How to file ITR 2 online? - Complete Guide

What is the ITR 2 form?

The ITR 2 form or the Income Tax Returns 2 form is filled out by salaried individuals, Hindu undivided families whose income comes from sources other than business or a profession. This form includes income tax return filings from those whose income source arises from capital gains, salary, pension, etc.¹

 

Understanding the eligibility of the ITR 2 form

Taking a look at the detailed list of the eligibility criteria to fill out the ITR form will help you avoid any confusion. Here’s a list of eligibility criteria for the ITR 2 form: ¹

• Individuals or Hindu undivided families earn income from salary or pension.
• Individuals or Hindu undivided families earn income from more than 1 house property.
• Individuals or Hindu undivided families earn income from capital gains.
• Individuals or Hindu undivided families earning income from other sources like lottery, or any other form of legal gambling.
• Individuals or Hindu undivided families whose agriculture income is more than ₹5,000.

Note:

1. Remember that the total income from the above sources may exceed Rs 50 lakh.¹
2. In addition to the list mentioned above, a director of a company or any individual who has invested in unlisted equity shares of any given company has to file the ITR 2 form mandatorily.¹

Before we move ahead with the structure and the process of filing the ITR form, take a look at the list of those who cannot file the ITR 2 form: .¹

• Individuals or Hindu undivided families whose income source comes from business or profession.
• Individuals who met the eligibility criteria to fill out the ITR-1 form.

ITR 2 form: All you need to know about the structure

To begin with, you must first know that the ITR form has 29 sections dealing with various income sources and tax compliances and deductions. 2 Let’s take a quick look at the structure of the ITR 2: ¹

 

• Part A:

  Deals with general information.

• Schedule CG:

  Deals with income coming from capital gains.

  • Schedule 112A:

    Deals with the capital gains coming from the sale of equity shares or the sale of an equity unit-oriented fund or business in which STT is paid.

  • Schedule 115AD(1)(b)(iii):

    Deals with the same provisions as discussed in schedule 112A but is eligible only for non-residents.

• Schedule S:

  Deals with the details of income from salaries.

• Schelexe HP:

  Deals with the details of income coming from house property.

• Schedule CYLA:

  Deals with a statement of income after setting off losses of the present year.

• Schedule CFL:

  Deals with the statement of losses that are to be carried forward.

• Schedule TR:

  Deals with taxes paid outside Indian territories.

• Schedule OS:

  Deals with income coming from other sources

   

Note: Before you proceed to fill out the ITR 2 form make sure to check the detailed list of all 29 sections of the form from the official website of the Income Tax Department India.

 

Filing ITR 2 form online: All you need to know.

Know that you can fill out the ITR 2 form either through online mode by visiting the e-filing portal or through offline mode. Here’s a detailed guide to help you easily file the ITR 2 form through online mode: .²

 

• Step 1: 

  Visit the official website of the income tax department to open the e-filing portal.

• Step 2:

  Login into your account by using your user ID and password.

• Step 3:

  Once you have logged in you will be able to see the “E-file” menu from where you have to select “income tax returns” and then choose the file” income tax returns” from the dropbox menu.

• Step 4:

  In the next step, you have to carefully select the assessment year for which you have to file the ITR and then choose online mode under the mood of filing tab.

• Step 5:

  Select the status between an individual or a Hindu undivided family.

• Step 6:

  Then proceed to select the type of ITR form as ITR 2.

• Step 7:

  Once you have selected the ITR form type you will be provided with the list of documents, so make sure to read the documents and then proceed ahead carefully.

• Step 8:

  Thi Carefully review the pre-filled information and then fill out the 29 sections that include your personal information, income sources, tax deductions, tax liabilities, etc.

• Step 9:

  Select the payment method, and you will be redirected to the E-pay tax service for tax payments.

• Step 10:

  Make sure to cross-check all the information before making the payment.

• Step 11:

  Once you have made the payment, you just have to proceed with the e-verification, and you will receive a success message on your screen along with a transaction ID and acknowledgement number.

Conclusion

 

The E-filing portal introduced by the Income Tax Department of India has made filing income tax returns seamless and quick. Now that you have a fair understanding of the ITR Form 2 you can easily proceed to fill the form for the current financial year.

 

FAQs

 

1. Who has to file the ITR form?

   
   

   Any individual or Hindu undivided family who is a taxpayer and meets the specific eligibility criteria has to fill out the form. To give you an idea, this includes all resident salaried individuals, Hindu undivided families and non-residents whose income comes from sources other than business or a profession.¹

    

2. Do I have to fill out both ITR forms 2 and 1?

   
   

   If you are an individual or a Hindu undivided family whose income source comes from capital gains and salary, then you have to fill out both forms.³