How to Use Gen IT Software to E-file ITR 2 Form Smoothly21 November 2023
ITR (Income Tax Return) is a vital document where taxpayers report their earnings and taxes applicable to the income tax department. All the ITR forms and their procedures are carried out in accordance with the Income Tax Act, of 1961. In these forms, ITR-2 is specifically for individuals and Hindu Undivided Families who do not earn income from any profession or business activities.
Gen IT Software offers an efficient solution for the submission of Income Tax Returns in India using the ITR-2 form. Our team of professionals will take you through the complete process, making it certain that you meet your tax compliance obligations effortlessly. You can deal with the intricacies of tax submission seamlessly using Gen Income Tax Software ITR-2 Filing Services, which enables you to do important tasks while the experts take care of your tax return requirements.
An Intro to ITR 2
ITR-2 is specifically tailored for individuals and Hindu Undivided Families (HUFs) who do not possess income that falls under the category of ‘Profits and Gains of Business or Profession.’ To make it easy for you to understand clearly, if you are a salaried person, a pensioner, or receive income from various houses, capital gains, foreign assets/income, agricultural income surpassing Rs 5,000 or income from other sources, then you should submit the ITR-2 form.
What are the Different Eligibility for filing the ITR 2 Form?
The eligibility criteria for filing the online ITR-2 form are made to include individuals and Hindu Undivided Families (HUFs) who do not generate income chargeable under the head ‘Profits and Gains of Business or Profession.’ By meeting the following eligibility criteria for filing the ITR 2 Form, individuals and HUFs can accurately report their income details.
- Salary or Pension income
- Foreign income or having foreign assets
- Agricultural income exceeding Rs 5,000
- Having the position of a Director in listed and unlisted companies
- Income from house property, including multiple properties
- Resident Not Ordinarily Resident (RNOR) or Non-Resident status
- Earnings from capital gains or losses from the investments sale or property, covering both long-term and short-term gains/losses
Who Is Not Eligible to File ITR 2?
- Individuals are eligible to submit the ITR-1 form (Sahaj).
- Individuals or Hindu Undivided Families (HUFs) who generate their income from business or from other professions are not subject to filing ITR-2.
Format of the ITR 2 Form for Taxpayers
The ITR-2 Form consists of two main sections, each having particular segments and schedules:
Part A: General information such as your name, address, date of birth (DOB), PAN, Aadhar card, contact number, and email address are involved in this section of the ITR 2 filing form.
Part B: Your aggregate earnings and the corresponding tax accountability on your earnings are calculated in this part of the ITR 2 Form.
Also, the form contains various schedules that mention detailed information on different sources of income and deductions.
Part B-TI – Total Income Tax Computation
In this section, your gross aggregate income is computed, taking into account the earnings from salary, house property, and other sources. These deductions are subtracted from your gross aggregate income to determine your total income.
Part B-TTI – Tax Computation of Liability
Your total income serves as the basis for determining your tax liability.
Mandatory Documents Required for ITR-2 Filing
ITR-2 is a form that does not require any attachments or annexures to be submitted along with it. However, before you start the ITR-2 filing process, ensure you have the following documents and essential details readily available for hassle-free filing:
- TDS Form 26AS/AIS/TIS: Crucial details are provided through these statements regarding tax credits, TDS (Tax Deducted at Source), and other relevant tax-related data.
- Bank Information: Prepare bank statements stating income from interest, dividends, or other financial transactions.
- Components of Income and Foreign Assets (if used): Collect relevant documents if you have foreign assets or earned income abroad.
- Form 16 and 16A: These documents state essential information about your salary and tax deductions (TDS).
- Attributes of Capital Gains: Prepare the required transaction documents in case you have sold assets including property or stocks.
- PAN, Aadhaar and Extra Contact and Identification Details: Make sure you are all prepared to keep these identification documents ready with you for reference during the submission process.
Procedure to e-file ITR 2 Form Using Gen IT Software
Taxpayers have the facility to acquire comprehensive information regarding income tax returns online submission via SAG Infotech’s Gen Income Tax software. Follow the below steps for a hassle-free filing of the ITR 2 form:
Step 1: Start with importing/creating Master from the submitted XML/JSON Client
Step 2: Proceed to Client Manager and create the client
Step 3: Choose your status to input the essential details such as Name, address, PAN No, and Nature of employment.
Step 4: Import Master from completed XML/JSON Import Master from XML/JSON JSON Import
Step 5: Head to Income Tax, then Computation, and select the client
Step 6: Import the Data from a completed XML/JON or Pre-filled File by clicking on XML/JSON Import and Continue to Select the File
Step 7: Provide Bank Details by entering all bank account details
Step 8: Click on AIS/TIS to obtain AIS/TIS @ ITD. proceed to Taxpayer Information Summary, click on Item Head, and choose Item to Transfer Data to Relevant Head
Step 9: Access the Salary Tab and fill in the necessary details including employer details, nature of employment, etc. Fill in your income details from salaries such as salary period, Basic Salary, Bonus, and DA. Furthermore, within the ITR-2 form, you have to provide detailed information regarding your bifurcated allowances, perquisites, terminal benefits, and arrears.
Step 10: Proceed to enter your House property income. Click on the House Property Tab and provide the details for self-occupied and let-out properties, including gross rent received, taking into account the latest amendments in the form etc. Include the address and co-owners of the property if applicable.
Step 11: Enter other income details such as Interest income from banks, FD Interest, Post Office Interest, and any other income.
Step 12: Input Exempt Income Details such as mutual funds income, interest from PPF, etc.
Step 13: If you have agricultural income, click on the Agriculture Income Tab. Specify the details such as Gross agriculture income, expenditure incurred, and unabsorbed agricultural losses of the previous eight assessment years.
Step 14: Provide Deductions details like deduction u/s 80D, 80C, 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2), 80DD, 80DDB, 80EE, 80E, 80EEA, 80EEB, 80GG, 80GGC, 80U.
Step 15: Enter tax details including TDS/TCS, Advance Tax, and Self Assessment Tax under the Tax Details tab.
Step 16: Set Up: Through the setup tab, select the appropriate information you wish to include in the computation.
Step 17: Opt for the new regime, i.e., 115BAC.
Step 18: Check the computation of your income before filing the return using the Computation tab.
Step 19: Challan Print: Make tax payments and obtain a challan printout through the Challan print tab.
Step 20: Return Form: Review your return form before filing it through the return form tab.
Step 21: E-Filing: E-file your return by clicking on the e-filing button after selecting the suitable section, such as 139(1)/139(5)/139(4).
Why Do Tax Professionals Select Gen Income Tax Software for Filing ITR 2 Form?
The Gen Income Tax Software is the preferred choice for chartered accountants (CAs) as it calculates Self Assessment & Advance Tax and computes interest under sections 234A, 234B, and 234C. The software has various features including auto return form, XML generation, PAN application and correction, arrear relief calculation, Form 26AS Import, and much more.
Expert Advice: Experienced professionals associated with us will assist you with guidance throughout the ITR-2 submission process, ensuring accuracy and compliance.
Precision: Review and guarantee you accurate ITR-2 submission, and lessen the risk of tax-related problems in the future.
Scheduled Filing: We are well aware of the importance of timely filing your taxes. With Gen Income Tax Software, allow yourself to be stress-free as your ITR-2 will be filed successfully avoiding penalties.
Amenity: Our online platform provides a hassle-free solution for filing your ITR-2 form, eliminating the need to visit tax offices or stand in long queues. No more standing in long queues and burdensome paperwork.