All You Need To Know About Income Tax Return Form 2

The government mandates that individuals who earn a specified amount of annual income must file income tax return (ITR) within a pre-determined due date. For the assessment year 2019-20 (financial year 2018-19), August 31, 2019 is the deadline for individuals to file income tax return. For filing of income tax return, the Income Tax (I-T) Department has provided seven forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. Out of these income tax return forms, ITR 2 form is meant for the individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession. (Also read: All You Need To Know About ITR Form 1 Sahaj)

Given below are key things to know about form ITR-2:

Who can use form ITR-2

This return form can be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file form ITR-1 (Sahaj) and who is not having any income under the head- profits or gains of business or profession, according to Income Tax Department's e-filing website- incometaxindiaefiling.gov.in.

(Also read: How To Verify ITR Online)

Exemption Limits

Every individual or HUF whose total income before allowing deductions under Income Tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish return of income. The maximum amount not chargeable to income tax for assessment Year 2019-20, in case of different categories of individuals and HUF is as under:

Manner of filing form ITR-2

This return form can be filed with the Income Tax Department electronically on the e-filing web portal of Income-Tax Department and verified in any one of the following manner - digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or by sending duly signed paper form ITR-V (Acknowledgment) by post to central processing centre (CPC). The form ITR-V should reach CPC within 120 days from the date of e-filing the return, according to the Income Tax Department.

Filing the income tax return after the due date will invite penalties from the income tax department, where the amount can range from Rs 5,000 to Rs 10,000 depending on the degree of delay.