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ITR Filing

ITR 2 Form - ITR 2 Meaning & How to file ITR 2 Online?

Updated on: 23 May, 2024 03:13 PM

The Income Tax Department has categorized taxpayers based on income, source of income, and many other factors to ensure easy compliance. Income Tax Return (ITR) forms are documents taxpayers use to report their income, deductions, and tax liability to the Income Tax Department of India. There are seven types of Income Tax Return (ITR) forms in India.

ITR -2 is one of these forms which needs to be filled by Individuals and HUFs receiving income other than income from ‘Profits and Gains from Business or Profession’. In this article we will explore ITR 2 meaning, who can file ITR 2, ITR 2 format, and how to file ITR 2.

ITR 2 Meaning - What is ITR 2 Form?

ITR 2 is an income tax return form for individuals and HUFs having income from sources other than “Income from business and profession.”

Therefore, the ITR 2 form is applicable to individuals having income from salary/pension, income from house property, capital gains, other sources, residents having a foreign income, agricultural income exceeding Rs.5,000, residents not ordinarily resident or non-resident, income from virtual digital assets.

Who is Eligible to File ITR-2 Form?

If you are wondering who can file ITR 2 for the FY 2023-24, ITR-2 form is available for individuals and HUF with income from the following sources:-

  • Salary or Pension
  • One or more House Property
  • Capital Gains or loss on the sale of investments like shares and mutual funds or property. It includes both short-term and long-term capital gains.
  • Other sources- including interest income on FDRs, Dividend income, winnings from the Lottery, bets on Race Horses, and income from other legal gambling.
  • Foreign Assets/Foreign Income
  • Agricultural Income of more than Rs 5000
  • Resident not ordinarily resident and a Non-resident
  • Director of a company

The total income from the above sources may exceed Rs 50 lakh.

Additionally, if you are a director of any company and an individual invested in unlisted equity shares of a company, you must file returns in ITR-2.

Who Cannot File ITR 2 for AY 2024-25?

Form ITR 2 cannot be filed in these scenarios:

  • Any individual or HUF having income from PGBP, i.e., profits and gains of Business or Profession, either partially or fully.
  • Individuals who are eligible to fill out form ITR-1.

What Documents do I Need to File ITR 2?

  • ITR copy of the previous year
  • Bank statement
  • TDS certificates
  • Savings certificates/deductions
  • Interest statement reflecting interest received during the year
  • Balance sheet, profit and loss account statement, and other applicable audit reports
  • If you earn a salary, you need Form 16 from your employer
  • If TDS was deducted on interest earned from savings accounts or fixed deposits, you need a TDS certificate
  • Form 26AS is necessary to verify TDS on salary and other income sources
  • Rent receipts are required for calculating House Rent Allowance (HRA) if you live in rented accommodation
  • If you have capital gains from shares, you need a summary of profit or loss statement
  • Bank passbook and Fixed Deposit Receipts (FDR) are needed to calculate interest income
  • Relevant supporting documents are necessary if you incurred a loss and want to claim it
  • For tax savings under Sections 80C, 80G, 80D, or 80GG, you need supporting documents
  • If you want to claim any loss, you need a copy of ITR-V.

How to file ITR 2 for AY 2024-25 with Tax2win?

  • Step 1: Go to the website of Tax2win and click on login to file ITR.
  • Step 2: On the Homepage, you will get two options: File it yourself and Get a personal eCA.
    The file it yourself option lets you file the ITR yourself, while the eCA-assisted page offers you to take the assistance of our CA to guide you at each step.
  • Step 3: If you click on “File yourself” option, you will find the below screenshot. Select the “ Income from Salary/Pension” and “Income from Capital Gains” to file ITR-2 form.
  • Step 4: Once you will continue, you will get the option to upload Form 16. You can also skip this option. In that case, you have to fill in all details manually of income from Salary, deductions, and allowance, etc. income from Salary, deductions, and allowance
  • Step 5: Let us do the paperwork for you further. Share the PAN number and DOB. Click on ‘Proceed’ and enter the OTP received. PAN number and DOB
  • Step 6: Further, share some basic yet important details about you if you haven’t selected the pre-filled option. pre-filled option
  • Step 7: Further help us with your employment details and other salary information. salary information salary information
  • Step 8: Enter details of equity, debentures, property & other securities. Upload Capital Gain report. Capital Gain report
  • Step 9: Share the details of deductions to maximize your tax savings.
    Note: In the case of the New Tax Regime, only deduction u/s 80CCD(2) is allowed. This is available under the Other tab. maximize your tax savings
  • Step 10: Enter your bank details so the IT department can transfer any refund( if applicable). IT department can transfer any refund
  • Step 11: In the next step, claim a tax credit by entering the details of taxes paid as a TDS, Self-assessment tax or advance tax, etc. Also, you can get tax credit details autofill by uploading form 26 AS. form 26 AS
  • Step 12: Review all the details in the summary report and proceed to e-filing.
    You can always avail of the “Get CA assisted” option if you get stuck in between, Our experts are always there to assist you.

How to File Form ITR-2 with the Help of the Income Tax Portal?

