ITR-2

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  • Form ITR-2 can be used by Individuals & HUF (Either Resident or Non-resident) for filing their return of Income having the following sources of Income :

    • Salary/Pension
    • More than one House Property Income
    • Income from Capital Gain
    • Having Foreign Assets/ Income
    • Having an Agriculture Income of more than Rs.5000
    • Having an Income of more than Rs. 50 Lakhs

  • Form ITR-2 can’t be filed by any Individual having Income from Business/ Profession either as a Proprietorship or as a Partner.
    Also this form can’t be used by any Firm, Company, LLP or any other Entity.

  • Salary Slips/ Certificate/ Form-16
  • Proof of any Income from Other sources such as FDR Interest/ Post Office Interest.
  • Income from House Property Details
  • Form 16A if any
  • Tax-Savings Investment Proofs
  • Deductions under Section 80D to 80U
  • Home Loan statement from Bank/any other institution
  • Aadhar No.
  • Pan No.
  • Details of Foreign Assets/ Income (if any)
  • Details of TDS/TCS deducted i.e. Form 26AS and Form 27D

Here are some key points about ITR-2:

  1. Applicability: ITR-2 is applicable to individuals and HUFs who do not have income from proprietary business or profession but have income from other sources such as salary, house property, capital gains, interest income, etc.
  2. Income Sources Covered: Taxpayers filing ITR-2 need to report income from various sources including salary, pension, multiple house properties, capital gains (short-term and long-term), income from other sources (such as interest, dividends), and foreign assets/income.
  3. Exclusions: Individuals with income from business or profession are not eligible to file ITR-2. They should use other applicable forms such as ITR-3 or ITR-4.
  4. Comprehensive Form: ITR-2 is more comprehensive compared to simpler forms like ITR-1 (Sahaj). It requires taxpayers to provide detailed information about their income, investments, and assets.
  5. Tax Deductions and Exemptions: Taxpayers can claim deductions under various sections such as Section 80C (for investments in PPF, LIC, etc.), Section 80D (for health insurance premiums), and others. Exemptions like HRA (House Rent Allowance) and LTA (Leave Travel Allowance) can also be claimed if applicable.
  6. Digital Signature: ITR-2 can be filed electronically, and taxpayers are required to digitally sign the return using a digital signature certificate (DSC) or by generating an electronic verification code (EVC).
  7. Verification: After filing the return, taxpayers need to verify the return using one of the prescribed methods, such as Aadhar OTP, net banking, or sending a signed physical copy of ITR-V to the Centralized Processing Centre (CPC) within 120 days of filing.