ITR Form-2

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Income Tax Return Form-2

The ITR-2 Form is a crucial Income Tax Return form that Indian nationals and non-residents alike use to file their tax returns with the Income Tax Department of India. Citizens are required to file their tax returns with the Income Tax Department at the end of each financial year under the Income Tax Act, 1961, and the Income Tax Rules, 1962, and this form is part of the filing process as prescribed by the Government of India.

Every year, the deadline for filing a return with the Income Tax Department of India is July 31. This is only susceptible to change if the Income Tax Department or the Indian Ministry of Finance issues a directive to that effect.

Assessees have four months to prepare their Income Tax Returns because the Financial Year ends on March 31 every year.

ITR Form has total 7 types which is known as follows.

ITR Form -1 ,  ITR Form -2 , ITR Form -3 , ITR Form -4 ,ITR Form -5 , ITR Form -6 , ITR Form -7.

Eligibility for the ITR-2 (Income Tax Return Form)

The ITR-2 Form is only relevant to the following sources of income. Individuals as well as Hindu Undivided Families can fill out this form. Individuals who make their income solely through the following sources are eligible to fill out and submit the form to the IRS.

Having a salary or a pension as a source of income
Income from a residential property.
Capital Gains as a Source of Income (Short Term and Long Term)
Earnings from Diverse Sources (includes Income through Lottery Winnings, through bets on Racehorses, and other Legal methods of Gambling)
When filing an income tax return with a spouse, minor child, or others, make sure that their sources of income are identical to those listed above. Only then may they file their returns together. If the Assessee's earnings differ in even one area, he or she must file a separate and applicable Income Tax Returns Form.

Ineligibility to complete the ITR-2 Form

Any Hindu Undivided Family or Individual whose income is derived, in whole or in part, from a Business or a Profession.
Those who are eligible to complete the ITR-1 SAHAJ form.
The ITR-2 Form is not available to individuals who have been identified as partners in a Partnership Firm.
Salary employees receive a special discount.
According to the Income Tax Department of India's mandate, salaried employees earning less than Rs. 5 lakh are excluded from filing tax returns.
This restriction, however, only applies to those who earn less than ten thousand rupees per year in interest from their savings bank accounts.
Those earning ten thousand rupees or more are expected to file tax returns.

E-filing is required for a certain group of taxpayers.

Individuals and Hindu Undivided Families earning more than Rupees Five Lakh must file their tax returns only through the E-Filing Process, according to the Central Board of Direct Taxes (CBDT). Assessees in this group no longer have the option of filing returns manually. The sole means for individuals and HUFs to file their income tax returns is through electronic filing.

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