Detailed procedure to file ITR-2 (online)

Last Updated On: Aug. 19, 2020, 7:38 p.m.
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STEPS TO FILE ITR-2 FOR THE A.Y 2020-2021

In the view of Difficulties faced by the taxpayers due to COVID-19 pandemic situation, the Government vides Income Tax notification dated 24 June 2020, has extended the deadline for filing return of income for A.Y. 2020-21 from the original due date of 31st July 2020  to 30th November 2020.

 

Who can file ITR-2?

  • Individual/HUF (Resident)
  • Total Income exceeding Rs.50 Lakhs
  • More than One House Property
  • Salary/Pension Income
  • Foreign Assets/Foreign Income
  • Agriculture Income more than 5000

 

Who cannot file ITR-2?

  • Profits/Gains from Business
  • Profits/Gains from Profession

 

Key points to be remembered:

  • The taxpayers having self-assessment tax liability exceeding Rs. 1 lakh are advised to file their ITR 2 in time as there will be no extension of date for the payment of self-assessment tax for them. 
  • The self tax assessment liability exceeds Rs 1 Lakhs, the whole of the self-assessment tax shall be payable by the due date (31st July 2020)  specified in the Income-tax Act, 1961, and delayed payment would attract interest under section 234A of the IT Act.

 

Procedure to file ITR-2 step by step (Online):

Step 1: Go to the website incometaxindiaefiling.gov.in

Step 2: Click on IT Return Preparation Software>Right side>Download> IT Return preparation Software.

 

Step 3: Download Microsoft Excel & Java Utility in the same folder. PC should have Java Run Environment (JRE) version 8 with the latest updates.

Step 4: Login to the account (incometaxindiaefiling.gov.in). Go to My Account and then Download Pre-filled XML (Auto captures the basic details, tax paid from Form 26AS and Form 16, etc)

 

Step 5: Go to the folder where you downloaded Microsoft Excel, Java & Pre-fill XML File.

 

Step 6:Click on Zip File (ITR2_2020) then click on next.

 

Step 7: Click on import general file from pre-fill XML.

 

Step 8: Verify the details in pre-filled XML and entered other requisite details.

Click on Calculate tax, Validate and Generate XML File.

Step 9: Log in to incometaxindiaefiling .gov.in

Go to e-file, upload the XML file and Verify Income Tax Return

 

Hurry up! file your ITR-2 immediately to avoid penalties. You can file it by yourself or connect with us at LegalSuvidha our Professionals will help you to file your ITR-2 in the easiest way.

 

 

 

 

 

 

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