What precautions should be taken while filing ITR-2?

The Income Tax Return (ITR) is a document that must be submitted to the Income Tax Department of India. It comprises information on a person’s earnings and the taxes that must be paid on those earnings throughout the year.

Those who are Filing the ITRs need to check which ITR form is applicable for Filing the Income Tax Returns as per the provisions of the Income Tax Act.

Individuals and Hindu Undivided Families (HUFs) who are not in the business or profession of any kind should file Form ITR 2. It can be used to file tax returns with the IT Department by Indian nationals and non-resident Indians both.

The ITR-2 form must be submitted if you plan to file your income tax returns. It is not available to partners in Partnership Firms, HUFs, or individuals who are qualified and eligible for the ITR 1 form.

Sometimes we see that when a taxpayer who is filing tax return for the first time, do mistakes in filing ITR because they do not know in which category they fall or what is the process of filing, also what important points that they should keep in mind while preparation to file ITR. Let us tell you what precautions you should take.

Important Precautions that need to be kept in mind while filing ITR-2:

To avoid issues in filing your return and getting your refund, you must ensure you have done the following:

• Linked Aadhaar and PAN.
• Pre-validated the bank account into which you wish your refund to be sent.
• Choose the correct ITR before filing it; otherwise, the return will be considered faulty, and you will be required to file a fresh ITR using the correct form.
• Within the deadlines given, file the return.
• Verify your return – the simplest approach to verify your ITR is to use e-Verification (preferred choice – e-Verify Now).