ITR-2 Filing: A Step-By-Step Guide To File Income Tax Return On Your Own
For the financial year 2024-25 (Assessment Year 2025-26), the income tax return (ITR) filing process is underway. The Income Tax Department has released the Excel utilities for various ITR Forms to facilitate hassle-free filing. It's important for all taxpayers to choose the right form as per their category and income.
Form ITR-2 needs to be used by individuals and Hindu Undivided Families (HUFs) who do not have any income from business or profession. Taxpayers receiving income from sources like salary, pension and capital gains from the sale of assets need to use ITR-2.
Who is eligible to file ITR-2?
Individuals having income from the following sources are eligible to file Form ITR-2:
– Income from salary or pension
– Income via house property (it might come from multiple house properties)
– Receipts from capital gains
– From other sources (including lottery winnings, or other legal means of online betting)
– Agricultural earnings of more than Rs 5,000
· Stocks, bonds and Mutual Fund capital gain statements from brokers or banks.
· Purchase/Sale document of any property.
Step 2: Download ITR-2 Form
Navigate to the Income Tax Department's e-filing website to get the form or use their online e-file portal.
Step 3: Begin with filing your personal information like Name, PAN, Aadhaar Card Number, Address and Email ID.
Step 4: Report income from a salary or pension: Use Form 16 to accurately report your income from a salary.
Step 5: Declare income from house property in the dedicated section.
Step 6: Provide data about the capital gains, if any, as per the statements collected from banks and brokerage firms.
Step 7: Share details of foreign assets (if applicable): List all foreign assets and their associated income.
Step 8: Deductions and exemptions: Claim deductions under Sections 80C, 80D, and other sections of the Income Tax Act, 1961, as applicable.
Step 9: Review tax liability: After applying the deductions and exemptions, calculate the total tax liability.
Step 10: Submit and Verify: After final completion, review all the information once again and click on submit. The ITR can then be e-verified with Aadhaar OTP, Bank account and digital signature.
ITR Filing Date for FY 24-2025:
The Income Tax Department has extended the ITR filing deadline for FY 2024-25 to September 15 for individuals and HUFs who don't need their accounts to be audited.
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