Eligibility
ITR-2 is filed by NRIs, persons having more than 1 house property, persons holding DIN or shareholding in private limited company.
Penalty
The penalty for late filing income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March.
ITR-2 Form Filing - Income Tax Return
The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Resident Indians 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.
Who can use ITR-2 form?
ITR-2 must be filed by individuals and HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:
- Income exceeding Rs. 50 Lakhs
- Having foreign assets / income
- Having agricultural income which is more than Rs. 5,000,
- Having taxable capital gains
- Having income from business or profession as a partner
- Having more than one house property
Who should not file ITR-2 form?
ITR-2 form should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. ITR-2 form can also not be filed by a company or LLP or other types of legal entity.
When should ITR-2 be filed?
ITR-2 form is to be used when the assessee has income that falls into the below category:
- Accrued income through the sale of assets or property (Capital Gains)
- Income from more than one housing property
- Income from countries outside of India
- Income as a partner in any firm (not proprietorship)
- Income from agriculture above Rs 5,000
- Income from any windfall such as lotteries or horse racing
- Income from Salary/Pension, Housing Property, Other sources that exceeds Rs. 50 Lakhs
What is the due date for filing ITR-2 form?
ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year.
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Basic
all inclusive fees
Income tax return filing for persons having DIN or owing private limited company shares.
Standard
all inclusive fees
Income tax return filing for persons having capital gains.
Premium
all inclusive fees
Income tax return filing for persons having foreign assets or foreign income.
Filing Income Tax Return ITR-2 Form
ITR-2 form can be filed under three methods:
- Filing ITR-2 form using digital signature certificate.
- Transmitting the data in ITR-2 form electronically under electronic verification code.
- 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— 560 100,
Karnataka.
The other copy may be retained by the assessee for his record.
