ITR-2 RETURN FILING
| Basic | Advance |
|---|---|
| ✔ ITR with Computation | ✔ ITR with Computation |
| ✔ Financials with CA sign | |
| ✔ Professional Consultancy |
ITR-2 Return Filing in India
Complete Guide by Bharat eFiling Point
Income tax filing is an essential responsibility for every taxpayer in India. If you are an individual or Hindu Undivided Family (HUF) with income from multiple sources or capital gains, ITR-2 is the appropriate income tax return form for you. Filing your ITR-2 return accurately ensures compliance with Indian tax laws and provides access to numerous financial benefits.
At Bharat eFiling Point, we offer professional and affordable ITR-2 filing services to help you manage your tax obligations with ease. Whether you have income from investments, capital gains, more than one property, or foreign assets, our team ensures your return is filed correctly and on time.
This guide explains everything you need to know about filing ITR-2, including eligibility criteria, required documents, advantages, and why Bharat eFiling Point is your trusted tax filing partner.
Overview of ITR-2 Return Filing in India
ITR-2 is a comprehensive income tax return form meant for individuals and HUFs who do not have income from business or profession but may have income from salary, house property, capital gains, foreign income, or other sources.
It is particularly suitable for those with complex income structures or multiple income streams. Filing ITR-2 correctly helps you manage taxes efficiently, claim deductions, and comply with legal requirements.
Eligibility Criteria for Filing ITR-2
You should file ITR-2 if you meet the following criteria:
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You are an Individual or HUF.
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Your total income exceeds the basic exemption limit.
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You have income from:
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Salary or pension.
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Income from more than one house property.
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Capital gains (short-term or long-term) from sale of investments/property.
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Foreign assets or foreign income.
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Dividend income.
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Other sources, including lottery winnings and racehorse income.
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You do not have income from business or profession under proprietorship (use ITR-3 or ITR-4 in that case).
Required Documents for Filing ITR-2
To file your ITR-2 return accurately, you need the following documents:
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PAN Card
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Aadhaar Card
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Form 16 (if employed)
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Form 16A/16B (TDS on other incomes)
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Form 26AS and Annual Information Statement (AIS)
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Salary Slips
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Bank Account Details and Statements
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Capital Gains Statements (from shares, mutual funds, property sales)
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Property-related documents (purchase, sale deeds, rental income details)
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Foreign Asset Details (if applicable)
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Dividend Income Statements
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Interest Income Details (from savings accounts, FDs, bonds)
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Investment Proofs for tax deductions (80C, 80D, etc.)
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Other Income Sources and relevant certificates
Advantages of Filing ITR-2
Filing ITR-2 offers multiple benefits beyond just legal compliance:
1. Stay Compliant and Avoid Penalties
Timely filing ensures you comply with the law and avoid penalties, interest, and scrutiny from the Income Tax Department.
2. Report Complex Income Correctly
If you have capital gains, multiple properties, or foreign income, ITR-2 allows you to report them accurately to avoid future tax issues.
3. Claim Eligible Deductions
You can claim deductions under various sections (80C, 80D, 80G, etc.) to reduce your taxable income and maximize savings.
4. Enable Carry Forward of Losses
Filing ITR-2 allows you to carry forward capital losses and property losses to future years, helping you offset gains and reduce tax liability.
5. Build Financial Credibility
A consistent filing history enhances your financial credibility when applying for loans, credit cards, and visas.
6. Act as Income Proof
ITR-2 filings serve as valid proof of income required by banks, embassies, and financial institutions.
7. Facilitate International Transactions
If you have foreign income or foreign assets, filing ITR-2 ensures proper disclosure and helps maintain compliance with FEMA and international reporting standards.
8. Refund Claims
If you have excess TDS or advance tax paid, filing ITR-2 allows you to claim tax refunds directly to your bank account.
Why Choose Bharat eFiling Point for ITR-2 Filing?
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Expert Assistance: Experienced tax professionals ensure accurate and compliant filing.
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Simplified Process: We handle the complex paperwork and calculations for you.
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Data Privacy: Your sensitive financial data is protected through strict security protocols.
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Affordable Pricing: Transparent and cost-effective ITR filing packages.
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Prompt Support: Dedicated customer service to resolve your queries.
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Personalized Tax Planning: Tips and guidance to optimize your tax savings.
