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When should a taxpayer file ITR 2?
Income Tax Department has categorized taxpayers on the basis of their income, source of income and many other factors to ensure easy compliance. Taxpayers who have income different categories are supposed to download different ITR forms and file their ncome Tax ReturnI accordingly. Generally, ITR-2 is file by the individuals and HUFs who do not carry out any profession or business.
What is ITR-2?
ITR-2 is the Income Tax Return Form that is filed by the taxpayers who do not carry out any kind of profession or business.
Who is eligible to file ITR-2?
ITR-2 Form is applicable for the Individuals as well as HUFs, who have Income from various sources other than Income from Business or Profession. Following taxpayers are eligible to file ITR-2: -
- Taxpayers having Income from Salary/ Pension above Rs.50 Lacs
- Assesses having Income from more than one House Property
- Earnings from Capital Gains/Loss, both short term and long term
- Income from other sources like winning lottery, bets, Race Horses and other types of legal gambling.
- Foreign Income
- Taxpayers having Agricultural Income of more than Rs. 5000
- Resident, Non-Resident and Resident not Ordinarily Resident.
Who is ineligible to file ITR-2?
Following are the taxpayers who are ineligible to file ITR-2: -
- Taxpayers who have Income from Business or Profession
- Individuals who are eligible to file ITR with the ITR-1 Form
- Individuals or HUFs who are partners in a Partnership Firm
When can I file ITR-2?
There is no specific due date to file ITR-2 in particular, like other ITR Forms a taxpayer is supposed to be filed by 31st July of the Relevant Financial Year. So, a taxpayer who is required to file ITR-2 can do the same by 31st July.
What is the easiest way to file ITR-2?
The easiest way to file ITR-2 is by filing it in the sequence given below: -:
- Part A
- All the schedules
- Part B-TI and Part B-TTI
- Verification
