ITR-2 Filing - VSB Consultants

ITR-2 Form Filing Services

Filing Income Tax Return (ITR-2) is essential for individuals and Hindu Undivided Families (HUFs) with income from multiple sources, including salaries, house properties, capital gains, foreign income, and more. At VSB Consultants Pvt Ltd, we simplify the ITR-2 filing process, ensuring accuracy, compliance, and tax optimization.Our team of expert tax consultants ensures seamless tax return filing while maximizing deductions and minimizing tax liabilities for taxpayers with complex income structures.

What is ITR-2 Form Filing ?

ITR-2 is a detailed tax return form applicable to individuals and HUFs with income from various sources other than business or profession. It is suitable for taxpayers who:

✔ Earn from Salary or Pension – Fixed monthly earnings from employment or post-retirement income.
✔ Own Multiple House Properties – Rental income from multiple real estate properties.
✔ Have Capital Gains – Profits from the sale of stocks, mutual funds, or immovable assets.
✔ Receive Foreign Income – Income from investments or assets located outside India.
✔ Hold Directorship in Companies – For individuals serving as directors.
✔ Have Agricultural Income – Above ₹5,000 per financial year.
✔ Earn from Other Sources – Including dividends, interest, lottery winnings, and more.

ITR-2 is NOT applicable for individuals earning business or professional income. Such taxpayers must file ITR-3 or ITR-4.

Who Should File ITR-2 ?

✔ Individuals earning from salary, pension, or multiple house properties.
✔ Investors with capital gains from stock markets, real estate, or mutual funds.
✔ Foreign income earners or Non-Resident Indians (NRIs).
✔ Directors of companies or those holding unlisted equity shares.
✔ Taxpayers with agricultural income exceeding ₹5,000.
✔ Those with dividend earnings exceeding ₹10 lakh (taxable under Section 115BBDA).

Who Cannot File ITR-2?

❌ Individuals earning income from business or professional activities.
❌ Taxpayers filing presumptive taxation under Sections 44AD, 44ADA, or 44AE.
❌ Persons claiming expenses related to business operations.
❌ Individuals required to file ITR-3 or ITR-4 due to business/professional earnings.

If your earnings include business revenue, freelancing income, or professional fees, you must choose the appropriate business tax return form instead of ITR-2.

Documents Required for ITR-2 Filing

To ensure a smooth ITR-2 filing process, have the following documents ready:

📌 PAN Card – Permanent Account Number for taxpayer identification.
📌 Aadhaar Card – Mandatory for tax verification.
📌 Form 16 – Salary and TDS details provided by the employer.
📌 Salary Slips – Breakdown of salary structure.
📌 Bank Statements – For reporting interest and dividend income.
📌 Form 26AS – Summary of tax deducted at source (TDS) and tax paid.
📌 Capital Gains Statements – If you have stock market or property transactions.
📌 Investment Proofs – For deductions under Sections 80C, 80D, 80G, etc.
📌 Foreign Income Details – If applicable, for NRIs or taxpayers with overseas earnings.
📌 House Rent Receipts – If claiming HRA (House Rent Allowance).
📌 Loan Statements – Home loan interest and principal for tax deduction claims.

Step-by-Step Process for ITR-2 Filing

At VSB Consultants Pvt Ltd, we ensure a structured and error-free tax filing process:

Step 1: Data Collection & Review

✔ Collect all necessary documents, including salary, investment, and tax-related proofs.
✔ Verify TDS, advance tax, and deductions to avoid discrepancies.

Step 2: Income Calculation & Tax Computation

✔ Compute total taxable income by including salary, capital gains, house property income, etc.
✔ Apply exemptions and deductions under relevant tax sections.

Step 3: Preparation of ITR-2 Form

✔ Fill in accurate details regarding salary, assets, capital gains, and other income.
✔ Ensure correct disclosure of foreign assets (if applicable).

Step 4: Tax Payment & Verification

✔ If additional tax is payable, make an online payment via Challan 280.
✔ Verify all details for accuracy before submission.

Step 5: Filing & Submission

✔ File the ITR-2 form online through the Income Tax e-Filing portal.
✔ Submit and e-verify via Aadhaar OTP, net banking, or digital signature.

Step 6: Acknowledgment & Follow-Up

✔ Download the ITR-V acknowledgment slip as proof of filing.
✔ Track refund status and respond to IT department notices if required.

With VSB Consultants Pvt Ltd, your ITR-2 filing is fast, secure, and hassle-free.

Why Choose VSB Consultants ?

Get Started Today!

Take the first step toward launching your business with confidence. Our experts will assist you in setting up your sole proprietorship hassle-free.

📞 Call us now on +91 9875991882 or fill out the inquiry form to get expert assistance from VSB Consultants Pvt Ltd!

Frequently Asked Questions (FAQs)

+1. What is the deadline for filing ITR-2 ?

✔ The usual deadline is July 31st of the assessment year.
+2. Can I file ITR-2 if I have business income ?

✔ No, individuals with business or professional income should file ITR-3 or ITR-4.
+3. Can I file ITR-2 if I own multiple properties ?

✔ Yes, ITR-2 is applicable for taxpayers with income from more than one house property.
+4. What deductions can I claim under ITR-2 ?

✔ Deductions under Sections 80C (Investments), 80D (Health Insurance), 80E (Education Loan), 80G (Donations), etc.
+5. How do I verify my ITR-2 after filing ?

✔ Verification can be done via Aadhaar OTP, net banking, or digital signature.
+6. Can NRIs file ITR-2 ?

✔ Yes, NRIs with taxable income in India should file ITR-2.
+7. Is foreign income taxable under ITR-2 ?

✔ Yes, global income is taxable for Indian residents and must be reported.
+8. How long does it take to process ITR-2 ?

✔ Typically, ITR processing takes 30-45 days after submission.
+9. What happens if I miss the ITR-2 deadline ?

✔ Late filing incurs penalties between ₹1,000 to ₹5,000, and loss of certain deductions.
+10. Can I revise my ITR-2 after submission ?

✔ Yes, a revised return can be filed before the assessment year ends.
+11. What are the benefits of filing ITR-2 ?

✔ Compliance with tax laws, easy loan approvals, claim refunds, and avoid penalties.
+12. Is Aadhaar mandatory for ITR-2 filing ?

✔ Yes, Aadhaar is mandatory for verification.
+13. How can I check my ITR-2 refund status ?

✔ Refund status can be tracked on the Income Tax e-Filing portal.