ITR-2 Form: For Income Beyond Salary

ITR-2 is one of the Income Tax Return forms used in India. It's meant for individuals and Hindu Undivided Families (HUFs) who have income that doesn't come from a business or profession. This form is more complex than ITR-1 and covers a wider range of income sources.

 

Who Should Use ITR-2?

Individuals and HUFs should file ITR-2 if they:

• Are not eligible to file ITR-1

• Do not have income from profits and gains of business or profession

This typically includes those with income from:

• Salary/Pension

• More than one house property

• Capital gains

• Income from other sources (like interest, dividends, etc.)

Key Aspects of ITR-2

ITR-2 requires taxpayers to provide detailed information about their income. Some key aspects include:

• Income from Salary/Pension: Similar to ITR-1, but can handle more complex salary structures.

• Income from House Property: This form allows reporting income from multiple house properties.

• Capital Gains: Crucially, ITR-2 is used to report capital gains from investments, including the sale of property and shares.

• Income from Other Sources: This covers various other income types, such as interest income, dividends, and other sources not covered elsewhere.

• Foreign Assets: ITR-2 also requires the reporting of foreign assets.
  
   

In Summary

ITR-2 is for individuals and HUFs with income sources like salary, multiple house properties, and capital gains, but not from business or profession.

HERE IS A DETAILED VIDEO OF ITR-2 UNDERSTANDING PLEASE CHECK THE LINK DOWN BELOW.



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