Income Tax

How to file ITR-2 Online? | ITR Filing FY 2022-23 (AY 2023-24)

How to file ITR-2 Online ITR Filing FY 2022-23 (AY 2023-24)

ITR-2 is a form that allows Individuals and HUFs to file their income tax return for the income that is not eligible for ITR-1 (SAHAJ),1 such as foreign gains, agricultural income (more than INR 5,000), housing property of more than one and other sources.

Who file ITR-2?

ITR-2 Form for filing Income Tax Returns is for those individuals or HUFs who fall within a certain category, such as Individuals or HUFs who do not have income from profit or gains of business /profession. Also, those who do not have income from profits and gains of business or profession in the form of interest, salary, bonus, commission, or remuneration generated from a partnership firm, or income to be clubbed (income of another family member like a spouse or minor, etc.). or any of the following:

  • An individual resident whose asset is located outside of India
  • Non-resident of India or non-ordinary resident
  • Taxpayers with agricultural income higher than INR 5,000
  • Income generated from sources like lottery, gambling, horse race
  • Short- or long-term gain/loss from the sale of property or assets

Who CANNOT file ITR-2?

Individuals or HUFs cannot file ITR-2 if their income for a financial year is generated from a profit or gains either from business or profession. Also, Individuals or HUFs whose income belongs to any of the following categories: interest, salary, bonus, commission, or remuneration, by whatever name called, due to, or received by him from a partnership firm.

How to File ITR-2?

If you want to file your ITR-2, here is the step-by-step guide for you:

Step 1: Visit the website for e-filing

Step 2: Log into your account using your PAN Details and Password

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Step 3: Select the tab “e-file” and then select “Income Tax Return” to further select “File Income Tax Return.”

Step 4: Select the respective assessment year as well as the mode for filing (online)

Step 5: Proceed with the filing by checking on “Start New Filing”

Step 6:  Select the relevant status

Step 7: Select “ITR-2” in the drop-down menu for a form type

Step 8: Fill the required information along with bank account details

Step 9: verify the ITR. Print two copies of ITR-V for verification duly signed by you. You can retain one copy for a personal record, and another copy at the following address: Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).

When to file ITR-2?

Individuals or businesses who are filing Income Tax Return are required to file returns before the following due dates to avoid any legal repercussions:

  • NON-AUDITED CASES: 31st July of the respective assessment year [FY 2022-23 (AY 2023-24): 31st July 2023]
  • AUDITED CASES: 31st October of the respective assessment year [FY 2022-23 (AY 2023-24): 31st October 2023]

Delay in filing the ITR-2 as per the aforementioned dates can result in a penalty either in the form of Interest or a Fine only if you file the ITR-2 before 31st December. Otherwise, another kind of penalty will be imposed on the defaulter.

Mistakes to avoid

  • If you have switched jobs in FY 2022-23, it is necessary to report salary income from all employers in this schedule. You should obtain Form 16 from each employer to help you file ITR.
  • For each employer, you need to provide the employer’s name, TAN if TDS is deducted, address, and nature of the employer.
  • For reporting the salary income, provide an elaborative breakup of salary components and allowances, including basic salary and details about bonuses/perquisites.

Conclusion

Though ITR_1 has been the widely used form for certain categories of taxpayers, such as salaried individuals, it still excludes many other categories of taxpayers for minor reasons. Exceeding the upper limit of INR 50,00,000 or owning more than two housing properties can bring you out of the ITR-1 form benefits. To resolve all such queries, ITR-2 came into existence. However, ITR-2 cannot be used for income from businesses or professions. But if you are eligible for Form ITR-2, make sure you file the return using the respective form within the due date to avoid repercussions. Moreover, if you are unsure about your eligibility for the form ITR-2, you may select the form on the portal after checking all the details.

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FAQs

  1. Can I file my ITR 2 online?

    Yes, you can file your ITR-2 online using the e-filing portal

  2. Can I file ITR 2 now?

    You may file ITR-2 before 31st July of your respective assessment year for non-audited cases. Whereas for audited cases, you may file ITR-2 before 31st October of your respective assessment year.

