ITR-2 – Complete Guide to Your Income Tax Return

What is ITR-2?

ITR-2 is an Income Tax Return form for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is used by taxpayers with income from multiple sources like salary, house property, capital gains, and foreign assets.

Who Can File ITR-2?

You can file ITR-2 if:

  • You are an Individual or HUF.
  • Your total income includes:
    1. Salary / Pension
    2. Income from more than one house property
    3. Capital gains (short-term or long-term) from sale of shares, property, etc.
    4. Income from other sources (interest, dividends, etc.)
    5. Foreign income or ownership of foreign assets.
  • Your total income is more than ₹50 lakh.
  • You are a resident, non-resident, or resident but not ordinarily resident (RNOR).

Who Cannot File ITR-2?

You cannot use ITR-2 if:

  • You have income from business or profession (use ITR-3 instead).
  • You are eligible to file ITR-1 (Sahaj) for simple income cases.

Due Date for Filing ITR-2

  • For non-audit cases: 15th September of the Assessment Year.
    Example: For AY 2025-26, last date is 15th Sep 2025.
  • For audit cases (if applicable under certain provisions): 31st October of the Assessment Year.

Benefits of Filing ITR-2

  • Mandatory compliance for taxpayers with capital gains or high-value income.
  • Helps in loan and credit card approvals.
  • Acts as proof of income for visa and immigration purposes.
  • Enables tax refund claims.
  • Avoids penalties for late filing or non-filing.

Documents Required for ITR-2 Filing

  1. PAN Card
  2. Aadhaar Card
  3. Form 16 / Salary slips
  4. Capital gains statement (shares, property, mutual funds, etc.)
  5. Sale deed and purchase documents for property (if applicable)
  6. Interest certificates from banks/financial institutions
  7. Investment proofs for deductions (80C, 80D, etc.)
  8. Foreign income/asset details (if applicable)
  9. Previous year’s ITR (if available)
  10. Bank statements

ITR-2 Filing Process

  1. Gather all required documents.
  2. Calculate income from all eligible sources.
  3. Compute tax liability as per the Income Tax slabs.
  4. Log in to the Income Tax e-filing portal.
  5. Select and fill the ITR-2 form.
  6. Verify and submit the return.
  7. Complete e-verification through Aadhaar OTP, Net Banking, or other methods.

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