The income tax department has recently made the ITR 2 form accessible for filing income tax returns (ITR) for the financial year 2022–23 (the assessment year 2023–24).
The ITR-2 form is issued for individuals and Hindu undivided families (HUFs) who do not have income from profits and gains from business or profession. If you fall into this category, below are a few things you need to know about the ITR-2 form to file your income tax return.
Appropriate Usage of ITR 2 Form
Individuals and HUFs with the following types of income, including residents and non-residents, are subject to ITR 2:
Salary or pension
Income or loss from one or more residential homes
Income or loss under the head capital gains (gains from the sale of assets like stocks, mutual funds, or real estate).
'Other sources" of income, including that which is charged at special rates
It's important to keep in mind that the ITR forms' applicability could change over time. It is advised to refer to the most recent instructions issued by the income tax department or seek the advice of a tax expert to make sure you are using the correct form when you file your ITR.
Documents Needed for ITR Filing
You must gather specific documentation before filing your ITR using ITR 2.
The following is a list of the necessary documents:
Form 16: This document, which is issued by your employer, includes information regarding your salary income.
Form 16A: You will require this document provided by the deductor if interest generated by you on fixed deposits or savings accounts and tax deducted at source (TDS).
Form 26A: You can verify TDS on income as well as TDS other than salary using Form 26AS. It is accessible via the e-filing portal for download.
Rent Receipts: You will require rent receipts in order to calculate your house rent allowance (HRA) if you rent your home.
Understanding Additional ITR Forms
In addition to ITR 2, the income tax department has announced seven additional forms for ITR filing. An overview of these forms is provided below:
ITR-1 Sahaj: This form is for individuals (residents) with a total annual income of up to Rs 50 lakh, including income from salary, one residential property, other sources (such as interest), and up to Rs 5,000 from agriculture.
ITR-3: This is intended for individuals and HUFs who receive income from business or professional profits and gains.
ITR-4 Sugam: This is applicable to residents who have a total income up to Rs. 50 lakh, HUFs, and firms (other than LLPs), as well as income from a business or profession calculated in accordance with sections 44AD, 44ADA, or 44AE.
ITR-5: This is for persons besides individuals, HUFs, businesses, or those who are filing Form ITR-7.
ITR-6: This is for businesses that are not Section 11 exemption claimants.
ITR-7: This form is intended for individuals and businesses who must submit returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
ITR-V: This is used when the information from the income tax return has been filed but hasn't been electronically validated. Those forms may include SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, or ITR-7.
Due Date for Income Tax Returns
The standard deadline for submitting an income tax return is July 31. However, it's always advised to keep up with the latest news and updates or any notice released by the income tax department.
In order to make sure that the filing process is smooth and accurate, it is recommended to ask for guidance from a tax professional or visit the income tax department's official website for the latest information and guidelines regarding filing income tax returns.
ITR filing is very important for adhering to tax obligations and ensuring compliance with the law. You can successfully report your income and claim any applicable refunds or deductions by using the accurate ITR form and submitting the required documents.
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