Income Tax Return for Company
The income tax return is the form in that assesses file information about his/her income and tax thereon to the Income Tax Department.
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ITR-2 is used by individuals and HUFs (Hindu Undivided Families) who do not have income from business or profession. Here's a step-by-step guide on how to file ITR-2 online:
Eligibility for Filing ITR-2
You should file ITR-2 if:
- You have income from salary/pension
- You have income from more than one house property
- You have income from capital gains (short term and long term)
- You have income from other sources (including winnings from lottery and income from race horses)
- You have foreign assets or income
- You have agricultural income exceeding ₹5,000
- You are a director in a company
- You have invested in unlisted equity shares
Documents Needed
Before you start filing, keep the following documents handy:
- PAN card
- Aadhaar card
- Form 16 (for salary income)
- Form 16A, 16B, and 16C (for TDS on other incomes)
- Form 26AS (tax credit statement)
- Details of all bank accounts held in the financial year
- Interest certificates from banks and post offices
- TDS certificates
- Capital gains statement from mutual funds and broker
- Investment proofs for deductions
- Rent receipts and details for claiming HRA
Steps to File ITR-2 Online
- Login to the e-Filing Portal
- Go to the Income Tax e-Filing portal.
- Login using your User ID (PAN), password, and enter the captcha.
- Select ITR Form
- Click on ‘e-File’ -> ‘Income Tax Return’.
- Select the assessment year.
- Choose ‘ITR-2’ from the dropdown.
- Select the filing type as ‘Original/Revised Return’.
- Choose ‘Prepare and Submit Online’.
- Fill in the Details
- Personal Information: Verify and fill in your personal details like PAN, name, date of birth, address, etc.
- Income Details: Fill in details of your income from salary, house property, capital gains, and other sources.
- Deductions: Enter details of deductions under Chapter VI-A (sections 80C, 80D, etc.).
- Tax Details: Provide details of taxes paid and TDS deducted as per Form 26AS.
- Bank Account Details: Enter details of all your bank accounts held during the financial year.
- Calculate Tax and Validate
- Once all details are filled, click on ‘Calculate Tax’ to compute your tax liability.
- Ensure all required fields are filled and validate each section.
- Generate XML and Upload (for Offline Utility)
- If using the offline utility, generate the XML file and upload it on the portal.
- Otherwise, continue filling online.
- Submit and E-Verify
- Submit your return.
- Choose the appropriate e-verification method: Aadhaar OTP, net banking, EVC (Electronic Verification Code), or send the signed ITR-V form to CPC, Bengaluru.
Verification Methods
Aadhaar OTP
Link your Aadhaar with your PAN and use the OTP sent to your registered mobile number.
Net Banking
Login through your net banking account and e-verify your return.
EVC
Use the EVC sent to your registered email and mobile number.
Physical Verification
Send the signed ITR-V form to the CPC, Bengaluru within 120 days of filing.
Post-Filing
- Acknowledgment: After verification, you will receive an acknowledgment from the Income Tax Department.
- Refund: If eligible for a refund, ensure your bank details are correct for the amount to be credited.
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