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What is ITR-2?

ITR-2 is the Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) whose income is not from business or profession. It is suitable for individuals with income from salary, pension, house property, capital gains, and other sources like interest, dividends, etc.

Who is Eligible to File ITR-2?

ITR-2 can be filed by the following individuals:

• Individuals with salary/pension income: Any individual earning income from a salary or pension.
• Income from house property: Those having income from one or more house properties.
• Capital gains income: Individuals who have earned capital gains during the financial year, either short-term or long-term.
• Income from other sources: Income from sources such as interest, dividends, winnings from lottery, etc.
• Non-resident individuals: Non-residents and individuals who qualify as Resident but Not Ordinarily Resident (RNOR) can file ITR-2.
• Directors of a company: Individuals who are directors of a company.
• Holders of unlisted shares: Individuals who have investments in unlisted equity shares.

Who is Not Eligible to File ITR-2?

The following individuals cannot file ITR-2:

• Individuals with income from business or profession (they should file ITR-3).
• Individuals who are eligible to file ITR-1, Sahaj (those with only salary, pension, one house property, and income up to ₹50 lakhs).

Documents Required for ITR-2 Filing

The documents required for ITR-2 filing include:

• Form 16: For salaried individuals, Form 16 from your employer showing details of salary and TDS deductions.
• Form 16A/16B: In case of TDS on income other than salary, such as fixed deposits or rent.
• Form 26AS: Consolidated tax statement containing all tax deducted and deposited on your behalf.
• Bank statements: For interest income and dividend income.
• Capital gains statement: For individuals with capital gains income, such as from the sale of property or stocks.
• Investment proofs: To claim deductions under sections like 80C, 80D, etc.

Benefits of Filing ITR-2

Filing ITR-2 offers various benefits, including:

• Comprehensive coverage: ITR-2 is suitable for individuals with a variety of income sources, including capital gains, multiple properties, and other sources.
• Claim refunds: If excess TDS has been deducted, you can claim refunds by filing your ITR on time.
• Carry forward losses: You can carry forward losses on capital gains or house property to set off against future gains.
• Proof of income: ITR filing provides a legal record of your income, which is useful for loans, visas, and other financial transactions.
• Avoid penalties: Filing your ITR on time helps avoid penalties and interest charges.

Penalties for Late Filing of ITR-2

Late filing of ITR-2 can result in the following penalties:

• Late filing fee: A fee of up to ₹5,000 if you file after the due date, but before December 31st. For incomes up to ₹5 lakh, the fee is ₹1,000.
• Interest under Section 234A: If there is any unpaid tax liability, interest at 1% per month will be charged for late payment.
• Loss of carry-forward benefits: If the ITR is filed after the due date, you may lose the ability to carry forward capital losses.

How WeIncept Helps with ITR-2 Filing

WeIncept simplifies ITR-2 filing with end-to-end assistance:

• Document collection: We gather all required documents, including salary slips, Form 26AS, capital gains statements, and investment proofs.
• Accurate tax computation: We ensure accurate computation of income and taxes, considering all deductions and exemptions available to you.
• Capital gains calculations: Our experts handle the complex calculations involved in capital gains, ensuring accuracy.
• Timely filing: We file your ITR-2 on time, ensuring compliance with tax regulations and avoiding penalties.
• Refund assistance: If you're eligible for a tax refund, we assist you in claiming it smoothly.

Why Choose WeIncept for ITR-2 Filing?

WeIncept offers expert ITR-2 filing services with the following benefits:

• Expert handling: Our tax experts have in-depth knowledge of the complexities involved in ITR-2 filing.
• Customized solutions: We tailor our services to your specific income sources, ensuring that all aspects are covered.
• Maximize tax benefits: We help you claim all eligible deductions and exemptions to reduce your tax liability.
• Seamless process: From document collection to final submission, we manage the entire process for you.
• Affordable rates: We offer our services at competitive rates, making tax filing convenient and cost-effective.

File Your ITR-2 with WeIncept Today

Let WeIncept handle your ITR-2 filing with precision and care. Our experts will ensure timely filing, maximizing your benefits while staying compliant with tax laws. Contact us today for reliable and professional ITR-2 filing services.