ITR-2

Form ITR – 2 can be used by an individual and Hindu Undivided Family who is not eligible to file​ITR-1 Sahaj​ and not having income from “profit and gains of business or profession” and also not having income from “Profits and gains of business or profession” in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used only when such income falls in any of the above categories..

TR 2 Form Eligibility

ITR-2 forms are used by individuals or Hindu Undivided Families whose total income for the assessment year includes:

• Income from Salary/Pension; or
• Income from House Property; or
• Income from from short-term or long-term capital gains/ sale of investments/ property.
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
• Foreign Assets
• Individuals generating income of Rs.5000 and above from agricultural sources
• Individual who is a director of the company or an individual invested in unlisted equity shares
• The total income generated from above-mentioned sources may be Rs.50 lakh and above

If the Income Tax Returns are clubbed with a spouse, minor child etc, then their returns can only be filed together if the sources of income are similar to the ones mentioned above. Should there be a variation in earnings in even one category, the Assessee is liable to fill up a separate and relevant Income Tax Returns Form.

Documents Required to file ITR 2

• A copy of last year's tax return
• Bank Statement
• TDS certificates
• Savings certificates/Deductions
• Interest statement showing interest paid to you throughout the year.
• Balance Sheet, P&L Account Statement and other Audit Reports wherever applicable.
• In case you earn from salary, you require Form 16 issued by your employer.
• In case you have earned interest from savings account or fixed deposit, and TDS was deducted, you require a TDS certificate.
• You will require Form 26AS for verification of TDS on your salary as well as other source of income
• In case you are living in rented premises, you will require rent receipts for calculating HRA
• In case you have capital gains in shares, you will need summary of profit or loss statement
• To calculate interest income, you will require bank passbook, Fixed Deposit Receipts (FDR)
• In case you have incurred loss and wish to claim it, then you will need relevant documents to support it.
• In case you wish to save tax under Section 80C/ 80G/ 80D or 80GG, then you will need relevant documents to support it
• In case you wish to claim any loss, you will require a copy of ITR-V