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 Form

  • 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 included 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-16B/Form-16A/Form-16C
  • 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:
  1. TDS deducted by banks 
  2. You transfer advance taxes throughout the fiscal year.
  3. Your company’s TDS deduction.
  4. Taxes are paid by you through self-assessment.
  5. Any other companies deduct TDS from payments made to you.
  • Advance Proofs That Save You Money On Taxes:-
  1. Documentation to support claims for deductions under sections 80D to 80U.
  2. Bank or NBFC home loan report. 
  3. Validation of a bank statement in advance of an ECS payment.
  4. Gains in capital
  5. The Aadhaar card is a government of India-issued unique identifying number.
  6. Obtain information on a confidential stock investment.
  7. Obtain bank account information.
  8. Passbooks for the post office and bank savings accounts, as well as PPF accounts, should be updated.
  9. 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.