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What is ITR 2 Return?

ITR-2 is an Income Tax Return form in India used by individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession. It includes income from salary, multiple house properties, capital gains (like from sale of property or investments), other sources (such as interest income, dividends), and foreign assets/income. Taxpayers using ITR-2 must provide detailed information in various schedules about their income, deductions under Chapter VI-A (like 80C, 80D), taxes paid, and exemptions claimed. This form cannot be used by individuals with income from business or profession; they must file using other appropriate forms like ITR-3. ITR-2 is filed electronically through the Income Tax Department's website or authorized e-filing intermediaries and is due typically by July 31st of the assessment year, ensuring compliance with tax laws and facilitating accurate reporting of income and taxes.

Eligibility for ITR 2 form

• Earnings from a pension or salary..
• Revenue from residential real estate, which may consist of several properties..
• Income from capital gains or losses, including both short- and long-term gains or losses, from the sale of real estate or assets..
• Earnings from Other Sources includes earnings from lotteries, horse racing wagers, and other authorized types of gaming.
• Receipts from agricultural activities that total more than Rs 5,000. foreign assets owned or foreign income received..
• Status as either a non-resident or a resident not ordinarily resident (RNOR).

Structure of ITR 2 form

The ITR2 is divided into two main portions, with distinct segments and timetables in each:

• Part A: Your Name, Address, Date of Birth (DOB), PAN, Aadhar card, Contact Number, and Email Address are all included in this area of general data.
• Part B: Your total income and the associated tax obligation on your wages are determined in this section.

Documents Needed for Filing ITR-2 Form

When filing your Income Tax Return (ITR) using Form ITR-2, you may need the following documents:

• Form 16: Provided by your employer, it summarizes your salary and TDS (Tax Deducted at Source).
• Bank Statements: Statements showing your bank transactions, especially interest earned on savings.
• Investment Proofs: Documents related to investments like Mutual Funds, Fixed Deposits, etc.
• Property Documents: If you own property, documents such as sale deed, rental income details.
• Capital Gains: Details of gains from the sale of property, stocks, or any other assets.
• Income from Other Sources: Details of income from sources like lottery, gifts, etc.
• Advance Tax and Self-Assessment Tax: and receipts showing tax paid in advance or after assessment.
• Form 26AS: Tax Credit Statement available on the Income Tax Department’s website.
• Aadhaar Card/PAN Card: Identification documents for verification purposes.
• Other Relevant Documents: Any other documents related to income or deductions claimed.