Important: Who will use ITR-2 forms to file IT returns?In the first part of this series, I discussed about ITR-1 form. Please see: Important: Who will use ITR-1 ('Sahaj') form for filing IT return?.
Now let us give our attention to ITR-2 form.
Who will use ITR-2?
This return form has to be used by an individual or a Hindu Undivided Family (HUF) whose total income for the financial year includes any or all of the following:-
(i) Income from salary/pension
(ii) Income from multiple house property
(iii) Income from other sources (including winnings from lottery and income from race horses)
(iv) Any exempted income (even if agricultural income exceeds Rs 5000/-)
(v) Income from capital gains
(vi) If a person has any foreign asset located outside India
A person CANNOT use ITR-2 if he/she has any income from business or profession for the relevant financial year.