ITR- 2 Return Filing
- Art Teacher
- London, UK
- 5-7 Hrs
So, you’ve got salary income, but also a second house? Or maybe you earned some capital gains from mutual funds or sold shares this year? If yes, ITR-1 won’t work for you—say hello to ITR-2.
ITR-2 is designed for individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession. This includes salary, house property (even multiple), capital gains, foreign assets/income, and more. It’s a step up from ITR-1, and yes—it’s a little more detailed.
The form caters to a wide range of taxpayers: salaried individuals with stock investments, retirees with capital gains, or NRIs earning rental income. But beware—misreporting foreign income, capital gains, or interest can trigger scrutiny or penalties.
- PAN & Aadhaar
- Form 16 (from employer, if applicable)
- Form 16A / 26AS / AIS for TDS and income reconciliation
- Capital gains statement from broker/AMC (for shares or mutual funds)
- Property documents (if house property is involved)
- Interest certificates from banks/post office
- Dividend statements (if applicable)
- Rent receipts, municipal taxes, home loan interest certificate
- Foreign income/asset details (for NRIs or global investors)
- Bank account details
- Proof of deductions under 80C, 80D, 80G, etc.
- Log in to https://www.incometax.gov.in
- Go to e-File > Income Tax Return
- Choose: AY (Assessment Year), ITR Form- 2 and Filing Type: Original/Revised
- Fill the form or verify auto-filled details (cross-check with AIS, broker statements, etc.)
- Fill Schedules CG (Capital Gains), FA (Foreign Assets), and DI (Deductions) properly
- Compute tax liability or refund
- Submit return and e-verify within 30 days
FAQs
ITR-2 should be filed by individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession, such as capital gains, more than one house property, foreign assets/income, or agricultural income exceeding ₹5,000.
No, business or professional income is not allowed in ITR-2. Taxpayers with business income must file ITR-3 or ITR-4.
Yes, Non-Resident Indians (NRIs) can file ITR-2 if they have income from salary, capital gains, house property, or other sources but no business income.
Yes, dividend income is taxable and must be reported in ITR-2 under Income from Other Sources.
Key schedules include details of capital gains, income from house property, foreign assets, income from other sources (including dividends), and tax relief or deductions claimed. Accurate reporting in these schedules is crucial to avoid notices or reassessment.