Sadaweh Financial Solutions (OPC) Pvt. Ltd.’s Tailored Solutions for ITR-2 Filing
ITR-2 filing is essential for individuals and Hindu Undivided Families (HUFs) in India who earn income but not from business or professional activities. Sadaweh Financial Solutions (OPC) Pvt. Ltd. provides expert guidance, making the filing process smooth and hassle-free so you can stay compliant and focus on your priorities.
Overview of ITR-2 Form
| Aspect | Details |
| Form Purpose | Report income from sources other than business/professional activities for individuals and HUFs. |
| Applicable Income | Salary/Pension, House Property, Capital Gains, Other Sources (e.g., lotteries, betting), Foreign Income |
Eligibility for ITR-2 Form
| Criteria | Details |
| Income from Salary/Pension | For those earning from salary or pension |
| Income from House Property | Income from rental properties, including multiple properties |
| Capital Gains | Earnings from asset sales (long-term and short-term gains/losses) |
| Other Sources | Income from lottery, betting, gambling, etc. |
| Agricultural Income | Above ₹5,000 from agricultural activities |
| Foreign Income/Assets | Earnings or assets held outside India |
| Resident Status | RNOR (Resident but Not Ordinarily Resident) or Non-Resident |
| Director Position | Directorship in any listed or unlisted company |
Not Eligible for ITR-2:
- Individuals with income from business or professional activities
- Those eligible for ITR-1 (Sahaj)
Structure of the ITR-2 Form
| Section | Details |
| Part A | General details (Name, PAN, Aadhaar, Address, Contact, etc.) |
| Part B | Total Income and Tax Liability calculation |
| Part B-TI | Computation of Gross Total Income with deductions |
| Part B-TTI | Final tax liability based on total income |
Additional Schedules:
- Specific schedules within the form provide detailed sections for reporting income sources and deductions.
Documents Needed for ITR-2 Filing
| Document | Purpose |
| Form 16/16A | Details of salary and TDS |
| Form 26AS/AIS | Tax credit and TDS details |
| Bank Statements | Records of income from interest, dividends, etc. |
| Capital Gains | Details of asset sales (stocks, property, etc.) |
| Foreign Income | Related documents if you have foreign income/assets |
| PAN & Aadhaar | Required for identification |
Tips for Completing the ITR-2 Form
- Section Order: Start with Part A, then move through schedules, Part B-TI, Part B-TTI, and finish with verification.
- Mark NA: Write ‘NA’ for any non-applicable sections.
- Rounding Off: Round amounts to the nearest rupee, except income/loss and tax payable, which should round to the nearest ten.
- Employer Category: Select ‘Government’ for government jobs, ‘PSU’ for public sector undertakings.
- No Double Taxation Relief: If claiming relief under sections 90/90A/91, use a different form.
Modes of Submission for ITR-2
| Mode | Details |
| Offline Filing | Available for individuals aged 80+, using a physical or bar-coded form. Receive acknowledgment upon filing. |
| Online Filing | Submit through the Income Tax Portal. Verification of the return is required using ITR-V. A digital acknowledgment is sent by email. |
Why Choose Sadaweh Financial Solutions (OPC) Pvt. Ltd. for ITR-2 Filing?
| Feature | Benefit |
| Expert Guidance | Receive thorough guidance for accurate and compliant filing. |
| Convenience | File your ITR-2 from anywhere, at any time, via our easy-to-use platform. |
| Accuracy | Ensures error-free filing to minimize tax-related issues. |
| Timely Filing | Prevent penalties by meeting deadlines with timely submissions. |
| Customer Support | Get expert assistance at every stage of the filing process. |
Common Mistakes to Avoid While Filing ITR-2
| Mistake | Solution |
| Incorrect Personal Details | Double-check your PAN, Aadhaar, and contact information before submitting the form. |
| Wrong Form Selection | Ensure you are eligible for ITR-2 and not ITR-1 or ITR-3 based on your income sources and tax requirements. |
| Inaccurate Income Reporting | Accurately report all income sources, including foreign income, capital gains, and any other taxable income. |
| Omitting Deductions | Review applicable deductions under Sections 80C, 80D, etc., to maximize tax savings. |
| Missed Verification | Remember to verify your return through the ITR-V form or e-verification to complete the process. |
Key Benefits of Filing ITR-2
| Benefit | Explanation |
| Loan and Credit Approvals | A filed ITR serves as proof of income, essential for obtaining loans and credit cards. |
| Claiming Refunds | Filing ensures you receive refunds if excess TDS has been deducted on your income. |
| Income Proof | An ITR acknowledges and documents your income, beneficial for legal and financial purposes. |
| Compliance | Stay compliant with income tax regulations to avoid penalties or interest for late filing. |
| Avoiding Tax Notices | Proper filing and accurate reporting reduce the chances of receiving tax scrutiny or notices. |
Sadaweh Financial Solutions (OPC) Pvt. Ltd.’s Additional Services for ITR Filers
| Service | Benefit |
| Tax Planning | Optimize your tax liabilities and deductions to save on tax payments. |
| Foreign Asset Reporting | Expert guidance on reporting foreign income and assets, ensuring full compliance with tax laws. |
| Capital Gains Calculation | Assistance in accurately calculating capital gains for investments and asset sales. |
| Document Verification | A complete review of required documents to ensure accuracy before submission. |
| Tax Audit Support | If needed, receive professional guidance during any tax audits or inquiries by the Income Tax Department. |
Additional Documents That May Be Needed for Specific Situations
| Document Type | Purpose |
| Property Sale Documents | Required if claiming capital gains or losses on property sales. |
| Foreign Tax Credit Details | Needed if claiming foreign tax relief (for RNOR and NRI individuals). |
| Insurance Premium Receipts | Proof of payment under Sections like 80C or 80D to claim deductions. |
| Mutual Fund/Stock Statements | Required for calculating capital gains on investments. |
| Interest Certificates | Certificates from banks to report accurate interest income. |
Sadaweh Financial Solutions (OPC) Pvt. Ltd.’s Advantages for NRIs and Expats
| Service | Benefit |
| Expert NRI Assistance | Specialized tax advisory for Non-Resident Indians to ensure compliance with Indian tax laws. |
| Foreign Asset Reporting Guidance | Assistance in reporting foreign assets to comply with Indian regulations. |
| Double Taxation Relief Support | Guidance on utilizing Double Taxation Avoidance Agreements (DTAA) if you earn foreign income. |
| Cross-Border Investment Filing | Help with accurate reporting for capital gains and investments made outside India. |
Common Queries About ITR-2 Filing with Sadaweh Financial Solutions (OPC) Pvt. Ltd.
| Query | Answer |
| How long does it take to file? | Filing through Sadaweh Financial Solutions (OPC) Pvt. Ltd. typically takes a few hours to a day, depending on document availability and complexity. |
| Can Sadaweh Financial Solutions (OPC) Pvt. Ltd. file past returns? | Yes, Sadaweh Financial Solutions (OPC) Pvt. Ltd. can assist with previous year returns if you missed earlier filing deadlines. |
| Does Sadaweh Financial Solutions (OPC) Pvt. Ltd. provide consultation? | Yes, we offer pre-filing consultations to discuss any unique income, deductions, or tax-saving strategies. |
| Are consultations confidential? | Absolutely; all client information is kept private and secure. |
Get Started with Sadaweh Financial Solutions (OPC) Pvt. Ltd.
Let Sadaweh Financial Solutions (OPC) Pvt. Ltd. handle your ITR-2 filing with ease. Contact us today for expert assistance with your Income Tax Return and enjoy a hassle-free tax filing experience.