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Income Tax Return 2 (ITR-2) Filing

 

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    Income Tax Return 2 Filing (ITR-2 Form Filing)

    The Income Tax Act, 1961 states that any person falling under the purview of the income tax act will have to pay tax on the income earned in a particular financial year. The assessee could be an individual, partnership, Hindu Undivided Family, or any other business entity.

    The taxpayers who are not eligible to file the ITR-1 can file ITR -2 form to file their income tax returns. The individuals and Hindu Undivided Families who have their income for the financial year through salary or pension, more than house property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources are eligible to file their Income Tax returns using form ITR -2.

    Also, individuals who are not eligible to file using ITR-1 because of the income exceeding Rs.50 lakh can file using ITR-2.

    Who is eligible to file Form ITR-2?

    ITR-2 form can be filed by individuals and the HUF who are not eligible to file form ITR-1 receiving income from the “profits and gains from business or profession”. Thus, persons who have come from the following sources are eligible to file Form ITR-2:

    • Income from Salary/Pension
    • Income from House property ( can be from more than one house property)
    • Income from Capital gains
    • Income from other sources (Lottery, bets on horses, and other gambling)
    • Foreign Assets/Foreign Income
    • Agricultural income more than Rs.5000
    • Resident not an ordinary resident and an NRI.
    • Also, a director of any company and an individual who is invested in unlisted equity shares of a company should file their returns in ITR-2

    Who is not eligible to file Form ITR-2?

    Individuals who have their income under the head of business or profession from a proprietorship should not file ITR Form-2. Also, ITR-2 Form should not be filed by a company or LLP or other types of legal entities.

    How to file ITR-2 Form online?

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    Documents Required for filing ITR-2 Form

    • A copy of last year’s tax return
    • Bank Statement
    • TDS certificates
    • Savings certificates/Deductions
    • Interest statement showing interest paid to you throughout the year.
    • Balance Sheet, P&L Account Statement and other Audit Reports wherever applicable.

    Frequently Asked Questions

    ITR-2 must be filed by individuals and HUFs who are not eligible to file the ITR-1 Sahaj form, because of the following reasons:

    • Income exceeding Rs. 50 Lakhs
    • Having foreign assets/income
    • Having agricultural income which is more than Rs. 5,000,
    • Having taxable capital gains
    • Having income from business or profession as a partner
    • Having more than one house property

    ITR-2 form should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. ITR-2 form can also not be filed by a company or LLP or other types of legal entity.

    ITR-2 form is to be used when the assessee has income that falls into the below category:

    • Accrued income through the sale of assets or property (Capital Gains)
    • Income from more than one housing property
    • Income from countries outside of India
    • Income as a partner in any firm (not proprietorship)
    • Income from agriculture above Rs 5,000
    • Income from any windfall such as lotteries or horse racing
    • Income from Salary/Pension, Housing Property, Other sources that exceed Rs. 50 Lakhs

    ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year.

    Get your ITR-2 form filing done today!

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