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ITR 2 Return Filing

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ITR 2 Return Filing

ITR-2 is a more comprehensive form and is applicable to individuals and Hindu Undivided Families (HUFs) with income from multiple sources or complex financial situations. It is suitable for those who have income from:

  • Salary or Pension
  • More than one House Property
  • Capital Gains (both short-term and long-term)
  • Foreign Assets or Income
  • Agricultural income exceeding Rs. 5,000
  • Any other source of income

Who can File ITR 2?

  • Individuals and HUFs: ITR-2 is meant for individuals and Hindu Undivided Families. If you fall into one of these categories, this form could be your go-to choice.
  • Income Complexity: ITR-2 is your form of choice if you have a more complex income situation, such as income from multiple sources, capital gains, or foreign assets. It's designed to capture these complexities accurately.
  • Exempt Income: If you have income that's exempt from tax but still needs to be reported, ITR-2 provides space for this. Whether it's agricultural income exceeding ₹5,000 or dividends from shares, you can report it here.
  • Foreign Assets: Individuals with foreign assets or income from foreign sources should use ITR-2 to ensure they comply with India's tax laws.
  • Documents Required
  • Form 16 of all the employers of relevant FY
  • Saving or FD Interest Certificate
  • Bank Statement of relevant FY
  • Tax Saving Proofs (LIP, Mediclaim, FD over 5 years receipts etc.)
  • Home Loan Interest Certificate
  • Details of any other income
  • Rental Receipts
  • Donation Receipts
  • Tution Fees Receipts