ITR, or Income Tax Return, is a designated document used to report income earned and corresponding taxes paid within a fiscal year to the Income-tax Department. This form facilitates carrying forward losses and requesting refunds from the tax authorities. Various types of income tax return forms cater to different taxpayer statuses and income types. You can access these forms for download at www.incometaxindia.gov.in.
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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