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In order to ensure ease of Income Tax Return filing and better tax compliance, the Income Tax Department provides different ITR forms to different taxpayers on the basis of total income, the source of income, residential status and other key factors. ITR Form 2 is required to be filed by such individuals/HUFs who do not derive any income from a business or profession.
Table of Contents :
Who Can File Income Tax Return Using ITR-2 Form
ITR-2 can be filed by individuals or HUFs who:
- Are not eligible to file ITR-1 form (Sahaj)
- Don’t have income from profit and gains of business/profession and also do not have income from profits and gains of business/profession in the nature of:
- salary
- interest
- bonus
- remuneration or commission, due to or received by him from a partnership firm
- Have the income of any other person such as spouse, minor child, etc., to be clubbed with their income and if income to be clubbed falls in any of the categories mentioned above
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Who cannot File ITR-2 Form
- Any individual or HUF having income from business or profession
- Individuals who are eligible to fill out the ITR-1 Form
What is the Structure of ITR-2 Form
ITR-2 Form is divided into:
- Part A: General information
- Schedule S: Details of income from salary
- Schedule HP: Details of income from house property
- Schedule CG: Computation of income under capital gains
- Schedule 112A- From the sale of equity share of a company/a unit of equity oriented fund or business trust on which STT is paid
- Schedule 115AD (I)(b) (iii) proviso- For non-residents -From the sale of equity share of a company/a unit of equity oriented fund OR business trust on which STT is paid
- Schedule OS: Computation of income under income from other sources
- Schedule CYLA: Details of income after setting off of current year losses
- Schedule BFLA: Details of income after setting off of unabsorbed loss brought forward from previous years
- Schedule CFL: Details of losses to be carried forward to future years
- Schedule VI-A: Statement of deductions (from total income) under Chapter VI-A
- Schedule 80G: Details of donations entitled for deduction under Section 80G
- Schedule 80GGA: Details of donations for scientific research or rural development
- Schedule AMT: Calculation of Alternate Minimum Tax payable under Section 115JC
- Schedule AMTC: Computation of tax credit under Section 115JD
- Schedule SPI: Statement of income arising to spouse/minor child/son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, CG and OS
- Schedule SI: Details of income which is chargeable to tax at special rates
- Schedule EI: Details of exempt income
- Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
- Schedule FSI: Details of income from outside India and tax relief (only for residents)
- Schedule TR: Details of tax relief claimed for taxes paid outside India (only for residents)
- Schedule FA: Details of Foreign Assets and income from any source outside India
- Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
- Schedule AL: Assets and liabilities at the end of the year (applicable if the total income is more than Rs. 50 lakh)
- Schedule tax deferred on ESOP: Information related to tax-deferred on ESOPS received from eligible start-ups referred to in Section 80-IAC
- Part B-TI: Computation of total income
- Part B-TTI: Computation of tax liability on total income
- Tax payments- Details of payment of self-assessment tax and advance tax
- Declaration by the taxpayer
- Details to be filled if a tax return preparer has prepared the return
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How to File ITR-2 Form Online
Every taxpayer who is eligible to file ITR-2 Form can submit it online on e-filing portal of Income Tax Department. ITR can be filed electronically using digital signature. However, it is not mandatory to file ITR Form 2 online using digital signatures only. The assessee can e-verify the ITR using Aadhaar, through Electronic Verification Code(EVC) or through net banking if the PAN card is linked to the bank account.
Read More: How to file Income Tax Returns online?
Can a Taxpayer File ITR-2 Form Offline
Only taxpayers falling in any of the following categories are eligible to fiIe ITR-2 Form offline:
- Individuals who are of the age of 80 years or more.
- Individuals having net taxable income of not more than Rs. 5 lakh and who do not need to claim a tax refund in the return.
Click here to download ITR-2 Form
FAQs
Q1. Which ITR form should I file I have income only from the sale of shares or mutual funds?
Ans. If you have income only from the sale of shares and securities or mutual funds, you can file ITR-2.
Q2. Do I have to pay any charges to file ITR-2?
Ans. No, you are not required to pay any charges to file ITR-2.
Q3. Can non-resident Indians fill ITR-2 form?
Ans. Yes, even non-resident Indians can fill ITR-2 form.
Q4. What are the documents required to fill ITR-2 form?
Ans. ITR form are annexure-less forms and thus, you are not required to upload/submit any documents when you file your ITR. However, some key documents that you must keep handy when you fill up ITR-2 form include your TDS certificates, bank statements, savings certificates, etc.
Q5. What is the last date to file ITR-2 for AY 2022-23?
Ans. The last to file ITR-2 was 31st July, 2022. However, taxpayers can file ITR even after the due date but they will have to pay a fine.