Documents Needed to File ITR using Form-2.

10 Documents Needed to File Income Tax Return using Form ITR-2.

The Income Tax Return (ITR) form a Taxpayer has to use to File their Return will depend on the Residential Status and Total Income Earned during the Financial Year (FY).

Most of us are Salaried Individuals who will have to use the ITR-1 Form to file our Tax Returns. However, some might have to use ITR-2.

Taxpayers Eligible for ITR-2:-

According to the Income Tax website, “ITR-2 can be filed by Individuals or HUFs who:

1. Are not eligible to File ITR-1 (Sahaj),
2. Do not have Income from Profit and Gains of Business or Profession and
3. Do not have Income from Profit and Gains of Business or Profession in the Nature of:

• Interest,
• Salary,
• Bonus, and
• Commission or Remuneration, by whatever name called, due to, or received from a Partnership Firm.

A Taxpayer must Electronically submit Form ITR-2. This can be accomplished entirely Online or Partially Online and Partially Offline.

Documents Required:-

1. Form 16 from Company, if Salary is received.
2. TDS certificates, i.e., Form 16A issued by Deductors, if TDS was Deducted from Interest Earned.
3. Form 26AS, to confirm TDS on Salary and TDS other than Salary.
4. Rent-paid Receipts to calculate HRA Exemptions if any.
5. Summary of Profit/Loss Statement of any Capital Gain Transactions during the year, if any.
6. Bank Passbook and Fixed Deposit Receipts (FDRs), to figure out how much Interest is Earned.
7. Rent Received Receipts if any Property is Rented.
8. Documentation proving the Loss, if an individual wants to Claim Loss for this year.
9. ITR-V from the Prior Year, which discloses the loss, if an individual wants to Claim Loss for the prior year.
10. If the same were not taken into account in Form 16, Documentation or Evidence to Claim Tax Deductions under Sections 80C, 80D, 80G, and 80GG, such as Receipts for Life and Health Insurance, Donations, Rent, etc, are required.

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HARSHIT SAHU

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