Who can file ITR-2? What documents do you need to file ITR-2?

It is common knowledge that you choose what ITR to file for your income tax on the basis of what is your income source and how much you earn.

Focusing on ITR-2 in this read, let’s have a run-down of what all is included in it.

Who can file ITR-2?

ITR 2 is filed by an individual or a Hindu Undivided Family (HUF) who earns from one or more of the following:

• Salary/pension income.
• Income from Multiple House Property.
• Capital Gains income.
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
• Agriculture Income more than INR 5,000.
• Foreign Assets/ Foreign Income.

Further, it can also be used when the income of another person is clubbed with a taxpayer’s income provided such income falls in any of the above categories.

Sample ITR-2 Form for AY 2020–21

Download Sample from Income Tax Department

Documents needed to file ITR-2

We’ll be dividing this checklist into 2 parts: Part 1 will include a list of essential documents whereas Part 2 will have income-specific documents needed.

Part 1: Essential Documents
Here is a list of documents that are most essential to File ITR-2:

1. PAN (Permanent Account Number)
2. Aadhaar Card
3. Bank account details
4. TDS certificates
5. Challan of taxes paid
6. Details of original return if filing revised return
7. Details of notice if filing in response to the notice

Part 2: Income-specific Documents
Based on your type of income, you’ll need the following documents:

• Salary Income

1. Form 16/Salary slips received from your employer
2. Pension statement/passbook.

• House/Property Income

1. Co­owner details in case the property is co­owned
2. Address of the property
3. In case of house/property loan -­ Interest certificates/repayment certificate from a bank
4. In case of let out property - Rent agreement.

• Other sources

1. Savings/current account statements/Passbook.
2. Interest certificates for deposits/bonds/NSC.
3. PPF account statement/Passbook.
4. Dividend warrants/counterfoils.
5. Rent agreement in case of let out machinery.
6. Details about receipts of any other income.

• Capital Gains

1. For land/building -­ Sales & Purchase deeds, stamp duty valuation.
2. Details of improvement costs.
3. For securities -­ Contract notes/stock ledgers/trading statement.
4. For other capital assets -­ Cost of purchase, cost of improvement & sales receipts.
5. Details of expenses incurred on a transfer of capital assets.
6. Details of investments in order to claim exemptions.
7. Capital gains deposit account details if any.

• Incase any Section 80 Deductions are applicable to you, you will also need to any of the following relevant to you:
• PPF account statement/Passbook.
• Fixed deposit certificates/statements.
• ELSS/ULIP/NSC investment details.
• Life insurance premium receipts.
• Medical insurance premium receipts.
• House/property loan interest certificate/repayment statement.
• Education loan interest certificate/repayment statement.
• Tuition fees receipts.
• Donation receipts.

Which ITR Form to file?