When it comes to filing your Income Tax Return (ITR), choosing the right form is very important. For the Financial Year 2024–25, ITR-2 is one such form that applies to many individuals with specific types of income. Let’s understand who needs to file ITR-2 in simple words.
📌 Who Should File ITR-2?
You should use ITR-2 if you fall under any of the following categories:
1. Your income is more than ₹50 lakhs
If your total income includes salary, pension, rental income, and other sources (as in ITR-1), but it exceeds ₹50 lakhs, then ITR-1 is not for you. You have to file ITR-2.
2. You earned Capital Gains
This means if you sold shares, mutual funds, property, or any capital asset and made a profit, you must report it using ITR-2.
3. You own more than one house property
If you have more than one residential property — whether it’s rented out or not — ITR-2 is your form.
4. You are a Director in a company
Even if you didn’t receive any income from the company, being a director needs to be reported, and ITR-2 allows this.
5. You hold unlisted equity shares
This refers to shares of private limited companies (not listed on the stock exchange). If you hold such shares, then ITR-2 is applicable to you.
✅ Why Is It Important to File the Correct ITR Form?
Filing the wrong form may result in your return being marked defective by the Income Tax Department. This may delay your refund or lead to legal complications.
📞 Need Help with Filing?
Filing ITR-2 can get a little complex — especially when capital gains and multiple properties are involved. But don’t worry! At KVSTAX CONSULTANCY PVT LTD, we make tax filing stress-free and smooth.
📱 Call us: 92204 03350
📧 Email: finance@kvstax.com
🌐 Visit: www.kvstax.com
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