ITR-2 Form Filling
ITR-2 form can be used by a Hindu Undivided Family (HUF) or an individual taxpayer. This form is for those who have income from agriculture, rent from more than one property, capital gains, lottery, horse races, legal gambling or other sources.
ITR -2 form is usually filled by individuals who have earned income through the sale of property or assets. Also, this form is useful for individuals who earn income from countries outside India. In most cases individuals or HUF can file their IT returns by availing this form.
The taxpayers can fill the Form ITR-2 whose income from the following sources:
- Individuals and Hindu Undivided Family (HUF)
- Resident, non -resident and resident but not ordinary resident
- Whose income more than 50 lakhs
- Income from salaries, more than one house property, capital gains/ loss, income from other source and agricultural income more than Rs. 5000
- Individual being a director in a company
- Individual invested in unlisted equity shares
- To claim u/s 57 under the head income from other sources
- Income from lottery, gambling and horse races
- If total income is more than 50 lakhs, details of assets and liabilities to be given in schedule AL.
Major changes in ITR 2 for the Assessment Year 2020-21
- The taxpayer should disclose
- The amount of cash deposit above Rs. 1 crore in the current accounts with the bank
- Expenditure incurred above Rs. 2 lakh on foreign travel
- Expenditure incurred above Rs. 1 lakh on electricity
Any profit that arises from the sale of capital assets is called capital gains. This gain comes under the category ‘income’. Capital assets are land, building, house property, equity shares, gold, machinery etc.
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Dial on financial service’s team can help to file your ITR Return. We will try our best to provide you a good service. We provide services at very low price compared to other service provider.
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