Basic concepts of ITR -2 Form
The Income Tax Department of Government of India has divided the taxpayers of Indian resident into different categories. Based on their income, source of income and many other factors, the taxpayer has to fill and submit different income tax return form in order to make sure easy process of compliance. The ITR-2 form is for the Indian individuals who are not eligible to file ITR-1 and applicable for individuals and HUFs not having income from profits and gains of business or profession.
In this article we will elaborate about the details related to ITR-2, like eligibility of the tax payer, required documents etc.
Eligibility to file ITR-2 Form
ITR-2 Form can be filled by an individual or HUF (Hindu Undivided Families):
- Who are not eligible to file ITR-1
- Income from Salary
- Income from Pension
- Income from House property
- Income from capital gains
- Income from other sources (like lottery, bets on horses and gambling)
- Foreign income or assets
- Income from agriculture (more than Rs. 5000)
- Income from commission
Documents required to file ITR-2 Form
- Last year’s tax return copy
- TDS certificate
- Bank Statement
- Savings certificate/Deductions
- Interest statement which shows interest paid throughout the year.
- Balance Sheet
- Profit & Loss A/C
- Audit reports
Precautions an individual should take to avoid issues while filing the ITR-2 form
To avoid issues in filing the return and getting the refund, an individual should ensure to do the following:
- Link Aadhar and PAN card
- Pre-validate the bank account where an individual want to receive the refund
- File the return within the specified timelines
- Verifying the return, an individual can opt for e-verification, which is the easiest way to verify the ITR
- Choose the correct ITR before filing it; otherwise filed return will be treated as defective and the taxpayer need to file a revised ITR using the correct form.
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