“ITR Filing: ITR2 Online Form for FY2022-23 (AY 2023-24) Now Available on Income Tax Department’s User-Friendly e-Filing Portal!”

Following the release of the ITR-1 and ITR-4 forms, the income tax department has enabled the online filing option for the ITR-2 form.
Taxpayers can now access the ITR-2 form online and enjoy the convenience of pre-filled data, streamlining the filing process.

Offline Option: ITR-2 Offline Form Released for Download

In addition to the online option, the income tax department has also released the offline Excel utility for the ITR-2 form.

Taxpayers can download the offline form, fill it out offline with the necessary information, and later upload it to the e-filing portal for electronic filing.

 What are the benefits of using the online ITR2 form?

The online ITR2 form comes with pre-filled data, making the filing process more convenient and efficient. Taxpayers can review and correct the pre-filled information, simplifying the process.

Who is eligible to file the ITR2 form for the assessment year 2023-24?

The ITR-2 form is suitable for resident individuals and Hindu Undivided Families (HUFs) who earn income under the heading ‘Profits and Gains from Business or Profession’ .Therefore, you are eligible to file income tax returns with an ITR-2 form if you earn income from the following sources:

If you have income from the following sources, you are eligible to file income tax returns using the ITR-2 form:

-Salary or pension
-House property (including multiple residential properties)
-Capital gains or losses from the sale of property or investments (both short-term and long-term)
-Income from other sources, such as lottery winnings or horse racing
-Agricultural income exceeding ₹5,000
-Foreign income or income from foreign assets
-Being a director of a company or having investments in unlisted equity shares

Who is not eligible to file income tax returns using the ITR-2 form?

Taxpayers falling under the following categories are not eligible to file income tax returns using the ITR-2 form:

-Individuals or HUFs with income from a profession or business
-Taxpayers who meet the criteria for filing returns using the ITR-1 form, which is the simpler form for individuals with income from salary, one house property, and other sources

Data Verification: Ensuring Accuracy and Consistency

To maintain data accuracy, it is essential for taxpayers to verify their information against Form 26AS and the Annual Information Statement (AIS).

This verification process ensures that the information provided by taxpayers aligns with the data held by the income tax department.

What precautions should taxpayers take while filing their ITR2 to avoid issues?

Taxpayers should ensure that

-They have linked their Aadhaar and PAN,

-Pre-validated their bank account for refunds,

-Selected the correct ITR form-otherwise filed return will be treated as defective and you will need to file a revised ITR using the correct form.

-Filed within the specified timelines,

-Verified their return to avoid any complications- The easiest way to verify your ITR to opt for e-Verification (recommended option – e-Verify Now)

What is the deadline for filing the ITR2 for the assessment year 2023-24?

The deadline for filing the ITR2 for salaried individuals and non-auditable accounts is typically July 31, 2023.

However, taxpayers should stay updated on any deadline extensions announced by the government.

How can taxpayers access the online ITR2 form on the Income Tax Department’s e-filing portal?

Taxpayers can visit the Income Tax Department’s e-filing portal and navigate to the section for filing income tax returns.

They can then select the appropriate assessment year and form (ITR2) to access and fill out the form online.

What steps are involved in the offline filing process using the ITR2 Excel utility?

To file offline using the ITR2 Excel utility, taxpayers need to download the utility from the Income Tax Department’s e-filing portal.

They can then fill in the required information offline, save the filled-in form, and upload it to the e-filing portal for electronic filing.

How can I file my income tax return using ITR-2?

You have the option to file your income tax return offline or online, depending on your eligibility. Here are the steps for filing ITR-2 online:

– Visit the official website of the income tax e-filing portal.
– Log in using your user ID (PAN), password, and CAPTCHA code.
– Choose the “e-File” option from the menu.
– Click on “Income Tax Return” and select the appropriate assessment year and ITR form number (ITR-2).
– Select the filing type as “Original/Revised Return.”
– Read the instructions carefully and fill in all the applicable and mandatory fields in the ITR-2 form.
– Save the draft periodically to avoid loss of data.
– Choose the appropriate verification option for taxes paid and verification.
– Verify your income tax return through e-verification within 120 days or by sending a signed ITR-V form by post within 120 days.
– Preview and verify the accuracy of the data in your ITR.
– Submit your ITR-2 form.

Additionally, you can also file your ITR-2 offline using the Excel utility and then submit it online. Here’s how:

– Visit the income tax e-filing portal and go to “e-Nivaran” followed by “Downloads.”
– Download the Microsoft Excel file for the relevant assessment year.
– Extract the downloaded zip file, open the Excel file, and enable content and macros.
– Fill in the required data in the Excel file, validate all tabs, and calculate the tax.
– Save the file as an XML file.
– Log in to the income tax e-filing portal and follow the same steps as mentioned earlier.
– Select the “Upload XML” option and submit the Excel file to file your ITR-2.

It is important to note that the steps provided are a general guide, and it is recommended to refer to the official income tax e-filing portal and follow the instructions provided on the website for accurate filing.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies are their own and not that of the website or its management. Aceink.com advises users to check with certified experts before taking any investment decisions.