Income Tax

ITR 2 Return Filling

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from 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 Assets/Foreign Income
  • Agricultural Income more than Rs 5000
  • Resident not ordinarily resident and a Non-resident

A Director of any company and an individual who is invested in unlisted equity shares of a company will be required to file their returns in ITR-2.

Process of Registration

Offline:
Only following persons can file their ITR offline:
Individuals who are of the age of 80 years or more.
Return can be filed offline by:
By furnishing a return in a physical paper form
By furnishing a bar-coded return
The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.

Online/Electronically:
By furnishing the return electronically under digital signature
By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V
If you submit your ITR-2 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Remember that ITR-2 is an annexure-less form i.e. you do not have to attach any documents when you send it.

Frequently Asked Questions

Yes you can. Read our guide to understand the process in depth.

Certain income is exempt under section 10 of the Income Tax Act. Exempt income includes – Allowances which may be exempt to a certain extent, for example, HRA, LTA, transport allowance etc. Gratuity, leave encashment, pension may be exempt under section 10 of the Act.