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ITR-2 Form Filing

ITR-2 Form Filing

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Residents 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 Forms.

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 forms 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 forms must be filed by individuals and HUFs on or before 31st July of every year.

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