What is ITR-2?
ITR-2 is an Income Tax Return form applicable to individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It covers income from salaries, capital gains, more than one house property, foreign assets, and other sources like interest or dividends. It is ideal for taxpayers with more complex income structures who are not engaged in business activities.
Who Should File ITR-2?
You should opt for ITR-2 filing if you fall under any of the following categories:
- Salaried individuals or pensioners
- Individuals owning more than one house property
- Individuals earning capital gains from sale of shares, property, or mutual funds
- Those with foreign income or foreign asset holdings
- Directors in companies
- Individuals holding unlisted equity shares
- Individuals with income from other sources (interest, dividends, lottery, etc.)
Who Cannot File ITR-2?
You should not use ITR-2 if:
- You earn income from business or profession (use ITR-3 or ITR-4)
- You file under presumptive taxation scheme (use ITR-4)
- You are a firm, LLP, or company (file with applicable business forms like ITR-5 or ITR-6)
Key Features of ITR-2
| Parameter | Details |
|---|---|
| Applicable To | Individuals and Hindu Undivided Families (HUFs) |
| Income Sources | Salary, House Properties, Capital Gains, Foreign Income, Other Sources |
| Filing Mode | Fully Online (via Income Tax e-Filing Portal) |
| Documents Required | Form 16, Capital Gains Statements, Interest Certificates, Foreign Asset Report, Bank Statements |
Details to be filled in ITR-2
When filing ITR-2, the following sections must be accurately filled:
- Personal details and PAN
- Salary or pension income details (from Form 16)
- Details of house properties - whether self-occupied or rented
- Capital gains on sale of shares, mutual funds, real estate
- Foreign asset/income disclosures
- Exempt income (e.g., agricultural income, PPF interest)
- Deductions claimed under Chapter VI-A (80C, 80D, etc.)
- Advance Tax, Self-Assessment Tax, and TDS details
Due Date to File ITR-2
- The standard due date for ITR-2 filing is 31st July of the relevant assessment year. Example: For FY 2024-25, the due date is 31st July 2025.
- Extensions may be granted by the Income Tax Department in certain circumstances.
Expert Tips for Filing ITR-2
- Organize Capital Gains Documents - Keep sale deeds, contract notes, and broker statements ready.
- Disclose Foreign Assets & Income - Mandatory to avoid penalties and comply with global tax reporting norms.
- Use Pre-filled Data - Leverage auto-filled forms available on the income tax portal for convenience.
- Complete Verification - E-verify your return via Aadhaar OTP, net banking, or Digital Signature Certificate (DSC).
Why Choose VETRI AUDIT SERVICES PRIVATE LIMITED?
At VETRI AUDIT SERVICES PRIVATE LIMITED, we provide end-to-end assistance in ITR-2 filing, ensuring compliance, accuracy, and maximum benefit. Our expert tax consultants:
- Review and reconcile your documents
- Accurately compute capital gains and foreign asset disclosures
- Assist in claiming eligible deductions and exemptions
- Ensure timely filing and e-verification
Get in touch with us today to experience seamless and compliant ITR filing services!
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