ITR-2 Return Filing
ITR-2 Return Filing
ITR-1 (Sahaj) is a simplified Income Tax Return form primarily used by individual taxpayers whose income includes:
- Salary or pension income.
- Income from one house property (excluding cases where loss is brought forward from previous years).
- Other sources such as interest income, family pension, etc., with total income up to ₹50 lakh.
- Eligibility: Can be used by resident individuals, non-resident individuals (NRIs), and HUFs who do not have income from business or profession.
- Ineligibility: Not applicable if income includes income from business or profession, or if you are eligible to file ITR-1 (Sahaj).
What is ITR 2?
ITR-2 is an Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) in India who do not have income from business or profession. It is applicable for those with income from:
Salary or pension.
Multiple house properties.
Capital gains (short-term and long-term).
Other sources like interest, dividends, and lottery winnings.
Foreign assets or foreign income.
ITR-2 is suitable for residents, non-residents, and individuals with agricultural income exceeding ₹5,000. The form must be filed electronically via the Income Tax Department’s e-filing portal. Filing ITR-2 ensures compliance with tax laws, allows taxpayers to claim deductions, and provides a comprehensive declaration of income from various sources, ensuring accurate tax calculation and avoiding penalties.
Salary or pension.
Multiple house properties.
Capital gains (short-term and long-term).
Other sources like interest, dividends, and lottery winnings.
Foreign assets or foreign income.
ITR-2 is suitable for residents, non-residents, and individuals with agricultural income exceeding ₹5,000. The form must be filed electronically via the Income Tax Department’s e-filing portal. Filing ITR-2 ensures compliance with tax laws, allows taxpayers to claim deductions, and provides a comprehensive declaration of income from various sources, ensuring accurate tax calculation and avoiding penalties.
What is ITR 2 Sahaj Form?
ITR-1 Sahaj form, commonly known as just ITR-1, is an Income Tax Return form used by individual taxpayers in India to file their tax returns. Here are the key features and eligibility criteria for filing ITR-1 Sahaj:
- Income Sources: Suitable for individuals who have income from:
- Salary or pension.
- Income from one house property (excluding cases with brought forward loss).
- Other sources like interest income, family pension, etc. (excluding winnings from lottery and racehorses).
- Income Limit: Applicable if total income does not exceed ₹50 lakh.
- Residential Status: Resident individuals (Ordinary Resident or Not Ordinarily Resident) can use this form.
- Ineligibility: Cannot be used if:
- Income exceeds ₹50 lakh.
- Income includes income from more than one house property.
- Income includes any business income.
- Loss needs to be carried forward from previous years.
- Filing Method: Typically filed electronically (e-filing) except for super senior citizens (80 years and above).
ITR-2 Return Filing FAQ's
Individuals and Hindu Undivided Families (HUFs) with income from salary/pension, multiple house properties, capital gains, and other sources like interest, dividends, and foreign assets or income.
Individuals and HUFs with income from business or profession cannot file ITR-2. Those eligible to file ITR-1 (Sahaj) should not use ITR-2.
ITR-2 must be filed electronically via the Income Tax Department's e-filing portal. It can be verified online using Aadhaar OTP, net banking, or by sending a signed ITR-V to the Centralized Processing Center (CPC) in Bengaluru.