What is ITR Form 2?

Form ITR- 2 is an Income Tax Return form filed by Individuals and HUFs.

Who are eligible for filing ITR-2?

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ITR 2 Form is basically for Individuals and HUF earning income other than income under the head Business or Profession. Therefore, the individuals and HUFs having income from following sources are eligible to file their Income Tax Return using ITR 2 Form:

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·        Income from Salary/Pension

Filing Income Tax Return

·        Income from House Property, this Income Can be from more than one house property)

·        Income from Capital Gains/loss on sale of investments/property for both Short Term and Long Term

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·        Income from Other Sources, that includes winning from Lottery, bets on Race Horses and other legal means of gambling

·        Foreign Assets/Foreign Income

·        Agricultural Income of more than Rs. 5000

·        Resident not ordinarily resident and a Non-resident can also file ITR-2 Form.

Who cannot file ITR using ITR-2 Form?

·        Any Individual or Hindu Undivided Family, who has an income under the head of Business and Profession, are not eligible to file Income Tax Return using ITR-2 Form.

·        The eligibility criteria talks about the individuals who are eligible to File ITR-1, certainly cannot File ITR-2.

So, those were the eligibility criteria to file Income Tax Return using ITR Form 2. Hurry up and File your Income Tax Return before 31^st July 2018.