ITR Form 2 - Income Tax Return for Non-Business Income
आईटीआर फॉर्म 2
ITR-2 is used by individuals having non-business income including capital gains, loss from any source, or assets like property. It is filed annually by March 31 for taxpayers with income exceeding Rs. 50 lakhs or those with capital assets.
Key facts
- Applicable to individuals with income from salary, house property, capital gains, or other sources over Rs. 50 lakhs
- Must be used if assessee has capital assets or capital gains in the financial year
- Requires detailed disclosure of foreign assets and specified domestic assets exceeding Rs. 30 lakhs
- Filing deadline is March 31 via e-filing portal or through authorized intermediaries
- Penalty of Rs. 5,000 imposed for failure to file within the stipulated time
Details
ITR-2 is a more comprehensive income tax return form designed for individuals with diverse income sources, particularly those with capital gains, capital assets, or total income exceeding Rs. 50 lakhs. Unlike ITR-1, this form requires disclosure of capital gains from property sales, investments, and other long-term or short-term transactions. It is mandatory for individuals holding foreign assets, foreign liabilities, or specified domestic assets exceeding Rs. 30 lakhs in value. The form requires schedules for capital gains (separate sheets for long-term and short-term), foreign assets, salary income, house property, and various deductions. Filing must be completed through the income tax e-filing portal using PAN, DSC, or bank verification. Documents required include capital assets records, sale deed or transfer documents, bank statements, property valuations, and investment account statements. Assesses should maintain detailed records of acquisition cost and sale proceeds for accurate capital gains computation. ITR-2 is particularly important for property owners, stock investors, and individuals with cross-border financial dealings.