File ITR-2 Form:
Expert Capital Gains Filing
Have income from Stocks, Mutual Funds, or Foreign Assets? ITR-2 is complex. Let our experts handle the calculations and reporting for you.
What is ITR-2?
ITR-2 is applicable for Individuals and Hindu Undivided Families (HUFs) who do not have income from 'Profits and Gains of Business or Profession'. It is primarily used by those who have income from Capital Gains or Foreign Assets.
Why Choose Credorra?
Calculating Capital Gains (Short-term vs Long-term) and reporting Foreign Assets requires precision. A small mistake can lead to heavy penalties. We ensure every transaction is reported correctly.
Who Can & Cannot File ITR-2?
Who Can File ITR-2?
Individuals and HUFs having income from:
- Salary or Pension
- House Property (One or Multiple)
- Capital Gains (Stocks, Mutual Funds, Property)
- Other Sources (Dividends, Interest, Lottery)
- Foreign Assets or Foreign Income
- Agricultural Income exceeding ₹5,000
Who Cannot File ITR-2?
You cannot use ITR-2 if you have:
- Income from Business or Profession
- Income as a Partner in a Firm
- Presumptive Income (Section 44AD/44ADA)
- If you are an RNOR (Resident but Not Ordinarily Resident) with foreign business income
Structure of ITR Form 2:
A Comprehensive Overview
ITR-2 is more detailed than ITR-1, specifically focusing on assets and capital gains:
| Schedule | Description |
|---|---|
| Schedule CG | Computation of Income from Capital Gains (Short-term & Long-term) |
| Schedule FA | Details of Foreign Assets and Income from any source outside India |
| Schedule HP | Computation of Income from House Property (Multiple properties allowed) |
| Schedule OS | Income from Other Sources (including lottery, betting, etc.) |
| Schedule AL | Assets and Liabilities Statement (If income > ₹50 Lakhs) |
Types of Income Excluded
The most critical exclusion in ITR-2 is business income. If you file ITR-2 with business income, it will be treated as defective.
- Business Profits: Any income from trade, commerce, or manufacturing.
- Professional Fees: Income from freelance work or consultancy (requires ITR-3 or ITR-4).
- Partnership Remuneration: Salary or interest received from a partnership firm.
- Speculative Business: Income from intraday trading (requires ITR-3).
Documents & Details Required
Documents Required
- PAN Card & Aadhar Card (Linked)
- Form 16 (From Employer)
- Capital Gains Statement (From Broker)
- Demat Account Holding Statement
- Foreign Asset Details (If applicable)
- Bank Statements (All Accounts)
- Interest Certificates (FD/Savings)
Required Details in ITR-2
- ISIN Code for Shares/Mutual Funds
- Date of Acquisition & Sale for Assets
- Cost of Acquisition & Sale Consideration
- Foreign Currency Details (For FA Schedule)
- TDS Details (Form 26AS Matching)
- Advance Tax & Self-Assessment Tax Challans
ITR-2 Due Date
For individuals not liable for tax audit, the due date for filing ITR-2 is 31st July of the Assessment Year.
Since ITR-2 involves Capital Gains calculations, it takes longer to prepare than ITR-1. Start early to avoid last-minute errors.
Penalty for Late Filing
Missing the due date can attract penalties under Section 234F:
- Up to ₹5,000: If filed after 31st July but before 31st December.
- ₹1,000: If total income is less than ₹5 Lakhs.
- Loss Carry Forward: You cannot carry forward Capital Losses if filed late. This is a huge financial loss for investors.
Relax While We Handle It
Share Documents
Upload Form 16, Capital Gains Statement, and other details.
Expert Calculation
We calculate STCG, LTCG, and verify Foreign Assets.
Your Approval
We share the computed return with you for final confirmation.
Filing Done
We file the ITR and help you e-verify it via Aadhar OTP.
Common Questions
No, intraday trading is considered speculative business income. You must file ITR-3 for such income.
Yes, ESOPs are taxed as perquisites under Salary. However, if you sell the shares later, the profit/loss is reported as Capital Gains in ITR-2.
You must report all foreign assets in Schedule FA of ITR-2. Non-disclosure can lead to heavy penalties under the Black Money Act.
No, capital losses (both short-term and long-term) can only be carried forward if the return is filed by the due date (31st July).
Complex Returns? We Handle Them.
Don't risk penalties on Capital Gains or Foreign Assets. Let Credorra's certified experts handle your ITR-2 filing with precision.
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