ITR Form 2

All you need to know about ITR – Form 2

The Income Tax Department has initiated a form called ITR Form 2. This is mainly for Individuals and Hindu Undivided Families who does not possess any income from business or any profession rather than  income received from more than a single property. It is very much comprehensive form than ITR 2A. And the only difference between 2A and 2, is ITR 2 can be filed by the person who owns more than one house property.

Eligibility of ITR – form 2:

  • Individual having salary income owning more than a single house.
  • Individuals receiving income from House properties.
  • Individuals having long term & short term capital gains, done their transactions on Securities Transaction Tax are submitted.
  • Individuals whose income also from lotteries / race horses.
  • Individuals who have income from foreign assets.

Not Applicable to:

  • Individuals / HUF whose fully or partially income is from business / profession.
  • Individuals, who have filled ITR form 1.
  • Individuals who owns a partnership firm.

Mandatory Clauses, when to file ITR Form 2

  • When gross income exceeds more than 5 lakh.
  • When there are foreign assets including financial interest in entities.
  • When you have claimed relief under section- 90/90A/91.

How to file ITR Form 2 (offline)

  • By producing a return in a physical form with a bar code.

How to file ITR Form 2 (online)

  • By producing a return electronically with a digital signature & by transferring data online and submitting the verification in return form.

Check the form of ITR 2 here: ITR 2.

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By | 2017-02-08T04:55:09+00:00 June 9th, 2016|Categories: Income tax basics|Tags: , , |0 Comments

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