ITR- 2 Filing
ITR, or Income Tax Return, is a crucial document in which taxpayers report their Income and applicable taxes to the income tax department. The Income Tax Act of 1961 outlines all the ITR forms and their procedures. Among these forms, ITR-2 is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities.
Filingall, offers a seamless and efficient solution for filing Income Tax Returns using the ITR-2 form in India. Our team of experts guides you through the entire process, ensuring that you meet your tax compliance obligations effortlessly. With IndiaFilings' ITR-2 Filing Services, you can easily navigate the complexities of tax submission, allowing you to focus on what matters most while we handle your tax return needs. Get started today!
What is ITR 2 ?
In India, taxpayers are categorized based on Income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. Among these forms, ITR-2 is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities.
Eligibility for ITR 2 Form
The ITR-2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose Income is derived from sources other than 'Profits and Gains from Business or Profession.' If your Income originates from any of the following avenues, you are required to file the ITR-2 form:
- Income from Salary or Pension.
- Income derived from house property, which may involve multiple properties.
- Income from Capital Gains or losses incurred from the sale of investments or property, including both long-term and short-term gains/losses.
- Income from Other Sources encompasses winnings from lotteries, bets on racehorses, and other legally recognized forms of gambling.
- Receipts exceeding Rs 5,000 from agricultural activities.
- Foreign Income or ownership of Foreign Assets
- Status as a Resident Not Ordinarily Resident (RNOR) or a Non-Resident
- Holding the position of a Director in both listed and unlisted companies.