itr-2 form filing

ITR-2 is an income tax return form used by individual taxpayers and Hindu Undivided Families (HUFs) who do not have income from a business or profession. This form is more comprehensive than ITR-1 and covers a wider range of income sources.

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Demystifying ITR-2 Form Filing | Your Essential Guide to an Easier Tax Season

ITR-2 is an income tax return form used by individual taxpayers and Hindu Undivided Families (HUFs) who do not have income from a business or profession. This form is more comprehensive than ITR-1 and covers a wider range of income sources.

What you need to know about ITR-2

  1. Applicability: ITR-2 applies to individual taxpayers and HUFs who have income from sources other than a business or profession. This includes:
    • Resident and non-resident individuals
    • Individuals who are ordinarily residents of India
    • HUFs
  2. Income sources: ITR-2 covers income from the following sources:
    • Salary or pension
    • Income from multiple house properties
    • Income from capital gains (both short-term and long-term)
    • Agricultural income exceeding INR 5,000
    • Income from other sources, including lottery and racehorse winnings
    • Income from foreign assets and income taxable under section 115BBDA (dividends exceeding INR 10 lakh) or 115BD (income from specified foreign companies)
    • Individuals claiming relief under sections 90, 90A, or 91
  3. Not applicable to: ITR-2 does not apply to:
    • Individuals and HUFs with income from a business or profession
    • Individuals who are eligible to file ITR-1
  4. Filing process: Taxpayers can file ITR-2 either online or offline. For online filing, taxpayers can use the Income Tax Department’s e-filing portal (www.incometax.gov.in) and submit the form using a digital signature or Electronic Verification Code (EVC). For offline filing, taxpayers can download the ITR-2 utility from the e-filing portal, fill it out, and submit the printed form to the Income Tax Department.
  5. Sections in ITR-2: The form is divided into multiple sections, such as personal information, income details, deductions, tax computation, and verification. Taxpayers need to fill in the required information accurately to ensure correct tax computation and filing.
  6. Deadline: The deadline for filing income tax returns, including ITR-2, is usually July 31st of the assessment year. However, the deadline may be extended by the Income Tax Department, depending on the circumstances.
  7. Documents required: While filing ITR-2, taxpayers need to keep relevant documents handy, such as Form 16, Form 16A, Form 16B, Form 26AS, bank statements, documents related to capital gains, documents related to deductions claimed under Chapter VI-A, and details of foreign assets and income.

By understanding the applicability, requirements, and filing process for ITR-2, taxpayers with more complex income sources can file their income tax returns accurately and efficiently.

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Documents Required

  • Form 16
  • Bank Statement
  • Details of Other Income
  • Home Loan Repayment
  • Schedule Rental
  • Receipts Donation
  • Receipts Insurance
  • Payments Mutual Fund
  • Investments Medical
  • Bills School / College
  • Bills Salary Slips