Income Tax Return Form 2 (ITR-2) Information

ITR-2 in India is applicable to individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. Here are the key individuals who should file ITR-2:

• Individuals and HUFs with Income from the Following Sources:
  • Salary or pension
  • House property (other than cases where loss is brought forward from previous years)
  • Capital gains (short-term and long-term)
  • Income from other sources (including winnings from lottery, racehorses, etc.)
• Individuals Having Foreign Assets or Foreign Income:
  • If you are a resident but have foreign assets or foreign income, you may need to use ITR-2.
• Individuals Claiming Double Taxation Relief under Section 90/90A/91:
  • If you are entitled to claim relief under these sections, you should use ITR-2.
• Individuals with Agricultural Income exceeding Rs. 5,000:
  • ITR-2 is required if an individual has agricultural income of more than Rs. 5,000.
• Individuals Who Are Partners in a Firm but Not Carrying Out Business/Profession under Any Proprietorship:
  • Partners in a firm can use ITR-2 if they do not have business income.
• Individuals Who Need to Report Income from More than One House Property:
  • If you have income from more than one house property, ITR-2 is the applicable form.
• Not Applicable to Individuals with Business or Professional Income:
  • ITR-2 is not applicable to individuals who have income from business or profession. Those individuals should use other relevant forms, such as ITR-3, ITR-4, etc.