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ITR Form 2

  • 28th Nov 2019
  • 3,431
ITR Form 2

The Income Tax Department has made it easier for taxpayers in India to file their annual returns and pay taxes. Taxpayers are categorized based on income. Different forms are applicable to individuals as per their status and income.

One such Income Tax Return (ITR) form is an ITR 2 Form. Explained ahead are the various aspects related to the form such as its meaning, eligibility, structure, and information on how to file ITR 2.

What is an ITR 2 form?

An ITR 2 Form is to be filed by individuals and Hindu Undivided Families (HUFs) who are not engaged in any business or profession.

Who is eligible to file returns in ITR Form 2?

The form is for those individuals and HUFs who receive earnings apart from the income from ‘Profits and Gains from Business or Profession’. Hence, individuals who have income from the below-mentioned sources have to file ITR 2:

  • Salary
  • Pension
  • Income generated from house property
  • Foreign income/ foreign assets
  • Capital gains from property
  • Income from other sources
  • Loss on sale of investment
  • Resident who is not ordinarily resident as well as a non-resident
  • Agricultural income exceeding INR 5,000
  • Director in an unlisted and listed company

Who is ineligible to file form ITR 2?

Individuals or HUFs earning income through a business or a profession and those who are eligible to file ITR Form 1 cannot file their returns with ITR 2.

The structure of the ITR 2 Form

ITR 2 Form is bifurcated into two parts; Part A contains general information and Part B comprises the computation of total income and the tax payable on the total earnings. Along with Part A and Part B, the form also includes various schedules details of income from salary, income from house property, income from capital gains, and income from other sources, among various other schedules.

How can a taxpayer file ITR 2?

A taxpayer can file ITR 2 either offline or online.

  • Offline filing procedure
  • Only taxpayers aged over 80 can file the ITR offline. In order to file an offline form, the taxpayer needs to furnish a return physically in paper or through a bar-coded form. The Income Tax Department will give you an acknowledgment when you submit the return.

  • Online filing procedure
  • You can file ITR 2 online with a digital signature or by transmitting the entire information electronically. Later, you can furnish the verification through the Return Form ITR-V.

    If you submit the form electronically by using a digital signature, you will receive the acknowledgment on your email ID. Also, it is possible to download the form manually, sign and post it to the Department’s Central Processing Centre (CPC) office within a period of four months of e-filing of the form. You need to keep in mind that you need not provide any
    additional documents with the ITR 2 Form, which means that it is an annexure-less form.

    As a diligent taxpayer, you need to calculate your tax liability and file your returns under ITR 2 if you fall into this category before the due date.

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