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ITR-2 is an income tax return (ITR) form designed for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It applies to taxpayers earning from salary, multiple house properties, capital gains, foreign assets, and other investments. Tax consultancy experts recommend this form for those with high-income sources exceeding ₹50 lakh. Filing ITR-2 correctly ensures tax compliance, helps taxpayers carry forward losses, and facilitates GST services for applicable cases. Taxpayers can download ITR forms from www.incometaxindia.gov.in and consult business compliance professionals for accurate filing and tax-saving strategies.
It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”
Form ITR – 2 can be used by an individual and Hindu Undivided Family who is not eligible to fileITR-1 Sahaj and not having income from “profit and gains of business or profession” and also not having income from “Profits and gains of business or profession” in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used only when such income falls in any of the above categories.
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