India

Income Tax Dept Enables Online Filing of ITR-2

Posted on by Minakshi




Income Tax Department Activates Online Filing for ITR-2: A Step-by-Step Guide



Income Tax Department Simplifies Tax Filing: Online ITR-2 Filing Now Available

The Income Tax Department has officially announced the activation of online filing for Income Tax Return (ITR)-2. This move aims to streamline the tax filing process for eligible taxpayers across India, providing a more convenient and efficient experience.

Who Needs to File ITR-2?

ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) who have income from sources such as:

  • Salary or Pension
  • House Property (more than one)
  • Capital Gains
  • Income from other sources (excluding income from business or profession if carrying on business/profession)
  • Foreign Assets/Foreign Income

How to File Your ITR-2 Online: A Simplified Guide

The Income Tax Department has provided a user-friendly online portal for filing ITR-2. Here’s a step-by-step guide to help you navigate the process:

  1. Visit the Official Income Tax Portal: Go to https://incometax.gov.in/iec/foportal/.
  2. Register/Login: If you are a new user, register yourself. Existing users can log in using their PAN, Aadhaar, or User ID and password.
  3. Navigate to e-File: After logging in, go to the ‘e-File’ section and select ‘Income Tax Returns’. Then, choose ‘File Income Tax Return’.
  4. Select Assessment Year: Choose the relevant Assessment Year for which you are filing the return.
  5. Select Filing Mode: Choose ‘Online’ as the mode of filing.
  6. Choose ITR-2: Select ‘Individual’ or ‘HUF’ as applicable, and then select ‘ITR-2’ from the drop-down menu.
  7. Fill in the Details: Carefully fill in all the required details in the ITR form. Make sure you have all the necessary documents and information ready, such as Form 16, bank statements, and details of investments.
  8. Verify Your Details: Double-check all the information you have entered to avoid any errors.
  9. Submit and Verify: After verifying all the details, submit your return. You can then verify your return through various methods, such as Aadhaar OTP, net banking, or Electronic Verification Code (EVC).

Important Points to Remember

  • Ensure you have all the necessary documents before starting the filing process.
  • Double-check all the details before submitting the return.
  • Complete the verification process within the stipulated time frame.

This online facility is designed to ease the burden of tax filing for individuals and HUFs, encouraging timely compliance and contributing to a transparent tax ecosystem.

Summary:

  • The Income Tax Department has activated online filing for ITR-2.
  • ITR-2 is for individuals and HUFs with income from salary, property, capital gains, and other sources.
  • File your ITR-2 online through the official Income Tax portal.
Key Takeaways:

  • Convenience and Efficiency: Online filing simplifies the tax return submission process for taxpayers.
  • Eligibility Check: Understand if ITR-2 is the correct form for your income sources to avoid penalties.
  • Documentation is Key: Gather all necessary documents (Form 16, bank statements, etc.) before starting the filing process.
  • Verification is Crucial: Ensure you complete the verification process after submitting your return to finalize the filing.
  • Avoid Last-Minute Rush: File your taxes well before the deadline to avoid any technical issues or penalties.