ITR-2 Form Filing - Income Tax Return
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ITR-1 Form Filing
The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Residents 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.
- Income exceeding Rs. 50 Lakhs
- 1.Having foreign assets / income
- 2.Having agricultural income which is more than Rs. 5,000,
- 3.Having taxable capital gains
- 4.Having income from business or profession as a partner
- 5.Having more than one house property
-    1. Accrued income through the sale of assets or property (Capital Gains)
-    2.Income from more than one housing property
-    3.Income from countries outside of India
-    4.Income as a partner in any firm (not proprietorship)
-    5.Income from agriculture above Rs 5,000
-    6.Income from any windfall such as lotteries or horse racing
-    7.ncome from Salary/Pension, Housing Property, Other sources that exceeds Rs. 50 Lakhs
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Filing Income Tax Return ITR-2 Form
ITR-2 form can be filed under three methods:
- 1.Filing ITR-2 form using digital signature certificate.
- 2.Transmitting the data in ITR-2 form electronically under electronic verification code.
- 3.By transmitting the data in ITR-2 form electronically and then mailing (By post) the return in Return Form ITR-V to the Income Tax Office.
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, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
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