The ITR 2 form can be downloaded from the e-filing portal. Get a detailed understanding of what information is required to be furnished in this form in a sequential manner. Given below are the steps you need to follow to fill form ITR 2 through the Income Tax Portal -

  • Step 1. Login to the income tax e-filing portal using your user ID and password.
  • Step 2. Click e-file on your dashboard. Now click on Income Tax Returns > File Income Tax return

What is the Structure of ITR-2?

The structure of the ITR-2 Form consists of the following components:

  • Section A: General Details
  • Section B-TI: Calculation of Total Income
  • Section B-TTI: Determination of Tax Liability on Total Income
  • Schedule S: Explanation of Salary Income
  • Schedule HP: Explanation of Income from Property
  • Schedule CG: Calculation of Capital Gains Income
  • Schedule 112A: Income from the Sale of Company Equity Shares
  • Schedule 115AD: Income from the Sale of Company Equity Shares (for non-residents)
  • Schedule OS: Calculation of Other Sources of Income
  • Schedule CYLA: Description of Income after Set-Off of Current Year Losses
  • Schedule BFLA: Explanation of Income after Set-Off of Brought Forward Losses from Previous Years
  • Schedule CFL: Description of Losses Carried Forward to Future Years
  • Schedule VIA: Deductions under Chapter VI-A (Sections)
  • Schedule 80G: Details of Donations Eligible for Deduction under Section 80G
  • Schedule 80GGA: Donations for Rural Development and Scientific Research
  • Schedule AMT: Calculation of Alternate Minimum Tax under Section 115JC
  • Schedule AMTC: Tax Calculation under Section 115JD
  • Schedule SPI: Income of Specified Persons Included in Assessee’s Income
  • Schedule SI: Income Taxable at Special Rates
  • Schedule EI: Explanation of Exempt Income
  • Schedule PTI: Income from Business Trust or Investment Fund
  • Schedule IT: Statement of Advance Tax Payments and Self-Assessment Tax
  • Schedule TDS1: Details of Tax Deducted at Source on Salary
  • Schedule TDS2: Statement of Tax Deducted at Source on Income Other than Salary
  • Schedule FSI: Explanation of Income from Overseas and Tax Relief
  • Schedule TR: Summary of Tax Relief Claims for Taxes Paid Overseas
  • Schedule FA: Description of Foreign Assets and Income from Foreign Sources
  • Schedule 5A: Information on Income Apportionment between Spouses under the Portuguese Civil Code
  • Schedule AL: Assets and Liabilities at Year-End
  • Schedule Tax Deferred on ESOP: Information on ESOP-Related Tax Deferral
  • Part B: TI: Calculation of Total Income
  • Part B: TTI: Calculation of Tax Liability
  • Tax Payment: Details of Advance Tax Payments
  • Declaration: Statement by Taxpayer
  • Tax Return Preparer Details

Major Changes in Form ITR 2 for FY 2024-25

  1. Schedule VDA: Income from transfer of Virtual Digital Assets
    A new schedule is added to compute income from cryptocurrencies or other virtual digital assets. Schedule VDA
  2. Relief u/s 89A: An additional clause has been added related to relief to residents who have income from foreign retirement benefits accounts:
    Point No. 1(e)4: Income taxable during the previous year on which relief u/s 89A was claimed in any earlier previous year
  3. Sec 10(12C): In other Exempt Income, a new exemption has been added under Sec 10(12C)- Any payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme or to his nominee.
  4. Schedule SI: New point added 115BBH - Income by way of transfer of Virtual Digital assets
  5. Section 80 CCH: Under Chapter VI A deduction, a new clause has been added- The entire amount contributed by applicants employed by the Central Government to the Agniveer Corpus Fund is eligible for tax deductions.
  6. ARN: In schedule 80 G Clause D, additional information is required for ARN (donation Reference number.)

Download the ITR-2 form for FY 2023-24

Filing tax returns for yourself can take time and effort. But you don’t have to do it alone. Our eCA can guide you through the process and help you save as much as possible. Don’t wait for the last-minute rush. Book your eCA now!

FAQs on ITR 2

Q- I have sold a house, how do I need to file ITR-2?

Under schedule capital gain, you can fill in the details of capital gain or loss on the sale of a house.

Q- Am I required to file ITR-2 instead of ITR-1, if my exempted income exceeds Rs. 5000?

You are required to file ITR-2 if your agriculture income exceeds Rs.5,000/- during the year but not exempted income.

Q- When should we fill ITR 2 form?

Following are required to file ITR-2:

  • Individuals and HUFs whose total income for AY includes income from salary/pension, house property, income from other sources (Total income in the former cases must be more than Rs 50 lacs).
  • If you are an individual or director in a company
  • If you are holding unlisted shares at any time in the financial year.
  • If you are a resident not ordinarily resident and Non resident.
  • Income from capital gains.
  • If you have foreign assets or foreign income
  • Agriculture income is more than Rs.5000

Q- How can I download ITR 2?

If you are required to download ITR 2 form then

Q- ITR 2 instructions AY 2024-25?

To know about the instructions to file Form ITR-2

  1. Go to income tax website
  2. Go to forms/downloads
  3. Select the income tax returns tab
  4. Along with the option to download the Form Itr-2, there is also an option to download the instructions to file ITR-2.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.