ITR-2 Return Filing
ITR-2 Return Filing
Price: ₹ 1,200/- *

*Complete by: within 5 days

  • *Income tax return filing for persons having DIN or owing private limited company shares.

ITR 2 Form Filing

ITR 2 Form is an Important form income tax return form that is used by the Indian Citizens as well as the NRIs to file the return with the Income-tax department of India. The taxpayers who are not eligible to file ITR 1 can file ITR 1 to file the income tax returns. ITR 2 can be filed by the individuals and Hindu Undivided Families who have their income for the financial year through salary, pension, more than one property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources that include lottery, Racehorses, legal gambling.

Also, an individual who is not eligible to file using ITR 1 as the income is exceeding Rs.50 Lakh can file ITR 2 Form.

Who can file Form ITR-2?

ITR form 2 can be filed by individuals and the HUF who are not eligible to file form ITR-1 receiving income from the “profits and gains from business or profession”. Thus persons having come from the following sources are eligible to file Form ITR 2:

Income from Salary/Pension
Income from Capital gains
Foreign Assets/Foreign Income
A resident is not an ordinary resident and an NRI.
Also, a director of any company and an individual who is invested in unlisted equity shares of a company should file their returns in ITR-2

Who cannot file ITR 1 Sahaj Form?

ITR 1 Sahaj Form cannot be filed by the following:

An individual with an income of more than Rs.50 lakh cannot use this ITR 1 Sahaj 1 Form.

An individual who is a Director of a Company and has held unlisted equity shares during the financial years cannot use this form.

Residents who are not ordinary residents and non-residents also cannot file ITR 1 Sahaj Form.

Individuals who earned income through the following sources cannot file ITR 1 :

House property more than one
Lottery, Racehorses, Legal Gambling, etc.
Taxable capital gains ( Both short term and long term)
Agricultural Income when it exceeds Rs. 5,000
An individual who is a resident of India and has assets outside India or the signing authority in any account based out of India
Individuals claiming relief of foreign tax paid or double taxation relief under Section 90/90A/91.

Who is not eligible to file Form ITR-2?

Any individual or Hindu Undivided Family with income that is fully or partially earned from the business or profession.
Individuals that are eligible to file ITR 1 Form.
Individuals who are partners in a Partnership Firm.

Documents required to file ITR 2

Copy of the previous year’s tax return
Bank Statement
TDS Certificate
Savings Certificate/ Deductions
Interest Statement that shows the interest that is paid throughout the year.
Balance sheet, P & I, Account Statement, and other Audit reports wherever they are applicable.

How to file Form ITR 2?

Either by furnishing the return in a paper for. When paper returns are made at the time of submission of the paper returns an acknowledgment is issued by the Income Tax Department to the assessee.
By furnishing the return electronically using the Digital Signature. ITR 2 forms are submitted by the assessee electronically using the Digital Signature Certificate an acknowledgment is received to the registered Email Id.
It can also be done by transmitting the data in the return electronically under an electronic verification code.
It can be done by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR V.
By furnishing a bar-coded return.
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