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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.
ITR-2 must be filed by individuals and HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:
ITR-2 form is to be used when the assessee has income that falls into the below category:
Income tax return filing for persons having DIN or owing private limited company shares.
From Rs.3899 /- all inclusive fees
EMI: Rs.348 for 12 months*
Income tax return filing for persons having capital gains.
From Rs.4899 /- all inclusive fees
EMI: Rs.437 for 12 months*
Income tax return filing for persons having foreign assets or foreign income.
From Rs.5899 /- all inclusive fees
EMI: Rs.527 for 12 months*
ITR-2 form can be filed under three methods:
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.