ITR 2 Return Filing

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ITR 2 Return Filing

ITR 2 Form is an Important form income tax return form that is used by the Indian Citizens as well as the NRIs to file the return with the Income-tax department of India. The taxpayers who are not eligible to file ITR 1 can file ITR 1 to file the income tax returns. ITR 2 can be filed by the individuals and Hindu Undivided Families who have their income for the financial year through salary, pension, more than one property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources that include lottery, Racehorses, legal gambling.

Who is eligible to file ITR-2

ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’. Thus, individuals with income from the following sources are eligible to file Form ITR-2:

  • Income from salary/pension
  • Income from house property (income can be from more than one house property)
  • Income from capital gains/loss on sale of investments/property (both short term and long term)
  • Income from other sources (including winning from lottery, bets on race horses and other legal means of gambling)
  • Foreign income
  • Agricultural income of more than Rs 5,000
  • Resident not ordinarily resident and a non-resident

The total income from the above sources may exceed Rs 50 lakh.

Further, if you are a Director of any company and an individual invested in unlisted equity shares of a company, you must file returns in ITR-2.

Documents required to file ITR 2

What documents are required to file ITR 2 returns?

  • Copy of the previous year’s tax return
  • Bank Statement
  • TDS Certificate
  • Savings Certificate/ Deductions
  • Interest Statement that shows the interest that is paid throughout the year.
  • Balance sheet, P & I, Account Statement, and other Audit reports wherever they are applicable.

Who cannot file ITR-2

  • Any individual or HUF having income from business or profession
  • Individuals who are eligible to fill out the ITR-1 form (Sahaj)

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ITR-2 Return Filling FAQ's

Who can file ITR offline, and how?

Only individuals of the age of 80 or more can file ITR offline. The returns can be filed offline by:

  • Furnishing a return in a physical paper form
  • Furnishing a bar-coded return

The income tax department will issue you an acknowledgement when submitting your physical paper return.

Which ITR to file if you have only income from the sale of shares or mutual funds?

If you have only income from the sale of shares and securities or mutual funds, you can file ITR-2.

Can ITR 2 be submitted online?

ITR 2 is applicable for the individuals and the HUFs that do not have any income from business or profession. The ITR 2 filing can be done online on the e-filing portal or in excel utility.

 
How many parts is ITR 2 divided into?

ITR 2 is divided into 2 parts, Part A and B.

 
What does Part B of Form ITR 2 include?

Part B consists of the total income computation and the tax liability on the total income computation.

 

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