What is ITR-2?

What is ITR-2?

Income Tax Return-2, commonly known as ITR-2, is a form that individuals and Hindu Undivided Families (HUFs) use to file their income tax returns. ITR-2 is a comprehensive form that caters to taxpayers who have income from multiple sources such as salary, house property, capital gains, and other sources apart from business or profession.

In this blog post, we will discuss the basics of ITR-2, who should file it, the procedure to file ITR-2, and the due date for filing ITR-2.

Who should file ITR-2?

ITR-2 is applicable for individuals and HUFs who have income from multiple sources, except for business or profession. The sources of income that can be reported on ITR-2 include salary, house property, capital gains, income from other sources, and foreign income. If you have income from a business or profession, you need to file ITR-3 or ITR-4, depending on the type of business or profession.

How to file ITR-2?

Procedure to file ITR-2: The process of filing ITR-2 is straightforward. You can either file it online or offline. Here are the steps to file ITR-2:

1. Gather all the necessary documents: Before you start filing ITR-2, ensure that you have all the necessary documents like Form 16, salary slips, bank statements, TDS certificates, etc.
2. Login to the e-filing portal: If you are filing ITR-2 online, you need to visit the Income Tax Department’s e-filing portal and log in using your credentials.
3. Fill in the details: Once you have logged in, select ITR-2 and start filling in the details such as personal information, income from different sources, deductions, etc.
4. Verify the details: After filling in all the details, verify them and ensure that there are no errors.
5. Submit the form: Once you have verified the details, submit the form electronically. You will receive an acknowledgement once the form is successfully submitted.

Due date for filling ITR-2

Due date for filing ITR-2: The due date for filing ITR-2 is usually July 31st of the assessment year (AY). For example, for the financial year 2022-23, the due date for filing ITR-2 would be July 31st, 2023. However, the government may extend the deadline in certain cases, and it is always advisable to file the returns well before the due date to avoid any penalties or late fees.

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Conclusion

In conclusion, ITR-2 is a comprehensive form that is suitable for individuals and HUFs who have income from multiple sources, except for business or profession. By following the simple steps mentioned above, you can easily file ITR-2 online and ensure that you are compliant with the income tax laws.