The income tax is a tax levied and collected by the government on a person’s earnings. The Income-tax Act of 1961 governs the provisions of income tax.
An income–tax return (ITR) is a declaration of income and tax owed by a taxpayer to the Internal Revenue Service in a prescribed format. The Income-tax Department approves several forms of income returns for different taxpayers with various incomes from various sources throughout the year.
- ITR-2A is a newly added income tax return form for individuals and HUFs (Hindu Undivided Family).
- You will be required to fill out the ITR 2A Form to register for your income tax returns if you are a salaried employee or a member of a Hindu United Family with control of more than one private property and do not have any capital gains profits.
- When it comes to filing taxes, income tax forms are reports that must be filled out and given.
Those Who Are Unable To Register On ITR-2A
Those who have the following items cannot complete the ITR-2A income tax return:
- Gains on capital investments
- Income from a job or a business
- Any relief or reduction granted under sections 90, 90A, or 91
- Any citizen with an asset (including a financial stake in a company) located outside of India, or any contracting authority in a statement located outside of India.
- Any citizen who earns money from sources other than India.
The Advantages Of ITR Filing
Filing an ITR not only makes you tax-compliant but also provides you with the following advantages:
ITR-2A Form Structure
ITR-2A is separated into two sections, each with its schedule:
- Part-A: Identifiable data and additional data that are common.
- Part-B-TI: The total income is calculated.
- Part B-TTI: Calculation of total income tax liability
- Declaration of payment of tax on self-assessment and advance tax, TDS on payrolls, and TDS on non-salary wages are all included in tax returns.
- Calculation of income below the head payrolls or salaries (Schedule-S).
- Calculation of income under the heading Income from House Property on Schedule-HP.
- Schedule-OS: Estimation of revenue from other sources to support the head Income.
- Schedule-CYLA: Interest after set-off for losses in the current year
- Schedule-BFLA: Income report after unabsorbed loss carried forward from prior years is deducted.
- CFL Schedule: Loss declarations will be pushed forward to future years.
- Schedule-VIA: Below is Chapter VIA, a description of the results (based on total profit).
- Schedule 80G: Confirmation of donations eligible for a Section 80G deduction.
- Schedule SPI: Description of income beginning with the assessee’s spouse/secondary child/wife son’s or any other individual organization of persons involved in the assessee’s interest in Schedules-HP, OS, and CG.
- Schedule-SI: A list of assets that are subject to specific tax rates.
- Schedule-EI: Income not in the cluded in the total revenue report
- Schedule-5A: According to the Portuguese Civil Code, a declaration of allocation of assets between spouses is required.
How To File Form ITR 2?
Both online and offline registration is available for ITR-2A. E-filing income tax returns are required when:
- You have a total income of more than Rs.5 lakhs.
- You’re requesting a refund.
- You are requesting DTAA relief because you have international assets and assets (including a commercial interest in a company).
Necessary Documents Required For ITR -2A
- 16th Form: It’s a TDS certificate that your firm gives you to show you the details of the payroll you’ve been paid and any TDS you’ve been charged.
- The post office and the bank both issued interest certificates.
- Form 26AS: It’s your annual tax return as a whole. It’s similar to your tax passbook, which keeps track of all the taxes levied on your PAN. It consists of the following:–
- TDS deducted by banks
- You transfer advance taxes throughout the fiscal year.
- Your company’s TDS deduction.
- Taxes paid by you through self-assessment.
- Any other companies deduct TDS from payments made to you.
- Advance Proofs That Save You Money On Taxes:-
- Documentation to support claims for deductions under sections 80D to 80U.
- Bank or NBFC home loan report.
- Validation of a bank statement in advance of an ECS payment.
- Gains in capital
- The Aadhaar card is a government of India-issued unique identifying number.
- Obtain information on a confidential stock investment.
- Obtain bank account information.
- Passbooks for post office and bank savings accounts, as well as PPF accounts, should be updated.
- Receipt of pay
ITR-2A Form Frequently Asked Questions
Is it possible to submit the ITR 2 form online?
Every taxpayer who is eligible to file ITR Form 2 can do so electronically through the IRS’s e-filing system. The digital signature can be used to register an ITR electronically. However, using digital signatures alone to file ITR Form 2 online is not required.
Explain The ITR-2 Download Procedure:
- The first step in the ITR-2 download process is to go to the government’s Income Tax Department website: Income Tax Department website. Register as a user to begin the ITR-2 download procedure. After you’ve completed the signup process.
- Go to the Income Tax Department’s website and log in to your account.
- Under the Download menu, select the “Offline Utilities” option.
- Then click on the “Income Tax Return Preparation Utilities” button that opens.
- For the Income Tax Return Preparation Utilities, select “Assessment Year.”
- The ITR-2 Form can then be downloaded in excel format by selecting the tab “Excel Utility.”
- The ITR-2 form will be downloaded in ZIP format to your PC or laptop. Fill in all of the blanks in the file.
Is it necessary to include a balance sheet in ITR 2?
Separately, individuals and HUFs that start a business or provide a service are required to file portions of their assets and debts on a balance sheet. Taxpayers categorizing ITR-2, which includes taxpayers with income beyond Rs. 50 lakh, are said to have registered for the plan AL.
Hello, I am Jyoti Bhardwaj, an lawyer pursuing LLB, having completed Bachelor of Commerce (B.Com) and Post Graduate Diploma in Computer Applications (PGDCA). I am a professional working with Finaxis Business Consultancy Pvt. Ltd. who believes that reading is a bliss and sharing knowledge is the virtuous way of acquiring knowledge. Thus, an avid reader who loves blogging and writing pretty much sums up who I am.