Income Tax Form ITR 2

ITR 2

The ITR 2 form is the income tax form for individuals and HUFs who do not have income from business and profession. The due date of filing the ITR 2 form with Income Tax Department is 31 July every year. The financial year ends on 31 march every year so assessees have a period of four months to prepare their income tax returns.

The due date of filing the ITR 2 for Financial Year 2015-16 is 31 July 2016.

Who is eligible to file the Form ITR 2?

This form is to be used by an individual or an HUF whose total income for the assessment year includes:

  • Income from house property.
  • Income from other sources (including winning from lottery, bets on race houses and other legal means of gambling).
  • Foreign Assets.

Who is not eligible to file the Form ITR 2?

  • Any individual or HUF with income wholly or partially earned from business or profession.
  • Individuals who are eligible to fill out the Form ITR 1.
  • Individuals who are partners in a Partnership Firm.

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General Guidelines

Here are a few general guidelines to keep in mind while filing your ITR 2 form

  • If any schedule is not applicable to you, strike it out and write –NA– across it.
  • If any item is not applicable to you, write NA against it.
  • Indicate nil figures by “Nil”.
  • Put a “-” sign before negative figures.
  • All figures are to be rounded off to the nearest one rupee except figure for total income/loss and tax payable. Those are to be rounded off to the nearest multiple of ten.
  • If you are an individual, under the Employer Category you should tick Government if you are a Central/State Government employee. You should tick PSU if you work in a public sector company of the Central/State Government.

How to file ITR 2 Form?

You can submit your ITR 2 either online or offline. It is mandatory to file Income Tax Returns electronically for the following assesses:

  • Those who earn more than ₹5 lakhs per year.
  • Those having any assets outside India (including financial interest in any entity) or signing authority in any account outside India.
  • Those claiming relief under Section 90/90A/91 to whom Schedule FSI and Schedule TR apply.

Offline:

  • By furnishing a return in a physical paper form.
  • By furnishing a bar-coded return.

The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.

Online/Electronically:

  • By furnishing the return electronically under digital signature.
  • By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V.

If you submit your ITR 2 Form electronically under digital signature, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.

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