ITR-2

ITR-2 FORM

DESCRIPTION

The ITR Form 2 is a form that is for Individuals and Hindu Undivided Family (HUF) which receives income other than income from the category, that falls under “Profits and Gains from Business or Profession”, as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India.

PEOPLE WHO HAVE TO FILE ITR-2 FORM

Taxpayers or HUF’s who are not eligible to file ITR-1 (SAHAJ) because their incomes exceeds Rs 50 lakh in the financial year, have to file their returns using ITR-2 if they have income from the following sources.

1) Income from Salary / Pension

2) Income from Capital Gains

3) Income from foreign assets

4) Income from Business or Profession in the capacity of a partner (not as proprietor)

5) Income from other sources such as lottery, income earned from legal gambling on race horses

6) Income from more than one house (property)

7) Income from agriculture exceeds Rs.5000

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EXAMPLE OF ITR-2 FORM

PEOPLE WHO ARE NOT ELIGIBLE TO FILE ITR-2 FORM

The ITR-2 form cannot be filed by any individual who earns income as the head of Business or Profession under a proprietorship, or as the sole proprietor of the firm. The ITR-2 form cannot be filed by a company or LLP or other such types of legal entities.

DUE DATE FOR FILING ITR-2 FORM?

The ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year.

PROCESS TO FILE INCOME TAX RETURN ITR-2 FORM

The ITR-2 form can be filed under the methods stated below.

  • One can file ITR-2 form using digital signature certificate.
  • Then the individual can transmit the data in ITR-2 form electronically under electronic verification code.
  • By transmission of the data in ITR-2 form electronically and then sending the return in Return Form ITR-V  by post to the Income Tax Office.

An individual/assessee who files ITR-2 form under the third method mentioned above must  complete the acknowledgement in Form ITR-V. After the preparation of Form ITR-V, the individual/assessee should print out two copies of Form ITR-V.

One copy of Form ITR-V, signed by the assessee, has to be sent by ordinary post to the following address and the other retained by the assessee for their own record.

Post Bag No. 1,Electronic City Office,Bengaluru— 560 100,Karnataka.