As I mentioned earlier also, the Income Tax Return Form ITR-2 is for individuals and Hindu Undivided Families (HUFs) who do not have income from profits and gains of business or profession. So, coming to your query again, who can file ITR 2? This form is for taxpayers with income from salary, pension, capital gains, multiple house properties, foreign assets, or other sources.
Who Should File ITR 2?
You should file ITR-2 if your income includes:
Regular income from employment or retirement benefits.
Income from more than one house property.
Earnings from the sale of assets like stocks, mutual funds, or property.
Income such as winnings from lotteries, horse races, or legal gambling.
Ownership of assets abroad or income earned outside India.
Holding a directorship position in a company.
Holding shares that are not listed on recognized stock exchanges.
Tax deferred on Employee Stock Ownership Plans from eligible start-ups.
To get the details of eligible people for ITR 2, you can read my previous answer here. I hope you understand ITR 2 who can file.
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Both Indian nationals and non-resident Indians utilise the ITR-2 form to submit their tax returns to the Indian Income Tax Department. Hindu Undivided Families or HUFs, people who qualify for the ITR 1 form, and partners in partnership firms are not eligible for this form. I have shared the complete details on who can file ITR 2 below.
Who Should File ITR 2?
Income Tax Return (ITR) 2 in India is for individuals and HUFs who do not have income from profits and gains of business or profession.
Sources of Income:
Income from Salary or Pension.
Income from House Property (up to two properties).
Capital Gains (short-term or long-term) from the sale of investments or assets like property, shares, or mutual funds.
Income from Other Sources, such as interest from savings accounts, fixed deposits, or dividends.
Individuals with income from foreign assets or financial interests. Non-Resident Indians (NRIs) and Resident but Not Ordinarily Residents (RNORs) with income in India can also file ITR 2.
Agricultural income exceeding Rs.5,000 must be reported in ITR 2.
Those with income from business or profession must use ITR 3, not ITR 2.
Individuals who are directors in a company or hold unlisted equity shares can file ITR 2.
You can file ITR 2 through the Income Tax e-filing portal. This is all about ITR 2 who can file.
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Wondering about ITR 2 for whom? In India, ITR 2 is the Income Tax Return form designed for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is applicable to taxpayers who have income from multiple sources, including salary, house property, capital gains, and other sources, but do not qualify to file ITR 1 (Sahaj).
ITR 2 Who Can File?
Here’s a detailed explanation of who can file ITR-2:
Income Sources Covered:
Salary Income: Individuals earning income from salary or pension can file ITR 2.
Income from House Property: If you own more than one house property or have rental income, you should file ITR 2.
Capital Gains: Income from the sale of assets like stocks, mutual funds, property, etc., qualifies for ITR 2.
Income from Other Sources: Interest income from savings accounts, fixed deposits, gifts, etc., are also included.
Not Eligible for ITR 2:
Individuals or HUFs with income from business or profession should file ITR 3.
Individuals who qualify to file ITR 1 (Sahaj), which is for those with income up to ₹50 lakh from salary, one house property, and other sources (excluding income from business or profession).
Foreign Income and Assets:
Taxpayers who are Resident but Not Ordinarily Resident (RNOR) or Non-Resident Indians (NRIs) with income from foreign sources or holding foreign assets must file ITR 2.
Taxpayers using ITR 2 need to provide comprehensive details of income from various sources, deductions claimed under Chapter VI-A, and assets and liabilities, including foreign assets if applicable.
The form must be verified either electronically (via Aadhaar OTP, net banking, or EVC) or by sending a signed ITR-V to CPC Bengaluru within 120 days of filing.
ITR 2 is essential for individuals and HUFs with income from multiple sources excluding business or profession. It facilitates the accurate reporting of diverse income streams, ensuring compliance with tax regulations.
Taxpayers should review their eligibility and gather necessary documents to file ITR 2 correctly, thereby fulfilling their tax obligations effectively. This is all about ITR 2 for whom.
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I have filed my ITR 2 several times, so I can guide you well on that. The implementation of ITR 2 is determined by the taxpayer's category and the means of income. Individual people and HUFs that don't have any income from a trade or business are only eligible for ITR 2. You can file ITR 2 by filling out an excel utility or preparing it online on an e-filing platform. It comprises any agricultural revenue over Rs 5,000, as well as capital profits and international income. As a result, taxpayers with income from various categories must download and fill out several Income Tax Return forms. Let’s see who can file ITR 2.
Who file ITR 2?
The individuals who are eligible to file the ITR-2 form are those whose income source is as follows:
1) You have to file ITR 2 if you have any assets or executing power in any account that is located outside of India.
2) If you are a non-resident or an out-of-town visitor.
3) If you earn more than Rs. 5000 from agriculture, you must file the ITR 2.
4) You qualify to file ITR 2 if your other sources of income include lotteries, horse racing, and casino profits.
5) If you have capital gains/losses from the selling of real estate, investments, and securities, both short and long term.
Who will file ITR 2 and how to file it online?
1) First, you must visit the
Income Tax e-Filing website.
2) Enter your user ID (PAN), password, and captcha code, then click 'Login' to access the e-Filing portal.
3) Click the 'Income Tax Return' link under the 'e-File' option.
4) Your PAN will be auto-populated on the Income Tax Return Page. Select 'Assessment Year' and 'ITR Form Number' from the drop-down menu.
5) Select 'Original/Revised Return' as the 'Filing Type.'
6) Select 'Prepare as the submission mode, submit online then click 'Continue.'
7) You must read these terms and conditions before filling out the Online ITR Form, which includes all relevant and necessary sections.
8) On the 'Taxes Paid and Verification' page, select the appropriate Verification option.
9) To check the Income Tax Return, select one of the following options:
a) I'd like to e-Verify my application within 120 days after filing.
b) I do not wish to use e-Verify and instead prefer to mail a signed ITR-V to "Centralized Processing Center, Income Tax Department, Bengaluru – 560 500′′ within 120 days after filing.
10) You can verify all of the data entered in the ITR by clicking the 'Preview and Submit' button.
Finally, click 'Submit' on the ITR.
Your question about who can file ITR 2 is answered properly here.
NoBroker legal services will help you with both property verification and registration. Your property will be managed effectively by NoBroker property management services. Read More: How to file ITR without form 16? How to file ITR of deceased person?Your Feedback Matters! How was this Answer?
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Who can file ITR 2?
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2022-04-05T18:59:17+00:00 2024-08-01T10:37:29+00:00Comment
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