ITR 2 refers to Income Tax Return Form 2, which is one of the forms prescribed by the Income Tax Department of India for individuals and Hindu Undivided Families (HUFs) to file their income tax returns.
🔍 Who Should File ITR 2?
ITR 2 should be filed by individuals and HUFs who are not eligible to file ITR 1 (Sahaj) and who have income that includes:
-
Income from Salary or Pension
-
Income from House Property (more than one house property)
-
Capital Gains (short-term or long-term from sale of property, shares, mutual funds, etc.)
-
Other Sources (interest income, dividends, lottery winnings, etc.)
-
Foreign Assets/Income or NRIs (Non-Resident Indians)
-
Agricultural income exceeding ₹5,000
❌ Who Cannot Use ITR 2?
-
Individuals or HUFs with income from business or profession (use ITR 3 instead).
-
Individuals eligible to file ITR 1 (i.e., income up to ₹50 lakh from salary, one house property, and other sources like interest).
📋 Key Features of ITR 2:
-
Detailed disclosure: Requires reporting of various sources of income in detail.
-
Capital gains schedule: Must include full computation and details.
-
Foreign income and assets: Mandatory reporting for residents with holdings or income abroad.
-
No audit required: As long as there is no business/professional income.
📅 Filing Deadline:
-
Typically 31st July of the assessment year for individuals not subject to audit.
🛠️ Modes of Filing:
-
Online via the Income Tax e-filing portal https://incometax.gov.in
-
Offline (paper form) for certain categories (like super senior citizens)
🧾 Documents Required:
-
PAN, Aadhaar, bank statements
-
Form 16, Form 26AS
-
Capital gains statements
-
Details of foreign assets (if applicable)
-
TDS certificates
-
Investment proofs for deductions
Please feel free to reach out to us if you need any assistance