Demo on How to Fill ITR-2 with Instructions by Dr V .K Singhania

Demo on How to Fill ITR-2 with Instructions by Dr V .K Singhania

Who can use ITR 2 ?

ITR 2 is used by an individual or a Hindu Undivided Family whose total income comprises following income:

  • Income from Salary / Pension
  • Income from House Property
  • Income from Capital Gains
  • Income from Other Sources
  • Income from Winning of Lottery
  • Income from Race Horses

Moreover, if the income of spouse, minor child, etc. is to be clubbed with the income of the assessee, then ITR 2 can be used if such income falls in any of the above categories.

Who cannot use ITR 2?

ITR 2 is not used by

  • An Individual/ HUFs if his total income includes any income taxable under the head “Profit or Gain from Business or Profession. In other words, business or professional income does not form the part of ITR-2.
  • The person already using ITR-1 Form.
  • A Partnership Firm having exempt income by way of shares (& not earning any income by way of interest, salary, etc.).

Other relevant Points:

  • No annexure of any documents is required.
  • The form can be submitted to IT Department either manually or electronically (with or without digital signature).

This Guide is for AY 2008-09 and onwards if forms are not changed in AY 2009-10

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