INCOME TAX FILING

In India, taxpayers are categorized based on Income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. Among these forms, ITR2 form is designated for individuals and Hindu Undivided Families who do not generate Income from professional or business activities. This is what is ITR2 all about briefly.

The ITR2 form is tailored for individuals and Hindu Undivided Families (HUFs) whose Income is derived from sources other than 'Profits and Gains from Business or Profession.' If your Income originates from any of the following avenues, you are required for ITR 2 filing form:

Eligibility for ITR 2

(i). Income from Salary or Pension.

(ii).Income derived from house property, which may involve multiple properties.

(iii).Income from Capital Gains or losses incurred from the sale of investments or property, including both long-term and short-term gains/losses.

(iv).Receipts exceeding Rs 5,000 from agricultural activities.

(v). Foreign Income or ownership of Foreign Assets.

(vi)Status as a Resident Not Ordinarily Resident (RNOR) or a Non-Resident.

(vii).Interest from Savings Accounts