Types of ITR Forms
ITR-2 Form for AY 2026-27
ITR-2 is meant for individuals and Hindu Undivided Families who have income under heads other than profits and gains from business or profession, and who are not eligible to use ITR-1.
Who should use ITR-2?
- Individuals or HUFs not eligible for ITR-1.
- Taxpayers with capital gains from listed shares, mutual funds, property, ESOPs, or other capital assets.
- NRIs and resident taxpayers with foreign income, foreign assets, or foreign tax relief claims.
- Individuals with income from more complex house property, dividend, interest, winnings, or other source schedules.
- Taxpayers who are directors in a company or held unlisted equity shares during the year.
Who should not use ITR-2?
Do not use ITR-2 if you have income from business or profession. This includes many freelancers, consultants, proprietors, traders, and taxpayers receiving taxable partner remuneration or interest from a firm. These cases usually need ITR-3, or ITR-4 where presumptive-income conditions are met.
Common schedules in ITR-2
- Schedule S: salary and pension income.
- Schedule HP: house property income.
- Schedule CG: short-term and long-term capital gains.
- Schedule OS: income from other sources.
- Schedule FA/FSI/TR: foreign assets, foreign source income, and foreign tax relief.
- Schedule 112A/115AD: reporting eligible equity and mutual fund capital gains where applicable.
Documents to keep ready
- Form 16, Form 16A, capital gains statements, broker P&L reports, and mutual fund statements.
- Purchase and sale documents for property or other capital assets.
- Form 26AS, AIS, TIS, bank interest certificates, dividend records, and refund/demand details.
- Foreign asset and foreign income details, if applicable.
- Proofs for deductions, exemptions, and tax payments.
How All India ITR helps with ITR-2
ITR-2 can become detail-heavy when capital gains, foreign assets, multiple income sources, or tax-credit mismatches are involved. Our experts reconcile AIS/TIS, Form 26AS, broker statements, capital gains schedules, and regime choices before filing.
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Frequently Asked Questions
This guide is reviewed for AY 2026-27 and is intended for general understanding. Complex capital gains, foreign income, and treaty cases should be reviewed by a tax professional.
