Individuals and Hindu Undivided Families (HUFs) who have income from capital gains, more than one house property, foreign income or assets, or total income exceeding ₹50 lakh (and no business or professional income) should file IT Return 2 in Mizoram.
Yes. Salaried individuals must use IT Return 2 in Mizoram if they have capital gains, multiple house properties, foreign income/assets, or income above ₹50 lakh. If income is only salary, one house property, and interest, ITR-1 is more suitable.
Yes. Resident individuals owning foreign bank accounts, shares, mutual funds, real estate, or earning foreign income must file IT Return 2 in Mizoram and disclose details under Schedule FA to comply with FEMA, FATCA, and Black Money Act provisions.
IT Return 2 in Mizoram covers both short-term and long-term capital gains from shares, mutual funds, bonds, land, buildings, and other capital assets. It also allows claiming exemptions under Sections 54, 54EC, and 54F.
Form 16, Form 26AS, AIS report, capital gain sale-purchase documents, bank statements, foreign asset details, and proof of deductions such as investments, insurance, and donations are required for accurate filing.
Yes. Even without capital gains, IT Return 2 in Mizoram is mandatory if you have foreign assets or income exceeding ₹50 lakh. In such cases, ITR-1 and ITR-4 are not applicable.
For individuals not liable to audit, the due date is usually 31st July of the assessment year. Filing after the due date attracts late fees under Section 234F and interest under Sections 234A, 234B, and 234C.
You can file a belated return with a late fee of up to ₹5,000. However, you may lose the benefit of carrying forward losses and may have to pay interest on unpaid tax liabilities.
Exempt income such as dividends, agricultural income, or exempt long-term capital gains must be disclosed under the ‘Exempt Income’ schedule to maintain transparency and avoid future tax notices.
Foreign assets must be disclosed under Schedule FA with complete details such as country, asset type, income earned, and peak balance. This disclosure is mandatory for resident taxpayers.
Yes. The Income Tax Department provides both online and offline utilities (Excel/JSON). However, due to complexity, expert assistance is recommended for accurate filing.
Choosing the wrong ITR form may result in a defective return notice under Section 139(9). The return may be rejected and require refiling, causing delays in refund processing.
Yes. Deductions under Sections 80C, 80D, 80G, 80TTA, and other applicable sections can be claimed, provided valid supporting documents are available.
Yes. IT Return 2 in Mizoram must be e-verified within 30 days using Aadhaar OTP, net banking, or digital signature. Without verification, the return is treated as invalid.
Udyog Suvidha Kendra provides end-to-end assistance including document review, capital gain computation, foreign asset disclosure, accurate ITR selection, filing, and post-filing support to ensure full compliance and zero errors.
