ITR-2

ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who fall under any of the following categories:

- The income of the taxpayer must be more than Rs.50 lakh

- Income can be created via salary or from a pension

- Income generated from house property

- Income generated from sources such as lottery or horse races

- In case the taxpayer is a company’s director)

- Agricultural income of the taxpayer is higher than Rs.5,000

- Revenue produced from capital gains

- In case any investments were made in equity bonds unlisted during the financial year

- Income is generated from foreign assets and foreign income

Who cannot opt for this form?

Taxpayers who make an income from profession and business cannot opt for ITR 2 form.