ITR 2 is a form which has specific reasons, there are few transaction which are to be declared in ITR 2 to comply your tax responsibility.

Why to file ITR 2?

1. Real Estate Capital Gains:

Filing ITR 2 becomes imperative when you have income form capital gains from real estate transactions. If you have invested money in any property and sale it you need to pay capital gain if consideration is profitable and if your sold property in loss, you need to book loos in your ITR which will reduce tax liability in future ITR. If you have capital gain from property and claiming exemptions under sections like 54 or 54F when you reinvest capital gains in another property, no tax to be paid on consideration received form sold property. This will help in minimizing your tax liability.

2. Stock Market Capital Gains:

If you have made money investing in stock market, mutuals, shares, you need to file ITR 2.

3. Individual who earn more than 50 lacks as Salary need to file ITR 2.

Who Can File ITR 2?

Individuals and Hindu Undivided Families (HUFs) who do not run business or profession but have income from other sources like foreign assets/income, or capital gains. ITR 2 Form is filed to declare your Income.

Importance of ITR Filing

Legal Obligation: Filing your taxes is a legal requirement. Failure to do so can lead to penalties and legal action.

Tax Compliance: Accurate filing guarantees that you are in compliance with all tax laws.

Tax Optimization: Filing the right form helps you to optimize your tax planning. You can claim all allowed exemptions and deductions to reduce your tax liability. If your earning is more than 2.5 Lacks, you are mandatorily file your ITR.

Last Date for Filing

The last date for filing ITR typically falls on July 31st of the assessment year. If you fail to file you need to pay penalty thereafter.

If you are looking for ITR 2 filing service in Gurgaon or Gurugram and nearby area, please call us on 📞 +91-9719586772 or write us on info@sktaxlawfirm.com

Services Available in Following Areas

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Real Estate Capital Gains ITR in Gurgaon, Stock Market Capital Gains Filing in Gurgaon, Online Tax Consultant for ITR 2 in Gurgaon