Filing ITR-2 correctly is crucial if you have multiple income sources, capital gains, or foreign income. It ensures compliance with tax regulations, maximizes tax savings, and builds a strong financial record.
At Bharat eFiling Point, we provide comprehensive and hassle-free ITR-2 filing services tailored to your needs. Our team of experts ensures that your return is filed accurately, giving you peace of mind and helping you achieve optimal tax outcomes.
Contact Bharat eFiling Point today to get started with your ITR-2 filing and experience stress-free tax compliance.
Documents Required For ITR-1 vs ITR-2 vs ITR-3 vs ITR-4 vs ITR-5 vs ITR-6 & ITR-7 Return Filing
| FEATURES | ITR-1 | ITR-2 | ITR-3 | ITR-4 | ITR-5 | ITR-6 | ITR-7 |
|---|---|---|---|---|---|---|---|
| DOCUMENTS | Form 16, Bank Statement, Details of Other Income, Home Loan Repayment Schedule, Rental Receipts, Donation Receipts, Insurance Payments, Mutual Fund Investments, Medical Bills, School / College Bills, Salary Slips | Form 16, Bank Statement, Details of Other Income, Home Loan Repayment Schedule, Rental Receipts, Donation Receipts, Insurance Payments, Mutual Fund Investments, Medical Bills, School / College Bills, Salary Slips | Form 16 / Salary Slips (in case of income from salary), Rental Agreement, if any, Proof of Rental Income if any, Proof of Investments to claim Tax Exemption, Form 26AS, Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, Day to day Administration expenses and General expenses details, Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Outstanding receivables and payables, Bank Statement, Break-up of Bank Statement, Loan Details from bank, Proof of Foreign Income (if applicable), Details of Foreign Assets (if applicable). | Bank Statement, PAN Card, Aadhar Card, Aadhaar card of the authorized signatory | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flowk, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Monthly Purchase Bill, Monthly Sales Bill, Sales Return Details, Purchase Return Details, Tax Paid Challans for GST, From 26AS, Day to day Administration expenses and General expenses details, Rental Agreement (if applicable), Fixed Assets Invoice Copy (if Applicable), Investment details made by Cash, Investment details made through Bank, Proof of Source of Cash In-flow and Cash Out-flow, Loan details from Bank or Third Party, Outstanding receivables and payables, Company's Pan and two DSCs, Details of Bank used for business transactions (Acct No, IFSC Code), Statement from Bank used for business transactions, Break-up of statement from Bank used for business transactions. | Statement from Bank, Incorporation Certificate, Certificate of incorporation provided by the Foreign Government. |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for ITR-2 Return Filing in India
The documents required for ITR-2 return filing in India include:
- PAN Card: Permanent Account Number (PAN) is required for filing an income tax return.
- Form 16/16A: These documents contain information about your salary and tax deductions (TDS).
- Form 26AS/AIS/TIS: These forms contain details about taxes paid or deducted, and they can be downloaded from the e-filing website.
- Bank Statement: Bank statements are required to provide details of income, such as interest earned on savings accounts, fixed deposits, and recurring deposits.
- Investment Proofs: Documents related to investments made during the financial year, such as proof of investments in mutual funds, shares, and bonds, should be kept handy.
- House Property Details: If the taxpayer owns a house property, details such as rental income, property tax paid, and interest paid on home loans should be provided.
- Other Income Details: Details of any other income, such as income from freelancing or part-time work, should be provided.
- Deductions and Exemptions: Details of deductions and exemptions claimed, such as those under sections 80C, 80D, and 80TTA, should be provided.
- TDS Certificates: TDS certificates, such as Form 16A and Form 16B, should be kept handy if the taxpayer has received income from sources other than salary.
- Aadhaar Card: Although not mandatory for filing ITR-1, it is advisable to link the Aadhaar card with the PAN card to avoid any issues during the filing process.
These documents are required to file ITR-2 return in India. It is important to ensure that all documents are accurate and up-to-date to avoid any legal complications during the filing process.
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ITR-2 Return Filing FAQ’s
What is ITR-2?
Who ought to document ITR-2?
What is the due date for recording ITR-2?
Might I at any point document ITR-2 on the web?
Do I have to append any archives with ITR-2?
What is the punishment for late documenting of ITR-2?
Might I at any point overhaul my ITR-2 in the wake of documenting it?
How would I compute my expense responsibility utilizing ITR-2?
