Income Tax Return -2 (ITR-2)

ITR-2 is an income tax return form that individuals and Hindu Undivided Families (HUFs) need to file with the Income Tax Department if they have income from sources other than salary, such as capital gains, house property, foreign assets, etc. It is filed by those who do not have income from business or profession. The form requires detailed information about the taxpayer's income, deductions, and investments, and must be filed online on the official Income Tax Department website.

Who should file ITR-2?

As mentioned earlier, individuals and HUFs who have income from sources other than business or profession can file ITR-2. This includes individuals who have income from capital gains, rental income, or foreign assets. Additionally, if you have held foreign assets or have income from a foreign source, you will need to file ITR-2.

Some key points about ITR-2 are:

Who can file ITR-2: Individuals and HUFs who are not eligible to file ITR-1 can file ITR-2.
Sources of income: ITR-2 is for individuals who have income from salary, house property, capital gains, and other sources like interest income, dividend income, etc.
Information required: When filing ITR-2, individuals need to provide details about their income, deductions claimed, tax payments made, and other relevant information.
Filing process: ITR-2 can be filed online on the income tax department's e-filing portal. It can also be filed offline by submitting a physical copy of the form to the income tax department.
Due date: The due date for filing ITR-2 is typically July 31 of the assessment year for which the return is being filed. However, this date can be extended by the government in certain cases.

It is important to note that individuals should carefully read the instructions provided with the ITR-2 form and seek professional help if needed to ensure that the form is filed correctly and all income and deductions are accurately reported.