ITR 2 form now available for individuals, HUFs; know details about filing return

The income tax department has recently released the ITR 2 form, which is now accessible for individuals and Hindu undivided families (HUFs) to file their income tax returns (ITR) for the financial year 2022-23 (assessment year 2023-24). It should be noted that partners of partnership firms, HUFs, and individuals eligible for ITR 1 form are excluded from using this particular form. ITR 2 is specifically designed for individuals and HUFs who do not have income from business or profession. If you belong to this category, it is essential to understand the details and usage of ITR 2 in order to successfully file your income tax return. ITR 2 is meant for both resident and non-resident individuals and HUFs who have specific types of income, which include:

1. Salary or Pension,
2. Income or loss from one or more house properties,
3. Income or loss under the category of ‘capital gains’ (profits generated from the sale of assets like property, shares, or mutual funds),
4. Income under the category of ‘other sources’ (including income subject to special rates).

Documents required for filing ITR When you are preparing to file your income tax return using ITR 2, there are specific documents that you should collect. Here is a compilation of the necessary documents: Form 16: This document is provided by your employer and includes information about your earnings from employment. Form 16A: If you have received interest income from fixed deposits or savings accounts, and tax deducted at source (TDS) has been subtracted, you will require the form provided by the deductor for this purpose. Form 26AS: This particular form enables you to authenticate both salary-related TDS and non-salary TDS. It is accessible for download on the e-filing portal. Rent Receipts: If you reside in a rented property and intend to avail the house rent allowance (HRA) benefit, you will require rent receipts to compute the HRA amount. Steps for filing ITR 2 Step 1: Visit the official website for e-filing income tax by clicking here -  incometax.gov.in/iec/foportal. Step 2: Provide your user ID, which is your PAN (Permanent Account Number), along with the corresponding password. Step 3: Enter the captcha code that is displayed on the screen to verify your identity. Step 4: Navigate to the menu options and locate the “e-File” tab. Step 5: Click on the ‘Income Tax Return’ option from the available choices. Step 6: The income tax return page will automatically update your PAN information. Step 7: Select the “Assessment Year” and then choose the specific ‘ITR Form Number’ applicable to your tax filing. Step 8: Choose the “Filing Type” and indicate whether it is an “Original” or “Revised Return”. Step 9: Proceed by clicking the “Continue” button. Step 10: Carefully read and follow the instructions provided. Fill in all the necessary fields of the ITR-2 form with the relevant and required information. Step 11: To prevent data loss due to session time-out, regularly select the “Save Draft” option while filling out the form. Step 12: In the “Taxes Paid” and “Verification” sections, choose the appropriate option as per your circumstances. Step 13: Select a suitable option to verify your ITR. Step 14: Click on the “Preview and Submit” option. Step 15: Thoroughly review the information filled in your ITR for accuracy. Step 16: Finally, click the “Submit” button to submit your ITR. It is important to acknowledge that the applicability of ITR forms can undergo changes over time. To ensure that you are using the appropriate form for filing your income tax return, it is recommended to refer to the most recent guidelines issued by the income tax department or seek guidance from a tax professional. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.