An ITR-2 Form is a significant form of Income Tax Return that both Indian residents and Non Residents use to file their Tax Returns with India's Income Tax Department. The ITR-2 Form can be used by individuals who are not qualified to use ITR-1.
Individuals and Hindu Undivided Families who have their income for the Financial Year through salary or pension, more than House Property, Income from Capital Gains, Income from Foreign Assets / Income, Income from Business or Profession as Partner (not Proprietor) and other sources including lottery, racehorses, legal gambling are qualified to submit their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, also have to file using ITR-2 due to their income of more than 50 Lakhs.
The form ITR-2 can be submitted using three methods:
In the third method, Assessee filing ITR-2 form must complete the ITR-V acknowledgment.The assessee should print two copies of Form ITR-V after preparing ITR-V. One copy of ITR-V, duly signed by the assessee, should be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).
Deposit of Income-tax return for individuals with DIN shares or private limited company shares.
Deposit of income tax returns for people with capital gains.
Receiving income tax returns for individuals with foreign assets or foreign income.