Form ITR 2:
- Income from Salary/Pension
- Income from House Property (Income Can be from more than one house property)
- Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
- Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
- Foreign Assets/Foreign Income
- Agricultural Income more than Rs 5000
- Resident not ordinarily resident and a Non-resident.
- Income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee
Who cannot file ITR-2 ?
- Any individual or HUF having income from Business or Profession.
- Individuals who are eligible to fill out the ITR-1 Form.
- Individuals who are partners in a Partnership firm.
Documents required to file form ITR-2?
- Income tax username and password
- Form 16 issued by employer
- Salary slips provided by employer
- Form 26AS
- Tax-savings investment proof
- Home Loan statement from the NBFC/ Bank/any other financial Institution.
- Disclosure of all Bank Accounts: – The details of all the savings and current accounts held at any time during the previous year must be provided. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank. All the bank statements should be provided with narrating debit and credit entries.
- Income from other Sources: Income from o/s is required to be shown separately according to its Source. Income from other sources can include Income from Saving Account, Income from deposits, Interest from Income Tax refund, Family Pension and any other income that needs to be specify separately. All these documents need to be provided.
- Deductions: – All deductions u/s 80C, 80CCC, 80CCD, 80CCG can be claimed and for claiming deductions u/s 80D it has to be separately shown that for whom Health Insurance has been taken. Kindly provide all the tax saving certificates.
- Quoting of Aadhaar Number is mandatory: Every person is mandatorily required to quote Aadhaar number in the return of income. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrolment ID of Aadhaar application Form in the ITR.
- Income from Capital Gains: Please provide the relevant documents in case of capital gain on sale of house property or capital gain/ loss on sale of shares or securities or capital gain on sale of any other movable/immovable property.
Please note that the list is illustrative and we may require additional documents and information from time to time to complete the ITR filings.
ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year. Therefore, file your return timely to avoid any interest or penalty.