Income Tax
ITR-2 Return Filling
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 Use 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.