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What is ITR Form 2 | How to File ITR Form 2 | YES BANK

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Your income tax return (ITR) serves as proof of your legal and disclosed income in India. You have to file your tax returns using the ITR Forms based on your taxpayer type. The Income Tax Department categorizes Indian taxpayers based on income amount, income source, resident status, and other such factors. And a different ITR Form applies to each distinct category.

ITR Form 2 is one such tax return form, the details of which are discussed here.

What is ITR Form 2?

This ITR form is for individuals and Hindu Undivided Families (HUFs) not earning revenues from any business or profession. If your income sources include capital gains, foreign income, or earnings from agriculture exceeding ₹5,000, you need to file ITR-2.

Who can file ITR-2?

Taxpayers eligible to file this ITR form are those who earn incomes from sources such as:

  • Salary/ pension

  • House property

  • Capital gains/ loss (both short and long-term) on sale of investments, securities, or property

  • Lottery winnings

  • Betting on racehorses and other legal means of gambling

  • Foreign assets or income from sources in a foreign country

  • Agriculture (above ₹5,000)

Also, if you are a Director in a listed or an unlisted company, you need to file your returns using ITR-2. The same rule applies if you own unlisted equity shares of a company or have signing authority in any account outside India.

A resident not ordinarily resident (RNOR) and a non-resident Indian should also file this form.

In case you earned only long-term capital gains exempt under Section 10(38), you can file ITR 1.

What is the process of ITR-2 download?

The steps are as follows:

  1. Go to the URL https://www.incometaxindiaefiling.gov.in/home

  2. Click on the Download tab and select "Offline Utilities"

  3. Choose "Income Tax Return Preparation Utilities"

  4. Select the relevant Assessment Year

  5. Click on "Excel Utility" under ITR-2 column if you want to fill the details by hand

  6. Download the file.

After ITR-2 download, extract the file and fill it up to file it.

How to file ITR Form 2 offline?

You can file your ITR via offline modes if:

  • Your age is 80 years or more

  • Your net taxable income does not cross Rs. 5 lakhs, and you are not claiming a tax refund

Options for offline ITR filing at an income tax office or helpdesks at an "Aaykar Sampark Kendra":

  • Fill up your tax details in a paper hardcopy of ITR-2 form

  • Furnish a bar-coded return form

You must also submit a filled acknowledgement form along with your physical ITR. You will get a stamped copy of the acknowledgement form from the tax authorities.

How to file ITR Form 2 online:

  • Feed the details under the digital signature on the Income Tax Department's e-filing portal.

  • Transmit the data electronically and then submit the return verification in Return Form ITR-V.

After an electronic submission with a digital signature, you will receive the acknowledgement in your registered email id.

You can also e-verify your ITR after e-filing, using an electronic verification code (EVC) generated through:

  • Your Aadhaar, via an OTP, sent to your mobile number

  • Net banking, if your PAN is linked to your bank account

Another option is to download the return verification form ITR-V, sign it, and mail it to the CPC office in Bangalore within 120 days of e-filing.

Conclusion

Now that you know what ITR form 2 is you can check your eligibility and submit the form within the due date. Calculate your tax liability accurately to avoid penalties.

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