ITR-2 Return Filing
ITR-2 Return Filing
ITR-2 is the Income Tax Return (ITR) form for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is suitable for taxpayers with income from salary, pension, house property, capital gains, foreign income, and other sources.
📌 Who is Eligible for ITR-2 Filing?
✔️ Individuals with Salary/Pension Income
✔️ Individuals with Capital Gains (Stocks, Mutual Funds, Property, etc.)
✔️ Individuals with More Than One House Property
✔️ Residents & Non-Residents (NRIs)
✔️ HUFs (Hindu Undivided Families)
✔️ Foreign Income Holders
✔️ Directors of Companies
✔️ Investors in Unlisted Equity Shares
🚫 Who is NOT Eligible for ITR-2?
❌ Individuals with Income from Business or Profession (ITR-3 or ITR-4 required)
❌ Individuals with Presumptive Business Income
Importance of ITR-2 Filing
✅ Mandatory for High-Income Earners – Required for those with capital gains, multiple properties, or foreign assets.
✅ Avoid Penalties & Legal Issues – Timely filing prevents fines up to ₹10,000.
✅ Claim Tax Refunds – Get back excess TDS deducted.
✅ Crucial for Visa & Loan Approvals – Serves as proof of income.
✅ Financial Transparency – Helps in wealth planning and tax compliance.
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Great Support for Funding & Compliance
Documents Required for ITR-2 Filing
📌 PAN Card – For taxpayer verification.
📌 Aadhaar Card – Mandatory for tax filing.
📌 Form 16 & Form 16A – For salary and TDS details.
📌 Capital Gains Statement – From mutual funds, stocks, and property sales.
📌 Bank Account Details – For tax refund processing.
📌 Investment Proofs – For tax deductions under 80C, 80D, etc.
📌 Rental Income Details – If applicable.
📌 Foreign Asset & Income Details – Required for NRIs and those with global income.
Benefits of ITR-2 Filing
✅ Ensures Legal Compliance – Stay compliant and avoid legal troubles.
✅ Helps in Wealth Management – Capital gains reporting helps in better financial planning.
✅ Enables Tax Savings – Claim deductions on investments and expenses.
✅ Quick Processing & Refunds – Avoid delays by filing on time.
✅ Improves Creditworthiness – Required for securing loans and financial transactions.