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ITR-2 Return Filing

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ITR-2 Return Filing

Income Tax Return for Individuals & HUFs (Non-Business)

As per Income Tax Act, 1961 | Income Tax Department (India)

Overview
Who Should File
Income Covered
Documents Required
Additional Details
Filing Process
Due Date & Penalty
FAQs

ITR-2 is applicable to Individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession but earn income from capital gains, multiple house properties, or foreign sources.

This return is commonly filed by investors, NRIs (resident status permitting), and high-income salaried individuals.

Who Can File ITR-2?

  • Resident or Non-Resident Individuals
  • HUFs without business income
  • Total income exceeding ₹50 lakh
  • Individuals with capital gains
  • Individuals having foreign income or assets

Who Cannot File ITR-2?

  • Individuals with business or professional income
  • Presumptive taxation cases (ITR-4)
  • Partners in firms with business income

Income Covered under ITR-2

Income Head Description
Salary / Pension Including high-value salary income
House Property More than one house property
Capital Gains Short-term & long-term (shares, property, MF)
Other Sources Interest, dividends, winnings
Foreign Income / Assets Mandatory disclosure required

Mandatory Documents

  • PAN Card
  • Aadhaar Card
  • Form 16 (if salaried)
  • Form 26AS
  • AIS & TIS
  • Bank account details

Additional / Supporting Documents

  • Capital gain statements
  • Sale & purchase deeds (property)
  • Broker contract notes
  • Mutual fund statements
  • Foreign bank statements
  • Dividend income details
  • Tax payment challans
Proper documentation ensures accurate capital gain computation and avoids income tax notices.

ITR-2 Filing Process

  • Collection of income & investment data
  • Capital gains computation
  • Foreign income & asset disclosure
  • Tax calculation & review
  • Online filing on Income Tax portal
  • e-Verification of return

Due Date & Late Filing Penalty

  • Normal due date: 31st July (subject to extension)
  • Late fee up to ₹5,000 (Section 234F)
  • Interest under Sections 234A/B/C
Incorrect reporting of capital gains or foreign assets can attract heavy penalties.

Frequently Asked Questions (FAQs)

  • Is ITR-2 mandatory for capital gains? – Yes.
  • Can salaried person file ITR-2? – Yes, if conditions apply.
  • Is foreign asset disclosure compulsory? – Yes.
  • Can revised return be filed? – Yes.
  • Is audit required? – No.

Income Tax Return (ITR) Forms – Complete Comparison

ITR-1 to ITR-7 | Applicability, Documents & Due Dates (India)

ITR Comparison
Documents Required
Due Date & Audit

📊 ITR-1 to ITR-7 Comparison Table

ITR Form Who Should File Income Covered Business Income
ITR-1 (Sahaj) Resident Individuals Salary, 1 House Property, Other Sources No
ITR-2 Individuals / HUFs Capital Gains, Multiple Properties, Foreign Income No
ITR-3 Individuals / HUFs Business / Professional Income Yes
ITR-4 (Sugam) Individuals / HUFs / Firms Presumptive Income Yes (Presumptive)
ITR-5 Firms, LLPs, AOPs Business & Other Income Yes
ITR-6 Companies All Income (Except Exempt) Yes
ITR-7 Trusts / NGOs / Institutions Exempt Income Specific
Filing the wrong ITR form may result in a Defective Return Notice (Section 139(9)).

📂 Documents Required – ITR-Wise

ITR-1

  • PAN & Aadhaar
  • Form-16
  • Bank statement
  • Form 26AS / AIS

ITR-2

  • PAN & Aadhaar
  • Capital gains statement
  • Property sale/purchase documents
  • Foreign income/assets details

ITR-3

  • Books of accounts
  • Profit & Loss Account
  • Balance Sheet
  • GST returns (if applicable)
  • Audit report (if applicable)

ITR-4

  • Turnover / receipt summary
  • Bank statement
  • GST details (if registered)

ITR-5

  • PAN of Firm / LLP
  • Partnership Deed / LLP Agreement
  • Balance Sheet & P&L
  • Audit report (if applicable)

ITR-6

  • Company PAN
  • MOA & AOA
  • Audited financial statements
  • Tax audit report

ITR-7

  • Trust Deed / MOA
  • 12AB / 10(23C) Registration
  • Audit Report (Form 10B / 10BB)
  • Donation & utilization details

📅 Due Date & Audit Applicability

ITR Form Audit Applicable Due Date
ITR-1 / ITR-2 / ITR-4 No 31st July
ITR-3 / ITR-5 Yes (If applicable) 31st July / 31st October
ITR-6 Yes (Mandatory) 31st October / 30th November
ITR-7 Yes 31st October
Audit report must be filed before filing the Income Tax Return.