1. The ITR-2 is filed by the individuals having a salary of more than Rs 50 lakhs, HUFs not having income from profit or gains of business or profession, and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income, or any agricultural income more than Rs 5,000.
2. In view of the outbreak of Covid-19, 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.
3. However, 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. In the case where 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.
4. In this article, an attempt has been made to explain Step by Step procedure to the online filing of ITR 2 with the help of screenshots.
Step 1 Go to 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 latest updates :
Step 4 Login to account (incometaxindiaefiling.gov.in). Go to My Account. 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). Click on Next
Step 7 Click on import general file from pre-fill XML (last table at Extreme right – above help table)
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. Verify Income Tax Return
Step 10 The last step in filing an income tax return (ITR) is to verify it. If you do not verify your tax return, then it will not be considered valid according to income tax laws.
To verify your ITR using the Aadhaar-based one-time password (OTP), your mobile number must be linked to Aadhaar and registered as such in (UIDAI) database and your PAN must be linked with Aadhaar
Enter the OTP received in the box where it is required and click on submit. On successful submission, your ITR will be verified. One must remember that the Aadhaar based OTP is valid only for 30 minutes.
If your mobile number is not linked to your Aadhaar, then there are other ways to electronically verify your ITR.
You can verify your ITR if you have availed the Net banking facility of your bank account. Before logging in to your bank account, ensure that you are not already logged in on the e-filing website. Your PAN must be registered with the bank as well.
To verify your ITR using Net banking facility, login to your bank account on the bank’s website. Select the e-verify option which is usually under the ‘Tax’ tab. You will be redirected to the e-filing website of the income tax department.
Click on the ‘My Account’ tab and select the ‘Generate EVC’ option. A 10-digit alpha-numeric code will be sent to your email and mobile number. This code is valid for 72 hours. Now, go to .. the ‘e-verify’ option under the ‘My Account’ tab to verify your return. Select the option ‘I have EVC already’.
Enter the OTP that you have received on your mobile number registered with the bank. Click on ‘Submit’ and your ITR will be verified.
You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. ITR-2 is an annexure-less form i.e. you do not have to attach any documents when you send it.
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