Contact Us

Income Tax Return is a form containing the information of income and tax paid of the assessee which is used to file the income tax with the Income Tax Department of India. Income tax is a tax imposed by the Central Government of India on income of a person under various criteria and every citizen/entity should file income tax returns. IT-R is verfied by IT department of India. There are various types of IT-R like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 ITR-2 form can be used for filing income tax return of individuals and HUFs who have DIN or income earned from a business entity or from other sources not exceeding Rs. 50 Lakhs. AADHAAR CARD IS MANDATORY FOR INCOME TAX FILING.

ITR-2 form is used by Individuals or HUFs as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form. Individuals and Hindu Undivided Families who have their income exceeding Rs. 50 Lakhs and have earned their Income from more than House Property, Income from Capital Gains, foreign assets/Income, business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling etc. etc are eligible to file their IT Return using ITR-2.

ITR-2 form is used by by Individuals or HUFs as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India whose income is exceeding Rs. 50 Lakhs in financial year. and source of income falls under any below categories :

• • Income exceeding Rs. 50 Lakhs
• • Income from Salary/ Pension
• • Income from Profits and Gains from Business or Profession
• • Income from more than one House Property
• • Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
• • Income from Foreign Assets/Foreign Income
• • Income from Agricultural Income more than Rs 5000
• • Income from business or profession as a partner
• • By a director of listed and unlisted companies
• • By resident not ordinarily resident and a Non-resident
• • Income from Other Sources inluding other sources including Winning from lottery, racehorses, legal gambling

ITR-2 form should not be filed for below cases :

• • By individuals who are eligible to fill out the ITR-1 Form
• • By a company or LLP or other types of legal entity
• • By any individual who has income from Business or Profession or proprietorship

ITR-2 form must be filed by NRIs, individuals having more than 1 house property,individuals holding DIN or shareholding in private limited company etc. on or before 31st July of every year.

The penalty for late filing income tax return is Rs.5000 - if filed before 31st December and Rs.10,000 - if filed before 31st March.

Other kind of penalites are as follow:

• • Incorrect Form : In case an incorrect form has been used to file the returns, then it will be treated as “defective” and the assessee will be asked to file a revised ITR using the correct form. the assessee have to file revised return within 15 days from the date of the intimation. If not done as required,the assessee will be facing all the penalties prescribed to not filing ITR. As well as, interest will get charged, u/s 234A, for the delay.


• • Under Reporting : In case if it is found that the actual income exceeds the income declared by the assessee Or when no return has been filed despite income exceeding the basic exemption limit. Penalty at 50% of tax payable on such under-reported income shall be payable. 200% of the tax will payable if under-reporting results from misreporting of income.


• • Defaulter :  In case a demand notice u/s 156, has been issued to the taxpayer for payment of tax (other than notice for payment of advance tax). Then such amount, as per section 220(1), shall be paid within 30 days of the service of the notice at the place and to the person mentioned in the notice. If the taxpayer defaults in payment of any tax due, then apart from other penal provisions, he is treated as an assessee in default. For an assessee in default, the penalty will get levied as decided by the AO. However, the penalty cannot exceed the amount of arrears in tax. The taxpayer is given a reasonable opportunity of being heard before been penalized and No penalty is levied if the taxpayer can prove otherwise.


• • Penalty in case of income from undisclosed sources :  The AO may make an addition to the income of a taxpayer as per Section 68, 69, 69A, 69B, 69C or 69D if the explanation about the nature and source of his income is not satisfactory. The AO is empowered to levy penalty at the rate of 10% of the tax payable if any addition is made. However, no penalty shall be levied if this income has been disclosed in the ITR and tax paid, u/s 115BBE, on or before the end of the relevant previous year.

Individual Documents

Other Documents

You may refer to the Eligibility section before return filing.

For further queries kindly refer our FAQ section