ITR 2 Form Filing
TheITR-2is a specific tax return form for individuals and Hindu Undivided Families(HUFs)in India. It is used by taxpayers who have more complex income structures than those who can file the simpler ITR-1 (Sahaj).
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What is the ITR-2 Form?
TheITR-2is a specific tax return form for individuals and Hindu Undivided Families(HUFs)in India. It is used by taxpayers who have more complex income structures than those who can file the simpler ITR-1 (Sahaj).
You must use ITR-2 if you have income sources that are not covered by the simpler ITR-1 form. This includes income from capital gains, earnings from more than one house property, or any foreign assets and income.
The key condition is that taxpayers filing ITR-2do not have income from a business or profession requiring an audit. This form helps you declare all your income, deductions, and tax liabilities to the Income Tax Department of India.
The ITR-2 ensures accurate tax reporting when a taxpayer has:
This form helps the Income Tax Department assess an individual’s full tax liability, ensuring compliance in cases where ITR-1 falls short.
Eligibility Criteria
Income from Capital Gains:This is a primary reason for using ITR-2. If you have earned income from selling shares, mutual funds, property, or any other capital asset, you must file this form.
Income from More than One House Property:Unlike ITR-1, ITR-2 is used if you have rental income from two or more properties, or have a combination of self-occupied and rented properties.
Foreign Income or Assets:If you are a resident in India and have any foreign income or hold any foreign assets, you are required to file ITR-2.
Company Director or Unlisted Shares:If you have been a director in any company or have held unlisted equity shares at any time during the financial year, ITR-2 is mandatory.
Agricultural Income:If your agricultural income exceeds ₹5,000, you must use this form.
Other Income Sources: This includes income from sources like lottery winnings, gambling, horse races, or income from VDAs such as cryptocurrencies and NFTs.
Total Income Exceeds ₹50 Lakh:If your total income for the financial year is more than ₹50 lakh, you are required to file ITR-2.
Non-Residents or RNORs:Individuals who qualify asNon-Resident Indians (NRIs)orResident but Not Ordinarily Resident (RNOR)should file ITR-2 if they meet the income criteria. ITR-1 is only for residents.
Clubbing of Complex Income:If the income of a spouse/minor is clubbed and includes capital gains or foreign income.
Carrying Forward Capital Losses:This form is required if you are carrying forward capital losses from previous years to set them off against your current years income.
Documents Required
Registration Process
1. Prerequisites Before You Start Filing
Before initiating the filing process, ensure the following documents and data are readily available:
2. Logging into the Income Tax Portal and Selecting the ITR-2 Form
Visit the official Income Tax e-filing portal at incometax.gov.in. Log in using yourPAN, password, and captcha, or use Aadhaar OTP or net bankingfor secure access.
3. Navigating the Pre-filled Data: Verification and Editing
The portal auto-populates data from yourForm 26AS, AIS,andTIS.This includes:
4. Filling Your Income Details: Salary, House Property, and Other Sources
Enter income details in the relevant schedules:
5. Reporting Capital Gains Accurately
UseSchedule CGto report all capital gains:
6. Completing the Filing: Tax Payment and Submission
After all income schedules are filled:
7. E-Verify Your ITR-2 Return
Post-submission,e-verificationis compulsory for return validation. Choose from:
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