ITR-2 Form Filing

ITR-2 IS A FORM OF INCOME TAX RETURN WHICH IS FILED BY THE CITIZEN OF INDIA AS WELL AS NON RESIDENT INDIANS TO GIVE THEIR INCOME INFORMATION AND TAX DETAILS TO THE INCOME TAX DEPARTMENT…..

THIS FORM BASICALLY USED BY THE INDIVIDUALS AND HUF WHO HAVE THEIR MAIN INCOME FROM SALARY OR PENSION WHICH IS MORE THAN THEIR OTHER INCOMES (I.E. HOUSEPROPERTY , CAPITAL GAIN,FOREIGN ASSET INCOME,PGBP,OTHER SOURCES LIKE LOTTERY,GAMBLING,RACEHORSES.AND INCLUDING THOSE INDIVIDUALS WHOSE INCOME IS EXCEEDING RUPEES 50 LAKHS AND BECAUSE OF THAT THEY ARE NOT ELIGIBLE TO FILE THEIR INCOME TAX RETURN BY FORM ITR-1.

THE REASON BEHIND FILING THE INCOME TAX RETURN IN FORM ITR-2 ARE FOLLOWS :-

  1. MORE THAN RS.50 LAKHS INCOME.
  2. FOREIGN ASSETS
  3. FOREIGN INCOME
  4. MORE THAN RS.5000 AGRICULTURAL INCOME.
  5. TAXABLE INCOME OF CAPITAL GAIN
  6. TAXABLE INCOME FORM BUSINESS OR PROFESSION AS A PARTNER.
  7. MORE THAN ONE HOUSE PROPERTY INCOME.
  8. OUTSIDE COUNTRIES INCOME

THE ENTITIES OR INDIVIDUAL WHO ARE NOT ELIGIBLE TO FILE THE ITR-2 FORM :-

  1. INDIVIDUALS WHO HAVE PROPRIETORSHIP BUSINESS OR PROFESSION
  2. COMPANIES
  3. LIMITED LIABILITY PARTNERSHIP

THE DUE DATE OF FILING ITR-2 FORM IS ON OR BEFORE 31ST JULY OF EACH FINANCIAL YEAR.

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