Income tax return filing for persons having DIN or owing private limited company shares.Resident individuals who own more than one house property should also file their income tax return in ITR-2. ITR-2 continues to apply to resident individuals who have a total income exceeding Rs 50 lakh.
Form 16
Bank Statement
Details of Other Income
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ITR 2 Form is an Important form income tax return form that is used by the Indian Citizens as
well as the NRIs to file the return with the Income-tax department of India. The taxpayers who
are not eligible to file ITR 1 can file ITR 1 to file the income tax returns. ITR 2 can be filed
by the individuals and Hindu Undivided Families who have their income for the financial year
through salary, pension, more than one property, income from capital gains, income from foreign
assets, business or income from a profession as a partner and other sources that include
lottery, Racehorses, legal gambling.
Also, an individual who is not eligible to file using ITR 1 as the income is exceeding
Rs.50 Lakh can file ITR 2 Form.
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 Capital gains
Foreign Assets/Foreign Income.
Agricultural income more than Rs.5000.
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
A resident is not an ordinary resident and an NRI.
Income from other sources (Lottery, bets on horses, and other gambling)
Income from Salary/Pension
Income from Salary/Pension
Form 16 |
Bank Statement |
Details of other Income |
Home Loan Repayment Schedule |
Rental Receipts |
Donation Receipts |
Insurance Payments |
School / College Bills |
Medical Bills |
Salary Slips |
Document required for Business Tax Filing
Document required for TDS Filing
Document required for GST Registration
Document required for GST Return Filing
Document required for Trademark Registration
Document required for company Registration
Document for private Limited Registration
Partnership company Registration
1. Is a balance sheet necessary for ITR 2 Filing??
Individuals and the HUFs that are carrying business or profession are required to file the details of the assets and the liabilities through a balance sheet. It is necessary to file schedule AL while filing ITR2 which includes the taxpayer above Rs.50 lakh.
2. Can ITR 2 be submitted online?
ITR 2 is applicable for the individuals and the HUFs that do not have any income from business or profession. The ITR 2 filing can be done online on the e-filing portal or in excel utility.
3. How many parts is ITR 2 divided into?
ITR 2 is divided into 2 parts, Part A and B.
4. What does Part A of ITR 2 include?
Part A of Form ITR 2 includes all the general information.
5. What does Part B of Form ITR 2 include?
Part B consists of the total income computation and the tax liability on the total income computation