ITR-2 Filing Checklist: Who Should Use It and What to Gather
Note on the Income-tax Act, 2025. From 1 April 2026 the Income-tax Act, 2025 replaced the Income-tax Act, 1961 and the section numbers changed. Return filing moved from Section 139 to Section 263, tax audit from Section 44AB to Section 63, and the deduction sections formerly in Chapter VI-A now sit in Chapter VIII, with Section 80C becoming Section 123, 80D becoming Section 126 and 80G becoming Section 133. The substance is largely unchanged, but forms and notices for tax year 2026-27 onwards quote the new numbering.
Filing an Income Tax Return (ITR) is a mandatory requirement for every taxpayer in India who has a taxable income. The ITR Form 2 is one of the most commonly used forms by individuals and Hindu Undivided Families (HUFs) who do not have income from profits and gains of business or profession. In this article, we will discuss the ITR Form 2 filing process in detail, including its eligibility criteria, important dates, and various aspects of filling up the form.
Eligibility Criteria for Filing ITR Form 2:
The ITR Form 2 is applicable to individuals and HUFs who do not have income from profits and gains of business or profession. The following are the eligibility criteria for filing ITR Form 2:
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Income from Salary/Pension: If an individual has income from salary or pension, he/she can file ITR Form 2.
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Income from House Property: If an individual has income from a house property, he/she can file ITR Form 2.
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Income from Capital Gains: If an individual has income from capital gains, he/she can file ITR Form 2.
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Income from Other Sources: If an individual has income from other sources like interest, dividends, etc., he/she can file ITR Form 2.
Important Dates for Filing ITR Form 2:
The following are the important dates for filing ITR Form 2:
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31st July: This is the last date for individuals to file their ITR for the previous financial year.
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31st October: This is the last date for individuals who are required to get their accounts audited to file their ITR.
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31st January: This is the last date for individuals who are required to furnish a report under section 92E of the Income Tax Act to file their ITR.
Steps Involved in Filing ITR Form 2
The following are the steps involved in filing ITR Form 2:
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Collect all the necessary documents: The first step in filing ITR Form 2 is to collect all the necessary documents like Form 16, Form 26AS, bank statements, etc.
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Choose the correct ITR Form: As discussed earlier, individuals who do not have income from profits and gains of business or profession can file ITR Form 2.
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Fill up the personal details: Fill up the personal details like name, address, PAN, etc., in the ITR Form 2.
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Fill up the income details: Fill up the income details like income from salary, income from house property, income from capital gains, income from other sources, etc.
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Compute the total income and tax liability: After filling up the income details, compute the total income and tax liability.
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Claim deductions: Claim deductions under various sections like Section 80C, Section 80D, Section 80G, etc.
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Pay tax: If there is any tax liability, pay the tax before filing the ITR.
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File the ITR: After paying the tax, file the ITR by uploading it on the income tax department’s website.
Penalties for Late Filing of ITR Form 2:
The following are the penalties for late filing of ITR Form 2:
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Rs. 5,000: If the ITR is filed after the due date but before 31st December of the assessment year.
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Rs. 10,000: If the ITR is filed after 31st December but before 31st March of the assessment year.
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Rs. 1,000 per day: If the ITR is filed after 31st March of the assessment
Capital gains and foreign assets are where returns go wrong
These are the schedules that attract questions, and the ones most often filled in from memory. We compute the gains, complete the foreign asset reporting and file. See income tax filing, NRI tax filing, and our Cost Inflation Index chart for indexation. Book a call.
Procedures and thresholds change. This article is general information, not advice on a specific matter; please confirm the current position before acting.
