ITR 2 Form for Income Tax Return Filing

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ITR 2 Form

Filing Income Tax Returns is a key responsibility for every Indian taxpayer, ensuring compliance with tax laws while contributing to the nation’s economy. Choosing the correct ITR form can be complex, as it depends on your income sources and taxpayer category. Among the various forms notified by the Income Tax Department, ITR-2 is specifically designed for certain individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. Selecting the appropriate form is essential to meet legal requirements and protect your financial interests.

What is ITR2?

ITR-2 is an important Income Tax Return form introduced by the Income Tax Department of India.
It is meant for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or professional activities. This form is ideal for those with income from salaries, multiple house properties, capital gains, foreign income or assets, and other specified sources. If your income fits any of these categories, filing ITR-2 becomes mandatory for compliance.

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Who is Eligible for filing ITR-2?

We will provide you with a general understanding of who is typically eligible to file ITR 2 form in India. The ITR 2 form in India is primarily meant for the income from various sources. Here are the key eligibility criteria for filing ITR 2. It can be filed by the Individuals and HUFs who meet some of the specific criteria which are as given below:

Income from Salary or Pension

Income that has been received as salary or pension.
Your total income should not be more than Rs. 50 lakhs.

Income from One House Property

All corporate bodies, such as LLPs, private limited companies, and conventional partnerships, should file their ITRs online yearly, irrespective of profit or loss.

Income from Other Resources

All corporate bodies, such as LLPs, private limited companies, and conventional partnerships, should file their ITRs online yearly, irrespective of profit or loss.

Agricultural Income

All corporate bodies, such as LLPs, private limited companies, and conventional partnerships, should file their ITRs online yearly, irrespective of profit or loss.

Who is Not Eligible to File ITR-2?

You are not eligible to file ITR-2, if, in case you

Are a RNOR i.e. Resident Not Ordinarily Resident and NRI i.e. Non- Resident Indian

Have total income exceeding Rs. 50 lakhs

Have agricultural income more than Rs. 5000/-

Have deferred Income Tax on ESOP that has been received by the employer being an eligible start – up

Have income from lottery, horse race, legal gambling etc

Have taxable long term & short term capital gains

Have invested in unlisted equity shares

Have income from business or profession

Have foreign assets or income

Are the Director in a company

Have tax deduction under section 194N of Income Tax Act

Have deferred Income Tax on ESOP that has been received by the employer being an eligible start – up

Own & have income from more than one house property

Are not covered under the eligibility conditions for ITR 1

Income Tax Return Due Date

The deadline for filing ITR-2 is usually the same as other ITR forms, helping you avoid penalties for late submission.
In most cases, the last date to file ITR-2 is 31st July, unless the government announces an extension.

Essential Documents Required for Filing ITR-2

Personal Information

PAN Card

Adhaar Card

Bank Account Details (along with IFSC Code)

Income Details

Form 16 for salaried individuals

Form 16A for TDS on other income

Salary Slips

Rent Agreement or Receipts for house property income

Form 26AS for Annual Tax Statement

Investment Details

Details of capital gains transactions including sale of property, stocks, etc.

Statements for mutual fund investments or equity shares

Tax Payment Proofs

Advance Tax or Self-Assessment Tax Challans

TDS Certificates

Salary Slips

Foreign Income/ Asset Details

Details of foreign income and assets, if applicable

Penalties for Non-Filing of ITR-1

Failing to file your ITR on time or submitting incorrect information can result in substantial penalties, as outlined below:

Late Filing Penalty u/s 234F

If you file the ITR after the deadline but before 31st December, a penalty of Rs. 5,000/- may be levied on the taxpayer.
If you file your ITR after 31st December, the penalty will be of Rs. 10,000/-
For taxpayers having an income of below Rs. 5 lakhs, the maximum penalty will be Rs. 1,000/-

Interest on Outstanding Tax

An interest of 1% per month may be charged on unpaid tax liabilities as per the section 234A, 234B, & 234C for delay in payments.

Final Thoughts

Filing income tax returns is a key responsibility for every individual taxpayer in India. For salaried employees and pensioners, ITR-1 offers a simple and efficient way to fulfill this obligation. Beyond legal compliance, filing your ITR ensures benefits such as tax refunds, income proof, and a strong financial record.

By meeting the eligibility requirements and following the proper steps, you can file your return accurately and on time. Remember, timely compliance not only helps avoid penalties but also contributes to nation-building while safeguarding your financial well-being.

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