  3. How to file ITR 2 step by step?

    Step 1: Visit the website for e-filing
    Step 2: Log into your account using your PAN Details and Password
    Step 3: Select the tab “e-file” and then select “Income Tax Return” to further select “File Income Tax Return.”
    Step 4: Select the respective assessment year as well as the mode for filing (online)
    Step 5: Proceed with the filing by checking on “Start New Filing.”
    Step 6:  Select the relevant status
    Step 7: Select “ITR-2” in the drop-down menu for the form type
    Step 8: Fill the required information along with bank account details
    Step 9: verify the ITR. Print two copies of ITR-V for verification duly signed by you. You can retain one copy for a personal record, and another copy at the following address: Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).

  4. How to file ITR 2 using offline utility?

    Visit the official Income Tax Department website and download the ITR form (in Excel/Java utility format). Make sure the downloaded form is for the respective assessment year. Open the ITR Form (downloaded) on your computer and fill in the details such as personal details, deductions, income, and tax. Once the form is filled, collect the required documents, such as Form 26AS, Form 16, TDS certificates, and relevant financial statements validating the information provided in the ITR. Now, you may calculate the tax liability after making deductions and exemptions and then furnish the ITR.

  5. Can I file ITR 2 instead of ITR 1?

    To file ITR-2 instead of ITR-1, your income sources should fall within the eligibility frame for ITR-2, which is: Individual resident whose asset is located outside India, Non-resident of India or non-ordinary resident, Taxpayers with agricultural income higher than INR 5,000, Income generated from sources like lottery, gambling, horse race, Short- or long-term gain/loss from the sale of property or assets.

  6. Can I file ITR 2 myself?

    Yes, you can file your ITR-2 online yourself using the e-filing portal.

  7. How can I file ITR 2 easily?

    You may file ITR-2 easily, either offline or online. In order to file ITR online,Visit the website for e-filing. Log into your account using your PAN Details and Password. Select the tab “e-file” and then select “Income Tax Return” to further select “File Income Tax Return”.Select the respective assessment year as well as the mode for filing (online). Proceed with the filing by checking on “Start New Filing”. Select the relevant status. Select “ITR-2” in the drop-down menu for form type. Fill in the required information along with bank account details. Verify the ITR. Print two copies of ITR-V for verification duly signed by you. You can retain one copy for a personal record, and another copy at the following address: Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).

  8. Can I submit ITR 2 online?

    Yes, you can file your ITR-2 online using the e-filing portal

  9. How can I file my ITR 2 online for free?

    You may file your ITR-2 by yourself without paying any cost to anyone. You may use the e-filing portal to file the ITR-2 online.

  10. Can we file ITR 2 online?

    Yes, you can file your ITR-2 online using the e-filing portal.

  11. How to fill ITR 2 for long-term capital gains?

    You may file ITR-2 for Long Term Capital gains like any regular ITR. However, you need to provide scrip-wise details in Schedule 112A, including ISIN, purchase price, selling price, date of different transactions, etc.

  12. Who is eligible for ITR 2?

    Individuals or HUFs who fall within a certain category, such as Individuals or HUFs who do not have income from profit or gains of business /profession or those who do not have income from profits and gains of business or profession in the form of interest, salary, bonus, commission or remuneration generated from a partnership firm, or income to be clubbed (income of another family member like spouse or minor etc). Or any of the following: Individual resident whose asset is located outside India, Non-resident of India or non-ordinary resident, Taxpayers with agricultural income higher than INR 5,000, Income generated from sources like lottery, gambling, horse race, Short- or long-term gain/loss from the sale of property or assets.

  13. Can a salaried person file ITR 2?

    Salaried individuals with income higher than INR 50,00,000 are eligible to file ITR-2.

READ  Section 25A of Income Tax Act: Special Provision for Arrears of Rent and Unrealized Rent Received Subsequently

References

  1. https://www.incometax.gov.in/iec/foportal/help/how-to-file-itr1-form-sahaj

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