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ITR 2 Form Filing Under Income Tax

What is the ITR 2 Form?

ITR-2 form is one the form that must be completed as part of the tax filing procedure. ITR-2 form can be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file form ITR-1 (Sahaj) and who is not having any income under the head- profits or gains of business or profession.

ITR-2 is a form used by Indian citizens as well as non-resident Indians to file their tax returns with the Income Tax Department of India. 

Who is eligible to file ITR-2?

ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’. Thus, individuals with income from the following sources are eligible to file 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 income
  • Agricultural income of more than Rs 5,000
  • Resident not ordinarily resident and a non-resident

Who is not eligible to file ITR-2?

ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes:

  • Income from profit and gains from business or profession
  • Individuals who are eligible to fill out the ITR-1 form (Sahaj)

What are the documents required to file ITR 2 Form?

Here is a list of documents that you need to have while filling the ITR 2 Form:

  • Bank statements
  • Savings certificates
  • DS certificate
  • Previous year’s ITR
  • Interest statement of interest paid in the financial year
  • Balance sheet
  • Profit and loss statement
  • Audit reports, if applicable

What is the structure of ITR-2?

ITR-2 is divided into:

  • Part A: General information
  • Schedule S: Details of income from salaries
  • Schedule HP: Details of income from house property
  • Schedule CG: Computation of income under capital gains
    • Schedule 112A- From the sale of equity share of a company or a unit of equity oriented fund /business trust on which STT is paid
    • Schedule 115AD (I)b(b) (iii) proviso- For non-residents -From the sale of equity share of a company or a unit of equity oriented fund/business trust on which STT is paid
  • Schedule OS: Computation of income under income from other sources
  • Schedule CYLA: Statement of income after set off of current year’s losses
  • Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years
  • Schedule CFL: Statement of losses to be carried forward to future years
  • Schedule VIA: Statement of deductions (from total income) under Chapter VIA
  • Schedule 80G: Statement of donations entitled for deduction under Section 80G
  • Schedule 80GGA: Statement of donations for scientific research or rural development
  • Schedule AMT: Computation of Alternate Minimum Tax payable under Section 115JC
  • Schedule AMTC: Computation of tax credit under Section 115JD
  • Schedule SPI: Statement of income arising to spouse/minor child/son’s wife or any other person or association of persons to be included in the income of the assessee in Schedules-HP, CG and OS
  • Schedule SI: Statement of income which is chargeable to tax at special rates
  • Schedule EI: Details of exempt income
  • Schedule PTI: Pass through income details from business trust or investment fund as per Section 115UA, 115UB
  • Schedule FSI: Statement of income accruing or arising outside India
  • Schedule TR: Details of taxes paid outside India
  • Schedule FA: Details of Foreign Assets and income from any source outside India
  • Schedule 5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code
  • Schedule AL: Asset and liability at the year-end (applicable in case the total income exceeds Rs 50 lakh)
  • Schedule tax deferred on ESOP: Information of tax-deferred on ESOPS received from eligible start-ups referred to in Section 80-IAC
  • Part B-TI: Computation of total income
  • Part B-TTI: Computation of tax liability on total income
  • Tax payments- Details of payment of advance tax and self-assessment tax
  • Declaration by the taxpayer
  • Details to be filled if a tax return preparer has prepared the return

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Note: This Post was last updated on July 31, 2022

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