ITR-2 Return Filing

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Expert ITR-2 Filing Services – N D Savla & Associates

Filing ITR-2 (Income Tax Return Form 2) requires careful attention to detail, especially if you earn income from capital gains, multiple house properties, foreign assets, or lottery winnings. At N D Savla & Associates, a reputed Chartered Accountant firm in Mumbai, we offer end-to-end support for accurate and timely ITR-2 filing.

Our tax experts help you navigate the complexities of the ITR-2 form, ensuring compliance, accuracy, and peace of mind. Whether you’re a salaried employee with capital gains or a non-resident Indian with foreign income, we’ve got you covered.

What is ITR-2?

ITR-2 is a type of income tax return form designated for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession, but earn from:

  • Salary or Pension

  • More than one house property

  • Capital gains or losses (short-term or long-term)

  • Foreign income or foreign assets

  • Agricultural income over ₹5,000

  • Income from lotteries, racehorses, legal gambling, etc.

  • Being a Director in a listed/unlisted company

If your income profile matches any of the above, ITR-2 filing is mandatory for the relevant financial year.

Who Can File ITR-2?

You are eligible for ITR-2 Form Filing if you are an Individual or HUF and your income includes:

  • Salary or pension income

  • Rental income from multiple properties

  • Capital gains from sale of stocks, mutual funds, land, or property

  • Foreign income or ownership of foreign assets

  • Income from lottery winnings or racehorses

  • Agricultural income exceeding ₹5,000

  • You are a Resident Not Ordinarily Resident (RNOR) or a Non-Resident (NRI)

  • You are a Director in a company

Who Cannot File ITR-2?

You cannot use ITR-2 if:

  • You have income from business or profession

  • You are eligible for the simpler ITR-1 (Sahaj) form

  • You are claiming tax relief under Section 90/90A/91 for foreign tax

Structure of the ITR-2 Form

The ITR-2 Form consists of the following key components:

  • Part A – Personal Information

Includes details like PAN, Aadhaar, name, contact details, address, and filing status.

  • Part B-TI – Computation of Total Income

Calculates total income from all sources: salary, capital gains, house property, and other sources.

  • Part B-TTI – Computation of Tax Liability

Details tax calculation based on total income, tax payable, and any reliefs.

Schedules

The form includes several income and deduction schedules for different sources such as capital gains, house property, TDS, and more.

Documents Required for ITR-2 Filing

ITR-2 is an annexure-less return, meaning no documents need to be attached. However, keep the following documents ready for a smooth and accurate filing process:

  • Form 16 / Form 16A – From employer or deductors

  • Form 26AS, AIS, TIS – For tax credit verification

  • Capital gains statements – From brokers or mutual funds

  • Bank statements – For interest and dividend income

  • Details of foreign assets/income – If applicable

  • PAN & Aadhaar Card

  • Investment proofs – For deductions under Sections 80C, 80D, 80G, etc.

Instructions for Filing ITR-2

When filing the ITR-2 form:

  • Complete sections in this order: Part A → Schedules → Part B-TI → Part B-TTI → Verification

  • Mark “NA” for schedules not applicable

  • Round off values to the nearest rupee (tax and income to nearest ₹10)

  • Choose correct employment category (Govt, PSU, Private)

  • Avoid filing ITR-2 if claiming foreign tax relief (Section 90/91) – use ITR-3 instead

Modes of Filing ITR-2

  • Offline Filing (Physical Form)

Available only for individuals aged 80 years or above. Return can be submitted via physical paper form or barcoded return.

  • Online Filing (Recommended)

File electronically through the Income Tax e-Filing Portal:

  • With or without a Digital Signature Certificate (DSC)

  • Post-filing verification can be done via ITR-V or e-Verification

Upon submission, an acknowledgment is sent to your registered email ID.

ITR-2 Due Date for AY 2024-25

The last date for filing ITR-2 for Assessment Year 2024–25 (FY 2023–24) is:

🗓️ July 31, 2025 – For individuals not subject to tax audit
🗓️ December 31, 2025 – Final extended due date (with late fees)

Avoid penalties by filing on time with professional help.

Penalties for Late ITR-2 Filing

  • ₹5,000 penalty if total income exceeds ₹5 lakh

  • ₹1,000 penalty if total income is under ₹5 lakh

  • 1% monthly interest on unpaid tax amount

  • No carry forward of certain losses if filed after due date

  • Possible scrutiny or notices from the Income Tax Department

Why Choose N D Savla & Associates for ITR-2 Filing ?

At N D Savla & Associates, we deliver expert, reliable, and confidential tax filing services. Here’s what sets us apart:

  • Specialized ITR-2 knowledge for complex income sources
  • Accurate tax computation to avoid notices or rejections
  • Personalized consultation based on your income profile
  • Assistance with capital gains and foreign asset reporting
  • Deadline tracking to ensure timely compliance
  • Online & in-person filing support 

Let our team handle your taxes while you focus on your financial goals.

Contact N D Savla & Associates Today

Ready to file your ITR-2? Reach out to N D Savla & Associates – your trusted Chartered Accountant in Mumbai – for professional, affordable, and hassle-free ITR filing services.