ITR-2 Form: Simplified Guide

Introduction: ITR-2 is the Income Tax Return form for individuals and HUFs without business or professional income. Mandatory ITR Filing: Since FY 2019, filing ITR is compulsory for certain high-value transactions. Who Can File ITR-2: Individuals with salary, house property, capital gains, and other sources of income. Residents with foreign assets or foreign income.

Who Cannot File ITR-2: Individuals with business or professional income. Taxpayers with income from partnership firms. Form Structure: Divided into parts covering personal info, income computation, and tax details. Documents Required: PAN, Aadhaar, bank details, TDS certificates, and income-related documents.

Filing Process: File online via the income tax e-filing portal. Choose the appropriate assessment year and ITR form. Fill in personal, income, and tax details accurately. Review and file the return, paying any tax dues.

Major Changes: Option to choose tax regime (old or new). Quarterly breakdown for dividend income. Mandatory filing for certain categories like RNORs and non-residents. Conclusion: With this simplified guide, navigating the ITR-2 form and filing your income tax return becomes manageable and efficient.