Form Itr-2 For Individuals And Hufs Not Having Income From Business Or Profession (P: Fill & Download for Free

ITR2 if you have taxable capital gains. If you have long term capital gains which are exempt then you can file ITR1.Details of AnswerThere are many ITR forms for filing an income tax return such as ITR-1 (Sahaj) , ITR-2 , ITR-3, ITR-4 and ITR-4S( Sugam), ITR-5 and ITR-6.The different Income Tax returns form are based onWho has to fill (individual, Hindu Undivided Family(HUF), Business etc).Did you know that Fourth Character in PAN specifies the type of tax-payer? For Individual’s it’s P , HUF it’s H, Firms F etc.Whether a resident of India or not . Our article Non Resident Indian – NRI explains who is NRI? NRI cannot file ITR1 in AY 2018-19On types of Income earned ex:Income from Salary oryou have a house( Income from House Property) oryou have sold and bought some Gold, Property, Shares, Mutual Funds (Income from Capital Gains).You do freelancing or run a business (Income from Business/Profession)Any other Income such as Interest From Fixed Deposit, Saving Bank Account Interest (Income from Other sources)Agricultural IncomeOn amount of Income earned. ITR1 is for Income Less than 50 lakh.On whether losses are carried forward or not. If you have had losses when you sold Gold, Property, Shares, Mutual Funds (Income from Capital Gains) and you cannot adjust it this year. You can claim it in next 8 years.You have foreign assets or not such as Stock of MNC.When to use ITR1When to use ITR2

There are many ITR forms for filing an income tax return such as : ITR-1 (Sahaj) ,ITR-2 ,ITR-3, ITR-4 and ITR-4S( Sugam), ITR-5 and ITR-6. These forms are released every year by Income Tax Department. To file Income tax returns one needs to fill the appropriate Income Tax return form.The different Income Tax returns form are based onWho has to fill (individual, Hindu Undivided Family(HUF), Business etc).Did you know that Fourth Character in PAN specifies the type of tax-payer. For Individual’s it’s P , HUF it’s H, Firms F etc.Whether a resident of India or not .On types of Income earned ex: Income from Capital Gains or Income from House Property.On whether losses are carried forward or not.For income less than 5 lakhs one can file ITR manually. In case of physical filing the return, an individual needs to fill the printed form or the hard copy and submit it to the nearest Income Tax Office (ITO) and get an acknowledgement.If income exceeds Rs. 5 lakhs one has to furnish the Return electronically.Income Tax Department classifies income into different types given below :Income from Salary : Income can be charged under this head only if there is/was an employer-employee relationship between the payer and payee. The total of income, after exemptions available, is known as Gross Salary and this is charged under the head income from salary. Pensions is also taxed under the head SalariesIncome from House Property: If you own a house whether you live in it or it is rent out you have Income from House Property. Any residential or commercial property that you own will be taxed, even if it is not let out, it will be considered earning rental income and you will need to pay tax on it. Rental income is taxed subject to some exemptions for example on Home Loan. Our article Income from House Property and Income Tax Return discusses it in detail.Income from Business or Profession: Income earned through business or profession (ex: professional working as a freelancer) is charged under this category. The income chargeable to tax is the difference between the credits received on running the business and expenses incurred taking into account deductions such as depreciation of assets, rent, travelling.Income from Capital Gains: If you have sold property, land, Gold, shares, Mutual funds in the Financial Year then you have Income from Capital Gains. Any profit or gain arising from a transfer of a capital asset( such as property, equity or the stock market, gold) held as investments are chargeable to tax under the head capital gains. The gain can be on account or short- and long-term gains based on kind of asset and time for which it is held. Our article Basics of Capital Gains discusses it in detail.Income from other Sources : Any income that does not fall under any of the four heads of income above is taxed under the head income from other sources. Such as interest income from bank deposits, winning from game shows or lottery, gift from person other than relativeConditions for Choosing ITR1 for FY 2017–18 and AY 2018–19 are:Conditions for choosing ITR2 for FY 2017–18 and AY 2018–19 are

In total, there are 7 types of ITR forms available for a taxpayer to file his taxes for FY 2018–19 or AY 2019–20. (Number of ITR forms change). One needs to fill the appropriate Income Tax return form.For Individuals: ITR-1, ITR-2, ITR3, ITR 4For companies and firms: ITR-5, ITR-6, ITR-7What is ITR Form?Every taxpayer is required to declare to the Income-tax Department of the Government of India, a summary of income, tax paid which he earned during the year(between April to Mar of next year) in a form prescribed by the Government something like a report card in school.So one has to fill in Income Tax Return or ITR. There are many ITR forms for filing an income tax return. These forms are released every year by Income Tax Department. To file Income tax returns one needs to fill the appropriate Income Tax return form.Why Different ITR forms?The different Income Tax returns form are based onWho has to fill (individual, Hindu Undivided Family(HUF), Business etc). Did you know that Fourth Character in PAN specifies the type of tax-payer? For Individual’s it’s P , HUF it’s H, Firms F etc.Whether a resident of India or not. NRI cannot file ITR1 in AY 2018-19On types of Income earned ex: Income from Salary or you have a house( Income from House Property) or you have sold and bought some Gold, Property, Shares, Mutual Funds (Income from Capital Gains). You do freelancing or run a business (Income from Business/Profession)Any other Income such as Interest From Fixed Deposit, Saving Bank Account Interest (Income from Other sources)Agricultural IncomeOn the amount of Income earned. ITR1 is for Income Less than 50 lakh.On whether losses are carried forward or not. If you have had losses when you sold Gold, Property, Shares, Mutual Funds (Income from Capital Gains) and you cannot adjust it this year. You can claim it in next 8 years.You have foreign assets or not such as Stock of MNC. Then you cannot file ITR1.The table below gives a summary of which ITR Form to use for FY 2018-19 or AY 2019-20 for Individuals or Hindu Undivided Family (HUF). Our article Which ITR Form to Fill? covers the ITR form in details and also has a calculator to help you find the right ITR form