ITR filing is a very crucial process! One should always learn all the aspects beforehand and carefully decide which ITR form is the right one to file. Choosing the wrong ITR form will result in getting legal notice from the IT Department to file a revised ITR.
Income Tax Department Releases Offline ITR Form 2
With the recent update, IT Department has released offline ITR form 2 for the ITR filing process for the financial year 2022-23 and assessment year 2023-24. So, the taxpayers eligible to file ITR form 2 offline can download it from the official website of the Government.
Taxpayers file ITR to convey their total income earned, the loss that occurred, assets owned, and tax liability for a particular financial year. Also, it enables a person to reclaim the overpaid or deducted tax value for a financial year by filing for it.
What is ITR Form 2?
ITR Form 2 is to be filed by individuals and HUFs or Hindu Undivided Families, does matter if a resident or non-resident discloses the following incomes:
- Salary or Pension
- Income earned or loss occurred from the resident property.
- Income or loss as ‘Capital Gains’.
- Total income earned from other sources.
“ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by a taxpayer from a partnership firm, according to income tax rule,” mentioned cnbctv18.
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Documents Needed to File ITR
“Taxpayers having salary income need Form 16 issued by their employer. If they have earned interest on fixed deposits or savings bank accounts and TDS has been deducted on the same, they need TDS certificates i.e., Form 16A issued by deductors. They will need Form 26AS to verify TDS on salary as well as TDS other than salary. Form 26AS could be downloaded from the e-filing portal,” further wrote.