Mandatory Details in ITR-2 for AY 2026-27

ITR-2 Filing: Mandatory Information Guide for AY 2026-27

Introduction

ITR-2 is the Income Tax Return form applicable to individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is generally filed by taxpayers having capital gains, income from multiple house properties, foreign assets, foreign income, or total income exceeding ₹50 lakh.

To ensure smooth processing of the return and avoid notices or refund delays, taxpayers must provide complete and accurate information while filing ITR-2.

Who Should File ITR-2?

ITR-2 is applicable to individuals and HUFs having:

• Income above ₹50 lakh
• Capital gains from shares, mutual funds, or property
• Income from more than one house property
• Foreign assets or foreign income
• Agricultural income exceeding ₹5,000
• Directorship in a company
• Investment in unlisted equity shares

Mandatory Information Required in ITR-2

1. Personal Information

Taxpayers must correctly provide:

• Full Name
• PAN
• Aadhaar Number
• Date of Birth
• Mobile Number
• Email ID
• Residential Address

These details should match the records available with the Income Tax Department.

2. Bank Account Details

The following information is mandatory:

• Bank Name
• Account Number
• IFSC Code
• Account Type
• Pre-validated Bank Account

Accurate bank details help ensure timely refund processing.

3. Salary and Pension Income

Where applicable, taxpayers should report:

• Gross Salary
• Exempt Allowances
• Standard Deduction
• Professional Tax
• TDS Deducted by Employer

The information should match Form 16 and Form 26AS.

4. House Property Income

Taxpayers owning one or more properties must disclose:

• Self-Occupied or Let-Out Status
• Rental Income
• Municipal Taxes Paid
• Home Loan Interest

5. Capital Gains Details

One of the most important sections of ITR-2 is capital gains reporting.

Taxpayers must disclose gains arising from:

• Sale of Shares
• Mutual Funds
• Property Transactions
• Bonds and Securities
• Long-Term Capital Gains (LTCG)
• Short-Term Capital Gains (STCG)

6. Income from Other Sources

This includes:

• Savings Account Interest
• Fixed Deposit Interest
• Dividend Income
• Family Pension
• Other Interest Income

Income reported should be reconciled with AIS and Form 26AS.

7. Foreign Assets and Foreign Income

Resident taxpayers holding foreign assets or earning foreign income must provide complete disclosures relating to:

• Foreign Bank Accounts
• Foreign Investments
• Foreign Property
• Foreign Income

8. Deduction Details

Eligible deductions under Chapter VI-A should be reported correctly, including:

• Section 80C
• Section 80D
• Section 80G
• Section 80CCD(1B)
• Section 80TTA/80TTB

9. Tax Payment Details

Taxpayers should verify:

• TDS Credits
• TCS Credits
• Advance Tax Paid
• Self-Assessment Tax

These details must match Form 26AS and AIS records.

10. Tax Regime Selection

Choose the applicable regime:

• Old Tax Regime
• New Tax Regime

The selection can significantly impact the final tax liability.

11. E-Verification of Return

After filing ITR-2, verification is mandatory through:

• Aadhaar OTP
• Net Banking
• Bank Account EVC
• Demat EVC

An unverified return is considered invalid.

Common Mistakes While Filing ITR-2

• Failure to report capital gains
• Mismatch with AIS or Form 26AS
• Incorrect foreign asset disclosures
• Missing dividend or interest income
• Wrong deduction claims
• Incorrect bank account details

Conclusion

ITR-2 filing involves detailed reporting of income, capital gains, foreign assets, deductions, and tax payments. Taxpayers should carefully verify all information before submission and reconcile it with AIS, Form 26AS, and supporting documents. Accurate filing not only ensures compliance but also helps in faster processing of returns and refunds.