ITR - 2
ITR-2 is designed for individuals and HUFs (Hindu Undivided Families) with income from multiple sources like salary, house property, capital gains, or foreign assets. At LCT, we simplify the process of filing your ITR-2, ensuring accuracy and adherence to tax laws.
Who Should File ITR-2?
- Individuals and HUFs with income exceeding ?50 lakhs.
- Income from more than one house property.
- Capital gains from the sale of assets (e.g., property, shares).
- Income from foreign assets or foreign income.
- Individuals with agricultural income exceeding ?5,000.
- Those not having income from business or profession.
Why Choose LCT for ITR-2 Filing?
- Experienced Professionals: Our experts ensure all income heads and deductions are correctly reported.
- Time-Saving: Hassle-free and quick filing to meet deadlines.
- Accurate Tax Computation: Guidance on capital gains calculations and exemptions.
- Secure Process: Confidentiality and data security are our priorities.
Steps to File ITR-2 with LCT
Collect Necessary Documents:
- Form 16 and salary slips (if applicable).
- Bank statements and interest certificates.
- Details of capital gains transactions (sale of property, shares, etc.).
- TDS certificates (if applicable).
- Details of foreign income or assets.
Assess Taxable Income:
- Categorize and calculate income from salary, house property, capital gains, and other sources.
Claim Deductions:
- Deduct eligible amounts under Sections 80C, 80D, etc.
Prepare Capital Gains Statement:
- Compute short-term and long-term capital gains along with applicable exemptions (like under Section 54 for property sales).
Review Tax Liability:
- Ensure accurate computation of tax liability based on income and applicable tax slabs.
File the ITR-2 Form:
- Submit the form electronically through the Income Tax Department portal.
Generate and Verify ITR-V:
- Download the acknowledgment and complete e-verification using Aadhaar OTP, Net Banking, or by sending a signed physical copy to CPC Bengaluru.
