The Income Tax Department has streamlined the filing of Income Tax Returns (ITR) by issuing specific forms tailored to various taxpayer categories, ensuring a simplified compliance process. These ITR forms, available for download online, are designed based on income sources and other factors. According to The Times of India report, the ITR-2 Form, for instance, is applicable to individuals and Hindu Undivided Families (HUFs) receiving income other than “Profits and Gains from Business or Profession.”
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According to the Times of India report, individuals with income from sources such as Salary/Pension, House Property, Capital Gains/Loss, Other Sources (including winnings from lotteries and legal gambling), Foreign Assets/Income, Agricultural Income exceeding Rs 5,000, or those categorized as Resident not ordinarily resident and Non-resident, can utilize the ITR-2 Form.
For filing the ITR-2 Form, taxpayers have the option of both online and offline submission. The report added that offline filing is reserved for individuals aged 80 years or more or those with an annual income below Rs 5 lakhs, not claiming a refund. Offline filing can be done through a physical paper return or a bar-coded return, with an acknowledgment issued upon submission for future reference.
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Alternatively, online filing involves electronic submission under digital signature or transmitting electronically followed by verification through Return Form ITR-V. The acknowledgment is sent to the registered email ID, requiring the taxpayer’s signature and subsequent mailing to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Since ITR-2 is an annexure-less form, no additional documents need to be attached during submission.
This step-by-step guide provides clarity on the offline and online filing processes for ITR-2, accommodating various taxpayer scenarios.
