Itr 2 Form Ay2018 19

ITR-2 form for AY2018-19 or FY2017-18 has been released by the Government. The

ITR-2 return filing is mostly used by salaried individuals who are not eligible to file ITR-1 form. Hence, individuals and HUFs who have salary of more than Rs.50 lakhs, more than one house property, income from capital gains, income from foreign assets, foreign income, income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are required to file their income tax return using form ITR-2.

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Frequently Asked Questions

Common questions about ITR-2 Form AY2018-19 for Salaried Individuals & HUFs.

Individuals and Hindu Undivided Families (HUFs) who have a salary income of more than Rs. 50 lakhs, own more than one house property, have income from capital gains, foreign assets or income, business/profession as a partner, or other sources like lottery, racehorses, or legal gambling are required to file their income tax returns using the ITR-2 form for the assessment year 2018-19 (financial year 2017-18).

Yes, salaried individuals with income below Rs. 50 lakhs can file ITR-2 if they have income from other sources such as house property (more than one), capital gains, foreign assets or income, business/profession as a partner, or other sources like lottery, racehorses, or legal gambling. If they only have salary income and no other sources, they may be eligible to file ITR-1.

The ITR-2 form is used for filing income tax returns by individuals and HUFs who have various sources of income, including salary, house property, capital gains, foreign assets or income, business/profession as a partner, and other sources like lottery or legal gambling. It is specifically designed for taxpayers who are not eligible to file the simpler ITR-1 form.

No, the ITR-2 form is not meant for proprietors of a business. It is specifically for individuals and HUFs who have income from business or profession as a partner, not as a proprietor. Proprietors of a business are required to file their income tax returns using a different form, such as ITR-3 or ITR-4, depending on their specific circumstances.

Yes, if you have income from legal gambling or lottery, you are required to file your income tax return using the ITR-2 form, even if you do not have any other sources of income mentioned in the eligibility criteria for ITR-2. Income from such sources is considered as "income from other sources" and needs to be reported in ITR-2.

No, Hindu Undivided Families (HUFs) with only salary income and no other sources of income mentioned in the eligibility criteria for ITR-2 cannot file their income tax returns using the ITR-2 form. They may be eligible to file the simpler ITR-1 form, subject to meeting the applicable criteria.

Yes, individuals and HUFs who have income from foreign assets or foreign sources are required to file their income tax returns using the ITR-2 form. The ITR-2 form has specific sections to report such income and assets, which cannot be reported in the simpler ITR-1 form.

Yes, individuals and HUFs who have income from capital gains, in addition to salary income, are required to file their income tax returns using the ITR-2 form. The ITR-2 form has a separate schedule to report income from capital gains, which cannot be reported in the ITR-1 form.

Yes, if you own more than one house property, you are required to file your income tax return using the ITR-2 form, even if you do not have any other sources of income mentioned in the eligibility criteria for ITR-2. The ITR-2 form allows you to report income from multiple house properties, which is not possible in the ITR-1 form.

Yes, individuals and HUFs who have income from sources such as race horses are required to file their income tax returns using the ITR-2 form. Income from race horses falls under the category of "income from other sources," which needs to be reported in the ITR-2 form and cannot be reported in the simpler ITR-1 form.