ITR-2

Who Should File ITR-2?

ITR-2 applies to individuals and HUFs who do not have business or professional income but have more complex income structures.

Applicable Income Categories

• Income from salary or pension
• Income from multiple house properties
• Capital gains (short-term and long-term)
• Income from shares, mutual funds, bonds
• Foreign income or foreign assets
• Agricultural income above ₹5,000

Key Reporting Requirements

• Detailed capital gain computation
• Disclosure of foreign assets under Schedule FA
• Reporting of exempt income
• Asset and liability disclosure (if income exceeds ₹50 lakh)

Common Mistakes Avoided Through Professional Filing

• Incorrect capital gain classification
• Missing foreign asset disclosures
• Improper indexation benefit
• Mismatch with AIS data