ITR-2

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Income tax return filing for persons having private limited company shares.
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Income Tax Return (ITR) 2 Filing Form

The ITR-2 Form is an important income tax return form that is used by Indian citizens as well as the NRIs to file their tax returns with the Income Tax Department of India. The taxpayers who are not eligible to file the ITR-1 can file ITR -2 form to file their income tax returns.

The individuals and Hindu Undivided Families who have their income for the financial year through salary or pension, more than house property, income from capital gains, income from foreign assets, business or income from a profession as a partner and other sources including lottery racehorses, legal gambling are eligible to file their IT returns using form ITR -2.

Also, individual who is not eligible to file using ITR-1 because of the income exceeding Rs.50 lakh can file using ITR-2.

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    Who is Eligible to File ITR 2?

    Who can file Form ITR-2?

    ITR form 2 can be filed by individuals and the HUF who are not eligible to file form ITR-1 receiving income from the “profits and gains from business or profession”. Thus persons having come from the following sources are eligible to file Form ITR 2:

    • Income from Salary/Pension
    • Income from House property ( can be from more than one house property)
    • Income from Capital gains
    • Income from other sources (Lottery, bets on horses, and other gambling)
    • Foreign Assets/Foreign Income
    • Agricultural income more than Rs.5000
    • Resident not an ordinary resident and an NRI.
    • Also, a director of any company and an individual who is invested in unlisted equity shares of a company should file their returns in ITR-2
    Who cannot file Form ITR-2?

    Individuals who have their income under the head of business or profession from a proprietorship should not file ITR Form-2. ITR Form 2 also should not be filed by a company or LLP or other types of a legal entities