ITR-2 FORM FILING - INCOME TAX RETURN

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.

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/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

Who can use ITR-2 form?

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

Who should not file ITR-2 form?

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

When Should ITR-2 be filed?

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 exceeds Rs. 50 Lakhs

What is the due date for filing ITR-2 form?

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

Filing Income Tax Return ITR-2 Form

ITR-2 form can be filed under three methods:

    Filing ITR-2 form using digital signature certificate.
    Transmitting the data in ITR-2 form electronically under electronic verification code.
    By transmitting the data in ITR-2 form electronically and then mailing (By post) the return in Return Form ITR-V to the Income Tax Office.

Assessee filing ITR-2 form under the third method must complete the acknowledgement in ITR-V. After preparing ITR-V, the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to

Post Bag No. 1,

Electronic City Office,

Bengaluru— 560 100,

Karnataka.

The other copy may be retained by the assessee for his record.