ITR-2 form is for individuals and HUF receiving income other than income from 'Profits and Gains from Business or Profession'. Thus, individuals with income from the following sources are eligible to file Form ITR-2: Income from salary/pension. Income from house property (income can be from more than one house property.
ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2023-24 includes:
Further, in a case where the income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
The total income can be more than Rs 50 Lakhs.
Who cannot use ITR-2?
This Return Form should not be used by an individual whose total income for the AY 2023-24 includes Income from Business or Profession. For declaring these types of Income, you may have to use ITR-3 or ITR-4. Go through our comprehensive guide on ITR-2 to know how to fill out the ITR-2 form.
Who is eligible to file ITR-2 for AY 2023-24?
ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’. Thus, individuals with income from the following sources are eligible to file Form ITR-2:
The total income from the above sources may exceed Rs 50 lakh.
Further, if you are a Director of any company and an individual invested in unlisted equity shares of a company, you must file returns in ITR-2.
Major changes in ITR-2 in FY 2022-23 (AY 2023-24)