What is Structure 26AS, and for what reason is it significant for ITR-2 documenting?
What is the contrast between ITR-1 and ITR-2?
ITR-2 Return Filing in State
ITR-2 Return In Assam
ITR-2 Return In Jammu And Kashmir
ITR-2 Return In Andhra Pradesh
ITR-2 Return In Assam
ITR-2 Return In Jammu And Kashmir
ITR-2 Return In Delhi
ITR-2 Return In Telangana
ITR-2 Return In West Bengal
ITR-2 Return In Kerala
ITR-2 Return In Goa
ITR-2 Return In Bihar
ITR-2 Return In Puducherry
ITR-2 Return In Himachal Pradesh
ITR-2 Return In Arunachal Pradesh
ITR-2 Return In Manipur
ITR-2 Return In Meghalaya
ITR-2 Return In Mizoram
ITR-2 Return In Nagaland
ITR-2 Return In Sikkim
ITR-2 Return In Tripura
ITR-2 Return In Lakshadweep
Other Bharat eFiling Point – Tax Services
Why ITR-2 Filing in India is Important
Income tax filing is a critical part of maintaining financial discipline and fulfilling your obligations as a responsible taxpayer. For individuals and Hindu Undivided Families (HUFs) with income from multiple sources or complex financial portfolios, ITR-2 is the appropriate return form to ensure transparent and accurate reporting to the Income Tax Department.
Many taxpayers wrongly assume that only business owners or high-income individuals need to file detailed returns. However, if you earn income from capital gains, have multiple properties, or hold foreign assets, filing ITR-2 is not just important — it is necessary.
Here’s why filing ITR-2 in India matters:
1. Legal Compliance
Under Indian tax laws, it is mandatory for eligible individuals and HUFs to file income tax returns if their total income exceeds the basic exemption limit. Filing ITR-2 ensures that your multiple income streams — salary, capital gains, foreign income, dividends, and more — are reported accurately and in compliance with the Income Tax Act.
2. Accurate Reporting of Complex Income
ITR-2 is specially designed to help taxpayers accurately report complex income sources, such as:
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Short-term and long-term capital gains from shares, mutual funds, or property.
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Dividend income.
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Rental income from multiple house properties.
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Foreign income or foreign asset holdings.
Filing ITR-2 ensures that all your income streams are disclosed properly, reducing the risk of future tax disputes or notices.
3. Claim Tax Refunds
If you have excess TDS deducted or have paid advance tax, filing ITR-2 allows you to claim a refund of the extra amount. Without filing your return, the Income Tax Department will not process your refund.
4. Carry Forward of Losses
Filing ITR-2 enables you to carry forward certain losses, such as:
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Capital losses from investments.
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House property losses.
You can use these losses to offset gains in future years, effectively reducing your tax liability. However, this benefit is only available if you file your return on time.
5. Facilitate International Compliance
If you own foreign assets or earn foreign income, ITR-2 allows you to report this income and asset information in line with FEMA and international tax regulations. Failing to disclose such income can attract strict penalties.
6. Proof of Income and Financial Stability
Your filed ITR serves as proof of income for:
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Loan applications (home loans, personal loans, vehicle loans).
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Visa processing for foreign travel.
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Credit card approvals and higher credit limits.
Banks, embassies, and financial institutions often require ITR documentation to assess your financial stability.
7. Avoid Penalties and Interest
Failing to file your ITR or filing it incorrectly can result in:
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Late filing fees under Section 234F.
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Interest penalties under Sections 234A, 234B, and 234C.
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Scrutiny notices from the Income Tax Department.
Filing ITR-2 correctly and on time helps you avoid these unnecessary penalties.
8. Build a Positive Financial Record
Consistently filing your ITR-2 builds a strong financial record, which can help:
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Establish financial credibility.
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Smoothen future dealings with tax authorities.
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Enhance trust with lenders, investors, and financial institutions.
For individuals and HUFs with diverse income streams or foreign assets, filing ITR-2 is both a legal requirement and a smart financial practice. It protects you from penalties, enables tax savings, and builds your financial reputation.
At Bharat eFiling Point, we help you file your ITR-2 accurately, ensuring that your complex income is reported in compliance with Indian tax laws. Let our experts make your ITR-2 filing process simple and stress-free.
Contact us today to get started with your ITR-2 filing.
