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.
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ITR-2 form can be filed under three methods:
Assessee filing ITR-2 form under the third method must complete the acknowledgement in ITR-V. After preparing ITR-V, the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to
Post Bag No. 1,The other copy may be retained by the assessee for his record.
ITR-2 must be filed by individuals and HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:
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.
ITR-2 form is to be used when the assessee has income that falls into the below category:
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