ITR-2 Form Filing
Easy ITR - 2 Form Filing with Expert Help from CBS Stracon
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 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.
Aspects of form 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.
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.
Who should not use ITR-2 Form ?
Due date to file ITR - 2
ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year.
When to file ITR-2?
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
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.