on different income sources and deductions.

Part B-TI – Computation of Total Income:

In this section, your Gross Total Income is computed, considering earnings from salary, house property, and other sources. Total deductions for tax savings are then subtracted from your Gross Total Income to arrive at your Total Income.

Part B-TTI – Computation of Tax Liability:

Using your Total Income as the basis, your tax liability is calculated.

Documents Needed for Filing ITR-2

ITR-2 is an annexure-less form, so you don't need to attach any documents during submission. But, Before you begin the ITR-2 filing process, make sure you have the following documents and information on hand for hassle free filing:

  • Form 16/16A: These documents contain information about your salary and tax deductions (TDS).
  • Form 26AS/AIS/TIS: This statement provides crucial details regarding tax credits, TDS (Tax Deducted at Source), and other relevant tax-related data.
  • Bank Statements: Collect bank statements that reflect Income from interest, dividends, or other financial transactions.
  • Capital Gains Details: Gather the necessary transaction documents if you have sold assets like property or stocks.
  • Details of Foreign Assets and Income (if applicable): Collect the relevant documents if you have foreign assets or earned Income abroad.
  • Aadhaar Card, PAN Card, and Other Identification and Contact Information: Ensure you have these identification documents readily available for reference during the filing process.

Instructions for Completing the ITR-2 Form

When filling out the ITR-2 Form, it's important to follow these instructions and guidelines:

  • Complete the form in the following order: Part A, all schedules, Part B-TI, Part B-TTI, and then the verification section.
  • If any schedules do not apply to you, strike them out and mark 'NA' (Not Applicable).
  • Use 'NA' against any item that doesn't pertain to your financial situation.
  • Round off all figures to the nearest rupee, except for total income/loss and tax payable, which should be rounded off to the nearest ten rupees.
  • Select 'Government' as your employer category if you are a government employee. If you work for a public sector company of the Central/State Government, choose 'PSU.'
  • If you claim double taxation relief under section 90/90A/91, the ITR-2 Form cannot be used.

Modes of Submission for ITR-2:

There are two main methods for filing ITR-2: offline and online.

Filing ITR-2 Offline:

If you are 80 years of age or older, you have the option to file ITR-2 offline. In this case, submit a physical paper return or use a bar-coded form. You will receive an acknowledgment from the Income Tax Department upon submission.

Filing ITR-2 Online:

For online filing of ITR-2, you can transmit all the necessary information electronically, either with or without a digital signature.
After completing the online filing, verify the return through Return Form ITR-V.
You will receive the acknowledgment on your registered email if you submit ITR-2 electronically with a digital signature.

Why Choose Bmcsindia for ITR-2 Form Filing?

  • Expert Guidance: Our team of experienced professionals provides expert guidance throughout the ITR-2 filing process, ensuring accuracy and compliance.
  • Convenience: Say goodbye to long queues and paperwork. Our convenient online platform allows you to file your ITR-2 from the comfort of your home or office.
  • Accuracy: We guarantee an error-free ITR-2 through a thorough review process, minimizing the risk of tax-related issues in the future.
  • Timely Filing: Filing your taxes on time is crucial. With Bmcs, rest assured that your ITR-2 will be filed promptly to avoid penalties.

Contact Bmcs today, and our team will assist you every step of the way. Enjoy peace of mind knowing that your taxes are in expert hands.

Frequently Asked Questions

BMCS India offers comprehensive business consultancy services, including strategy development, market research and analysis, financial advisory, operational optimization, and organizational transformation. We provide customized solutions to help businesses address challenges and achieve their growth objectives.

BMCS is the top most business management consultant all around the world. Our team of experienced consultants leverages industry knowledge, market insights, and proven methodologies to provide tailored solutions that align with your business goals. Whether you need assistance with market entry, strategic planning, process optimization, or talent management, we collaborate closely with you to understand your unique needs

BMCS India has expertise across various industries, including but not limited to technology, healthcare, manufacturing, retail, finance, and hospitality. Our consultants have worked with diverse clients, enabling us to understand industry-specific challenges and devise strategies that meet your sector's requirements.

To engage our services, you can reach out to us through our contact form, email, or phone. Our team will schedule an initial consultation to discuss your business objectives, challenges, and requirements. Following this consultation, we will provide a tailored proposal outlining the scope of work, deliverables, timeline, and pricing for your approval.

Absolutely! We work with businesses of all sizes, ranging from startups and small enterprises to multinational corporations. Our services are flexible and customizable to meet your specific needs, ensuring that you receive the level of support required to achieve your business objectives, irrespective of your company's size.

At BMCS India, we understand the importance of client confidentiality. We adhere to strict data protection protocols and maintain the highest level of confidentiality. Our consultants sign non-disclosure agreements, and we have robust internal systems in place to safeguard client information. Rest assured, your sensitive data is handled with the utmost care and confidentiality.

Yes, we can help your business expand internationally. Our team has experience and expertise in supporting companies with market entry strategies, feasibility studies, partner identification, and localization strategies in various global markets. We leverage our network of international partners to provide you with valuable insights and guidance throughout the expansion process.

To get started with BMCS India, simply reach out to us through our contact information on our website. We will be glad to schedule an initial consultation to understand your business requirements and discuss how our services can benefit you. From there, we will work together to develop a tailored plan to drive your business success.