ITR-2 Filing (Above ₹50 Lacs)

Even if your only income source is salary, once total income exceeds ₹50 lakh, you must file ITR-2 instead of ITR-1 (Sahaj).

Yes, if your total tax liability exceeds ₹10,000, advance tax is payable in installments. Our team can compute and guide you on advance tax payments.

Schedule AL (Assets & Liabilities) is required for individuals with total income exceeding ₹50 lakh. It requires disclosure of all assets and liabilities as on the balance sheet date.

Yes, foreign tax credit (FTC) under section 90/90A can be claimed for taxes paid outside India. Schedule FSI and Schedule TR are used for this purpose.

Surcharge of 10% applies if income exceeds ₹50 lakh, 15% if exceeds ₹1 crore, 25% if exceeds ₹2 crore, and 37% if exceeds ₹5 crore under the old tax regime.

ITR-2 is mandatory for individuals and HUFs with total income exceeding ₹50 lakh, even if the income is only from salary. It is also for those with capital gains, foreign assets, multiple properties, or company directorship.

Our premium ITR-2 plan for income above ₹50 Lacs is ₹5,459, plus government fees. This includes dedicated CA, Schedule AL preparation, foreign tax credit claims, and comprehensive tax optimization.

Late filing fee under section 234F is ₹5,000 (before Dec 31) or ₹10,000 (after Dec 31). Additionally, interest under 234A at 1% per month applies. For high-income taxpayers, penalties can be substantial.

While self-filing is possible, income above ₹50 Lacs requires Schedule AL (Asset & Liability disclosure), surcharge computation, and potentially foreign tax credit — best handled by an experienced CA.

Benefits include expert handling of Schedule AL, foreign tax credit under DTAA, surcharge and cess computation, capital gains optimization, and personalized CA support for complex tax situations.